In this section, we explore five corporations who operate shopping centers in the United States. From humble mid-20th century beginnings, each of these companies expanded exponentially to become 21st century titans.
Our MALL MAKERS are listed in order of the number of enclosed malls that they own and operate. Only those properties within the Fifty States were used in the calculations. The order of their inclusion here reflects the size of their respective property portfolios as of March 2008 (when this section was originally posted). Facts and figures have been updated where necessary.
1. Simon Property Group [includes Washington Prime Group and Taubman Centers] -311 malls (2020)
2. GGP, Inc. [Brookfield Property Partners] -182 malls (2020)
3. CBL Properties -sixty-two malls (2020)
4. Macerich -forty-nine malls (2020)
5. Unibail-Rodamco-Westfield -thirty-two malls (2020)
In order to better understand our MALL MAKERS, we might need to familiarize ourselves with two of the most important terms in retail real estate...accelerated depreciation and real estate investment trust or REIT ["reet"].
Our MALL MAKERS are listed in order of the number of enclosed malls that they own and operate. Only those properties within the Fifty States were used in the calculations. The order of their inclusion here reflects the size of their respective property portfolios as of March 2008 (when this section was originally posted). Facts and figures have been updated where necessary.
1. Simon Property Group [includes Washington Prime Group and Taubman Centers] -311 malls (2020)
2. GGP, Inc. [Brookfield Property Partners] -182 malls (2020)
3. CBL Properties -sixty-two malls (2020)
4. Macerich -forty-nine malls (2020)
5. Unibail-Rodamco-Westfield -thirty-two malls (2020)
In order to better understand our MALL MAKERS, we might need to familiarize ourselves with two of the most important terms in retail real estate...accelerated depreciation and real estate investment trust or REIT ["reet"].
Accelerated depreciation was written into the Internal Revenue Code of 1954. In a nutshell, it provided the means to depreciate a fixed asset in such a way that the amount of depreciation taken each year is higher during the earlier years of an asset's life. This lowers a corporation's -or investor's- tax burden and acts as an incentive for real estate investment. This was especially relevant in regards to the development of post-war shopping centers in the United States.
First established by an act of Congress in 1960 (with amendments in 1986), the Real Estate Investment Trust is a tax shelter. Under the provisions of a REIT, corporate income taxes are reduced, or eliminated entirely. There are qualifications that companies must adhere to to enjoy this tax loophole, including the following;
The corporate entity must...
* Be managed as a corporation, trust or association.
* Be jointly owned by at least 100 individuals.
* Maintain at least seventy-five percent of its assets as real estate investments.
* Distribute at least ninety percent of its profits to stockholders as dividends.
However, the corporate entity must not...
* Be a financial institution or insurance company.
Of course, one could go on ad infinitum about various aspects of accelerated depreciation and the REIT. Hopefully, the basic descriptions provided will suffice.
The corporate entity must...
* Be managed as a corporation, trust or association.
* Be jointly owned by at least 100 individuals.
* Maintain at least seventy-five percent of its assets as real estate investments.
* Distribute at least ninety percent of its profits to stockholders as dividends.
However, the corporate entity must not...
* Be a financial institution or insurance company.
Of course, one could go on ad infinitum about various aspects of accelerated depreciation and the REIT. Hopefully, the basic descriptions provided will suffice.
MALL MAKER NUMBER ONE:
SIMON PROPERTY GROUP
America's largest shopping MALL MAKER was formed in Indianapolis, Indiana in 1960. The company, known at the time as Melvin Simon & Associates, started out -as did many of our MALL MAKERS- developing small, strip-type shopping centers.
The first fully-owned Simon complex, SOUTHGATE PLAZA, opened in Bloomington, Indiana in 1960. Forming a joint venture with Chicago-based retailer Montgomery Ward, Simon built their first department store-anchored (and partially-enclosed) mall in Fort Collins, Colorado. UNIVERSITY PLAZA was dedicated in November 1964.
The company became known by its present name in 1993. Following its merger with the Youngstown-based DeBartolo Realty Corporation, in 1996, Simon DeBartolo Group was adopted as its heading. 2 years later, the official name reverted back to the Simon Property Group.
In order to focus on its "Grade A" retail holdings, the Simon Property Group created a spin-off Real Estate Investment Trust, known as the Washington Prime Group, in May 2014. The WPG assumed ownership of forty-four "Grade B" Simon malls. However, Simon continued to manage the properties.
A merger between the Washington Prime Group and Columbus, Ohio-based Glimcher Realty Trust was finalized in January 2015. A corporate entity, known as WP Glimcher, was created. The corporate name reverted back to Washington Prime Group in September 2016.
Simon acquired an 80-percent share in Michigan's Taubman Centers in December 2020. By this time, the economic impact of the Covid-19 pandemic was being felt, with several shopping malls temporarily closing. Simon attempted to back out of the merger. Taubman threatened to sue for breach of contract. The deal was renegotiated, with Simon acquiring a share in Taubman Centers for a reduced price.
SIMON PROPERTY GROUP
America's largest shopping MALL MAKER was formed in Indianapolis, Indiana in 1960. The company, known at the time as Melvin Simon & Associates, started out -as did many of our MALL MAKERS- developing small, strip-type shopping centers.
The first fully-owned Simon complex, SOUTHGATE PLAZA, opened in Bloomington, Indiana in 1960. Forming a joint venture with Chicago-based retailer Montgomery Ward, Simon built their first department store-anchored (and partially-enclosed) mall in Fort Collins, Colorado. UNIVERSITY PLAZA was dedicated in November 1964.
Simon chose its home base, the Hoosier State, as the location for its first two fully-enclosed shopping malls. Bloomington's COLLEGE MALL, originally anchored by Sears and Indy-based H.P. Wasson, was dedicated in March 1965. Anderson's MOUNDS MALL, anchored by Ward's and "Wasson's," was dedicated in May of the same year.
The company became known by its present name in 1993. Following its merger with the Youngstown-based DeBartolo Realty Corporation, in 1996, Simon DeBartolo Group was adopted as its heading. 2 years later, the official name reverted back to the Simon Property Group.
In order to focus on its "Grade A" retail holdings, the Simon Property Group created a spin-off Real Estate Investment Trust, known as the Washington Prime Group, in May 2014. The WPG assumed ownership of forty-four "Grade B" Simon malls. However, Simon continued to manage the properties.
A merger between the Washington Prime Group and Columbus, Ohio-based Glimcher Realty Trust was finalized in January 2015. A corporate entity, known as WP Glimcher, was created. The corporate name reverted back to Washington Prime Group in September 2016.
Simon acquired an 80-percent share in Michigan's Taubman Centers in December 2020. By this time, the economic impact of the Covid-19 pandemic was being felt, with several shopping malls temporarily closing. Simon attempted to back out of the merger. Taubman threatened to sue for breach of contract. The deal was renegotiated, with Simon acquiring a share in Taubman Centers for a reduced price.
The Covid pandemic may have also effected the Washington Prime Group. They filed for Chapter 11 bankruptcy in June 2021 and emerged from the proceedings in October of the same year.
Sources:
https://www.simon.com
http://business.simon.com/about
http://www.washingtonprime.com / The Washington Prime Group
http://glimcher.com / Glimcher Realty Trust
Sources:
https://www.simon.com
http://business.simon.com/about
http://www.washingtonprime.com / The Washington Prime Group
http://glimcher.com / Glimcher Realty Trust
https://therealdeal.com
"Simon Property Group" article on Wikipedia
Copyright Simon Property Group
(See Media Fair Use Rationale at end of article)
FACT SHEET
Corporation Started In: 1960
Founded By: Melvin Simon, Herbert Simon, Fred Simon
City of Origin: Indianapolis, Indiana
Present-day Corporate Headquarters: Indianapolis, Indiana
Operations In: Austria, Canada, China, France, Germany, Italy, Japan, South Korea, Spain, Malaysia, Mexico, Netherlands, Thailand, United Kingdom and United States-Puerto Rico
Major Mergers, Acquisitions & Spin-offs:
*DeBartolo Realty Corporation, 1996
*Retail Property Trust, 1997
*Corporate Property Investors, 1998
*Kravco Company, 2003
*Chelsea Property Group, 2004
*The Mills Corporation, 2007
(joint venture with San Francisco-based Farallon Capital Management, LLC)
*Washington Prime Group, 2014
*Taubman Centers, 2020
Real Estate Portfolio (2020):
-Simon Property Group-
Approximately ninety-eight standard malls. Seventy-five outlet-type malls and thirteen Mills malls
-Washington Prime Group-
Real Estate Portfolio (2020):
-Simon Property Group-
Approximately ninety-eight standard malls. Seventy-five outlet-type malls and thirteen Mills malls
-Washington Prime Group-
104 malls
-Taubman Centers-
Twenty-one malls
Twenty-one malls
The founder of today's Simon Property Group, Melvin Simon (1926-2009).
Photo from Simon Youth Foundation
Simon's 15-floor corporate headquarters, on Indianapolis' Capitol Commons, was completed in 2006.
Photo from Wikipedia / "Jason 82"
SIMON IN AMERICA
Scroll along as we explore the first Simon-developed shopping mall...
Fort Collins' University Plaza
The first mall-type complex developed by Indiana's Melvin Simon & Associates was built in the Colorado Front Range community of Fort Collins. Original stores at UNIVERSITY PLAZA opened for business between November 1963 and February 1965, with a mall-wide grand opening held in November 1964.
Photo from Melvin Simon & Associates
The original PLAZA plan. Early Simon malls were often built in conjunction with Chicago's Montgomery Ward chain. In its original state, the Fort Collins shopping hub encompassed approximately 203,000 leasable square feet and contained spaces for twenty-eight stores and services. There was free parking for nearly 2,000 autos.
UNIVERSITY PLAZA TENANTS 1965:
MONTGOMERY WARD (with Snack Bar and attached Auto Center) / HESTEDS 5 & 10 (with William Tally Cafeteria) / KING SOOPERS supermarket (with bakery 7 pharmacy) / Collins Fabrics / Eaker's apparel / Enco service station (outparcel) / Fort Collins Insurance Agency / Holly's ladies' wear / Imports By Gilligues / Iris Salon of Beauty / Kinney Shoes / Mode O'Day Frock Shop / Plaza Barber Shop / Regal Shoes / Roley's Card Shop / Ron's TV / S & H Green Stamps Redemption Center / Sears Komac Paints / Supreme Cleaners / Tenneco service station (outparcel) / The Sutler men's wear / Three Sisters ladies' wear / Tiley Agency / University National Bank / Walgreen Drug (with Walgreen Grill) / Zale's Jewelers
Above and below are three vintage views of UNIVERSITY PLAZA. Here, we see the north end of the fully-enclosed, heated and air-conditioned, "corridor of comfort."
Photo from http://wordpress.com / Fort Collins Museum Science Discovery Center Blog / Charles Curs
Another view of the north section of the shopping concourse. On the right is The Sutler, a men's wear retailer. Next to this is a Holly's dress shop. A corridor accessing the rear parking area comes next, followed by Roley's Card Shop and Three Sisters dress shop.
Photo from http://wordpress.com / Fort Collins Museum Science Discovery Center Blog / Charles Curs
In our final interior view shows the Hesteds 5 & 10 mall entrance. This store, which covered 36,000 square feet, included a William Tally Cafeteria. The UNIVERSITY PLAZA Hesteds and cafeteria operated in the mall for over 10 years.
Photo from http://wordpress.com / Fort Collins Museum Science Discovery Center Blog / Charles Curs
King Soopers, a popular Denver-based grocer, anchored the south end of UNIVERSITY PLAZA. In fact, King Soopers is STILL operating at the shopping center after nearly 60 years!
Graphic from The Dillon Companies
Advert from Melvin Simon & Associates
Denver's Century 21 Corporation acquired the shopping complex in October 1969. A plan was drawn up to join it with a newly-built mall on an adjacent parcel. As a first stage, UNIVERSITY PLAZA was renamed CENTURY MALL in 1970. Alas, the plan for a second mall eventually fell through. A Kmart and Kmart Food market opened on the proposed mall site in 1971.
Graphic from the Century 21 Corporation
The shuttering of the UNIVERSITY PLAZA-CENTURY MALL Hesteds, in mid-1975, resulted in a bit of store shuffling. The empty space was divided between a new Eakers (men's wear) and expanded King Soopers. The vacant Eakers was reconfigured as the Mann Theatres Century Mall Tri-plex, which opened in 1976.
Graphic from Mann Theatres-Fort Collins
Our CENTURY MALL site plan dates to 1977. The original structure has not been physically expanded, but -as one can see- a few inline stores have changed since 1965. The McDonald's, on the south end of the site, opened in 1959. The original "Golden Arches" store was rebuilt into a 1970s-style, mansard-roofed building in 1969.
Graphic from the Century 21 Corporation
The shuttering of the UNIVERSITY PLAZA-CENTURY MALL Hesteds, in mid-1975, resulted in a bit of store shuffling. The empty space was divided between a new Eakers (men's wear) and expanded King Soopers. The vacant Eakers was reconfigured as the Mann Theatres Century Mall Tri-plex, which opened in 1976.
Graphic from Mann Theatres-Fort Collins
The CENTURY MALL moniker was retired in 1981, when the complex was renamed UNIVERSITY MALL. In a downward spiral for several years, the facility was virtually vacant by 1986, when it was being promoted as having Great Shopping, Dining and Fun For All.
Graphic from University Mall Company
Graphic from EverWest
The Wards at UNIVERSITY MALL pulled up stakes in 1997. The complex was reconfigured soon after. Its enclosed concourse, and inline stores that flanked it, were gutted. Four big box-type spaces were created. A new south store strip was also built. The "new & improved" complex was renamed UNIVERSITY CENTER. By 2020, things had come full circle. The shopping venue was -once again- known as UNIVERSITY PLAZA.
UNIVERSITY PLAZA
South College Avenue / US 287 and Columbia Road
Fort Collins, Colorado
The first shopping mall developed by Indianapolis' Melvin Simon and Associates was built on a 23.1-acre parcel, located 1.2 miles south of the Fort Collins Central Business District. UNIVERSITY PLAZA, heralded as a "New Shopping Dimension," encompassed approximately 203,000 leasable square feet and contained twenty-four stores and services under its roof.
Situated on a single retail level, UNIVERSITY PLAZA sat upon land leased from Mrs. Mae Tiley, a Fort Collins realtor. Construction on the enclosed shopping complex commenced in February 1963. A 1-level (66,100 square foot) Montgomery Ward became the first operational store, on November 7, 1963.
A 400-foot-long, enclosed shopping concourse was added to the south side of Wards. This included a (36,000 square foot) Hesteds 5 & 10 and William Tally Cafeteria, (9,500 square foot) Walgreen Drug and Walgreen Grill, (11,700 square foot) Eaker's men's wear and (28,000 square foot) King Soopers grocery.
This store, which stood on the south end of the complex, had only an exterior entrance and could not be accessed from the enclosed concourse. King Soopers opened for business on September 23, 1964. A mall-wide dedication was held on November 11, 1964. Hesteds and Walgreen Drug became the final charter stores in the mall to open. They commenced operation on February 11, 1965.
Original tenants at UNIVERSITY PLAZA included Kinney Shoes, The Sutler men's wear, Holly's ladies' wear, Plaza Barber Shop, Iris Salon of Beauty, Collins Fabrics and an S & H Green Stamps Redemption Center.
Denver's Century 21 Corporation acquired UNIVERSITY PLAZA in October 1969. They formulated a plan to build a 500,000 square foot mall on an adjacent parcel to the south. The UNIVERSITY PLAZA structure would be remodeled and incorporated into the new shopping hub, which would be known, collectively, as CENTURY MALL.
As an initial phase of this project, UNIVERSITY PLAZA was renamed CENTURY MALL in June 1970. Century 21 intended to develop at least six more CENTURY MALLS. These would be located in Sioux Falls, Bismarck, Rapid City and Aberdeen, South Dakota and Grand Forks, Fargo and Minot, North Dakota.
These plans eventually fell through, with none of the six CENTURY MALLS being built. Century 21 sold their interests in the existing and prospective retail venues. The Bismarck property eventually became GATEWAY MALL. The proposed center in Rapid City was developed as RUSHMORE MALL. The Fargo project was completed as WEST ACRES MALL, with the Grand Forks complex retaining its original SOUTH FORKS PLAZA moniker.
The CENTURY MALL in Fort Collins enjoyed its status as the only shopping mall in town for nearly 9 years. Then came FOOTHILLS FASHION MALL (1973) {.9 of a mile south} and THE SQUARE (1978) {1 mile south}. Both of these shopping hubs were within the city limits of Fort Collins.
Hesteds, at CENTURY MALL, had been shuttered in mid-1975. The space was divided between a new (17,400 square foot) Eaker's men's wear and expanded (46,000 square foot) King Soopers. Grand openings were held on October 23, 1975. The original Eaker's was reconfigured as the Mann Theatres Century Mall Tri-plex, which showed first features on December 22, 1976. CENTURY MALL stores at this time included The Melting Pot, Kangaroo's Pouch Maternity, T Shirt Affair, The Land of Oz video arcade and Musicland records.
In 1981, the name of the complex was changed to UNIVERSITY MALL. The center had been struggling to keep tenants for several years, and was virtually vacant. To add insult to injury, a third retail rival came on the scene. PAVILION CENTER {1.9 miles southeast, in Larimer County} was completed in 1989.
UNIVERSITY MALL continued on in a downward spiral until the shuttering of Montgomery Ward, in 1997. A demalling redevelopment got underway in 1998. The vacant Wards was divided in half. Moreover, the mall section between Wards and King Soopers was gutted and rebuilt into four big box-type stores. A small south store block was also added to the south side of the structure.
A reconfigured complex now housed approximately 236,200 leasable square feet and thirteen stores and services. On June 23, 2004, a (44,000 square foot), Austin-based Whole Foods Market opened in the northern half of the old Montgomery Ward structure.
The shopping center, officially promoted as UNIVERSITY PLAZA, is currently owned and operated by a joint venture. The old Montgomery Ward, containing the aforementioned Whole Foods Market and Wilbur's Total Beverage, is leased by an entity known as GKT University Plaza II. The remainder of the complex is under the management of the Denver-based Crosbie Real Estate Group.
Sources:
The Fort Collins Coloradoan
Original tenants at UNIVERSITY PLAZA included Kinney Shoes, The Sutler men's wear, Holly's ladies' wear, Plaza Barber Shop, Iris Salon of Beauty, Collins Fabrics and an S & H Green Stamps Redemption Center.
Denver's Century 21 Corporation acquired UNIVERSITY PLAZA in October 1969. They formulated a plan to build a 500,000 square foot mall on an adjacent parcel to the south. The UNIVERSITY PLAZA structure would be remodeled and incorporated into the new shopping hub, which would be known, collectively, as CENTURY MALL.
As an initial phase of this project, UNIVERSITY PLAZA was renamed CENTURY MALL in June 1970. Century 21 intended to develop at least six more CENTURY MALLS. These would be located in Sioux Falls, Bismarck, Rapid City and Aberdeen, South Dakota and Grand Forks, Fargo and Minot, North Dakota.
These plans eventually fell through, with none of the six CENTURY MALLS being built. Century 21 sold their interests in the existing and prospective retail venues. The Bismarck property eventually became GATEWAY MALL. The proposed center in Rapid City was developed as RUSHMORE MALL. The Fargo project was completed as WEST ACRES MALL, with the Grand Forks complex retaining its original SOUTH FORKS PLAZA moniker.
The CENTURY MALL in Fort Collins enjoyed its status as the only shopping mall in town for nearly 9 years. Then came FOOTHILLS FASHION MALL (1973) {.9 of a mile south} and THE SQUARE (1978) {1 mile south}. Both of these shopping hubs were within the city limits of Fort Collins.
Hesteds, at CENTURY MALL, had been shuttered in mid-1975. The space was divided between a new (17,400 square foot) Eaker's men's wear and expanded (46,000 square foot) King Soopers. Grand openings were held on October 23, 1975. The original Eaker's was reconfigured as the Mann Theatres Century Mall Tri-plex, which showed first features on December 22, 1976. CENTURY MALL stores at this time included The Melting Pot, Kangaroo's Pouch Maternity, T Shirt Affair, The Land of Oz video arcade and Musicland records.
In 1981, the name of the complex was changed to UNIVERSITY MALL. The center had been struggling to keep tenants for several years, and was virtually vacant. To add insult to injury, a third retail rival came on the scene. PAVILION CENTER {1.9 miles southeast, in Larimer County} was completed in 1989.
UNIVERSITY MALL continued on in a downward spiral until the shuttering of Montgomery Ward, in 1997. A demalling redevelopment got underway in 1998. The vacant Wards was divided in half. Moreover, the mall section between Wards and King Soopers was gutted and rebuilt into four big box-type stores. A small south store block was also added to the south side of the structure.
A reconfigured complex now housed approximately 236,200 leasable square feet and thirteen stores and services. On June 23, 2004, a (44,000 square foot), Austin-based Whole Foods Market opened in the northern half of the old Montgomery Ward structure.
The shopping center, officially promoted as UNIVERSITY PLAZA, is currently owned and operated by a joint venture. The old Montgomery Ward, containing the aforementioned Whole Foods Market and Wilbur's Total Beverage, is leased by an entity known as GKT University Plaza II. The remainder of the complex is under the management of the Denver-based Crosbie Real Estate Group.
Sources:
The Fort Collins Coloradoan
The Rocky Mountain Collegian
http://www.simon.com / Simon Property Group
http://fcmdsc.wordpress.com/2011/03/21/from-the-archive-university-plaza-mall (Fort Collins Museum Science Discovery Center Blog)
http://history.poudrelibraries.org
Larimer County, Colorado property tax assessor website
http://www.airparkvillage.com
https://www.creginc.com / Crosbie Real Estate Group
http://www.simon.com / Simon Property Group
http://fcmdsc.wordpress.com/2011/03/21/from-the-archive-university-plaza-mall (Fort Collins Museum Science Discovery Center Blog)
http://history.poudrelibraries.org
Larimer County, Colorado property tax assessor website
http://www.airparkvillage.com
https://www.creginc.com / Crosbie Real Estate Group
PREMIER PROPERTIES
We include mention of this complex as an historic footnote. Seattle's NORTHGATE CENTER (NORTHGATE MALL) opened for business in April 1950. Noteworthy as America's -and the world's- first suburban-style mall, it was expanded in 1951, 1965, 1974 and 2007. The complex was acquired by Simon in 1987. It was redeveloped -as an open-air, mixed-use facility- in the early 2020s.
Photo from www.simon.com / Simon Property Group
Photo from www.simon.com / Simon Property Group
MALL MAKER NUMBER TWO:
GGP Inc. (Brookfield Property Partners)
The General Management Corporation was formed in Cedar Rapids, Iowa in 1954. In the same year, they built TOWN & COUNTRY CENTER, an open-air strip-type shopping complex. A move to Des Moines, Iowa, in 1960, was undertaken so that General Management could effectively oversee the construction and leasing of DUCK CREEK PLAZA, its first mall-type center.
The business enterprise became the General Growth Development Corporation in 1970, but was liquidated in 1984. General Management, the management arm of the company, continued to oversee the operation of some of the shopping centers previously owned by the corporation. A new REIT, known as General Growth Properties, was formed in 1993. In 1995, the corporate offices moved from Des Moines to Chicago.
News of financial woes began to circulate in late 2008. The problems were the result of The Great Recession, in general, and also due to General Growth Properties' overly-aggressive buyouts of several smaller mall operating companies during the 1990s and early 2000s.
A chapter 11 bankruptcy was filed April 16, 2009; the largest shopping center-related real estate bankruptcy in US history. The Simon Property Group submitted a buyout bid in early 2010. General Growth, reluctant to submit to the overtures of its larger REIT rival, declined. In May 2010, a recapitalization plan, submitted by New York City-based Brookfield Asset Management, was approved by a bankruptcy court. Simon immediately withdrew its takeover offer.
As a result of the bankruptcy, CEO John Bucksbaum was removed from his post (held since 1999) and the corporation eventually reorganized as three units; the existing General Growth Properties, the Howard Hughes Corporation (a non-REIT spun off from GGP in November 2010) and Rouse Properties (a REIT spun off in January 2012).
The original Hughes entity had been incorporated into the James Rouse Company in May 1996 and became a General Growth holding following the November 2004 Rouse Company merger. The Howard Hughes Corporation was charged with the operation of four "master planned communities"; one in Maryland, one in Texas and two in Nevada. Eight more are currently in the planning stages. One retail-oriented complex is in operation in Louisiana, with four more proposed.
Rouse Properties was sold to Toronto-based Brookfield Asset Management in July 2016. General Growth Properties changed its name to GGP Inc. in January 2017. The assets of the company were acquired, by a subsidiary of Brookfield Asset Management, in a series of transactions. These concluded in August 2018, with Brookfield Property Partners now owning 100 percent of GGP Inc..
GGP Inc. (Brookfield Property Partners)
The business enterprise became the General Growth Development Corporation in 1970, but was liquidated in 1984. General Management, the management arm of the company, continued to oversee the operation of some of the shopping centers previously owned by the corporation. A new REIT, known as General Growth Properties, was formed in 1993. In 1995, the corporate offices moved from Des Moines to Chicago.
News of financial woes began to circulate in late 2008. The problems were the result of The Great Recession, in general, and also due to General Growth Properties' overly-aggressive buyouts of several smaller mall operating companies during the 1990s and early 2000s.
A chapter 11 bankruptcy was filed April 16, 2009; the largest shopping center-related real estate bankruptcy in US history. The Simon Property Group submitted a buyout bid in early 2010. General Growth, reluctant to submit to the overtures of its larger REIT rival, declined. In May 2010, a recapitalization plan, submitted by New York City-based Brookfield Asset Management, was approved by a bankruptcy court. Simon immediately withdrew its takeover offer.
As a result of the bankruptcy, CEO John Bucksbaum was removed from his post (held since 1999) and the corporation eventually reorganized as three units; the existing General Growth Properties, the Howard Hughes Corporation (a non-REIT spun off from GGP in November 2010) and Rouse Properties (a REIT spun off in January 2012).
The original Hughes entity had been incorporated into the James Rouse Company in May 1996 and became a General Growth holding following the November 2004 Rouse Company merger. The Howard Hughes Corporation was charged with the operation of four "master planned communities"; one in Maryland, one in Texas and two in Nevada. Eight more are currently in the planning stages. One retail-oriented complex is in operation in Louisiana, with four more proposed.
Rouse Properties was sold to Toronto-based Brookfield Asset Management in July 2016. General Growth Properties changed its name to GGP Inc. in January 2017. The assets of the company were acquired, by a subsidiary of Brookfield Asset Management, in a series of transactions. These concluded in August 2018, with Brookfield Property Partners now owning 100 percent of GGP Inc..
Like all companies operating malls in the United States, Brookfield was hard hit by the economic impact of the Covid-19 pandemic. Mall closings during 2020 caused profits to plummet. Likewise, the value of Brookfield shares fell. This prompted management to consider some novel uses for vacant mall space, such as leasing to mini online distribution centers, child-care facilities and medical clinics.
Sources:
www.ggp.com
http://blog.retailtrafficmag.com
https://www.bisnow.com
https://www.bloomberg.com
Sources:
www.ggp.com
http://blog.retailtrafficmag.com
https://www.bisnow.com
https://www.bloomberg.com
https://connectedremag.com
"General Growth Properties" article on Wikipedia
Copyright General Growth Properties
(See Media Fair Use Rationale at end of article)
(See Media Fair Use Rationale at end of article)
(See Media Fair Use Rationale at end of article)
FACT SHEET
GGP Started In: 1954
Founded By: Martin Bucksbaum, Matthew Bucksbaum
City of Origin: Cedar Rapids, Iowa
Corporate Headquarters: Chicago, Illinois
Operations In: United States. Joint ventures in Brazil, Venezuela, Costa Rica and Turkey
FACT SHEET
GGP Started In: 1954
Founded By: Martin Bucksbaum, Matthew Bucksbaum
City of Origin: Cedar Rapids, Iowa
Corporate Headquarters: Chicago, Illinois
Operations In: United States. Joint ventures in Brazil, Venezuela, Costa Rica and Turkey
Brookfield Property Partners Started In: 2013
Founded By: Brookfield Asset Management
City Of Origin: Toronto, Ontario
Corporate Headquarters: Hamilton, Bermuda
Operations In: United States, Europe, Brazil and Asia
GGP Mergers, Acquisitions and Spin-offs:
* CentreMark Properties (40 % interest / later sold to Westfield Group), 1989
* Homart Development Corporation, 1995
* US Prime Property, 1998
* CentreMark Properties (40 % interest / later sold to Westfield Group), 1989
* Homart Development Corporation, 1995
* US Prime Property, 1998
* MEPC American Properties, 1998
* JP Realty, 2002
* Victoria Ward, Limited, 2002
* The Rouse Company, 2004
* Howard Hughes Corporation, 2010
* Rouse Properties, 2012 (sold in July 2016)
* JP Realty, 2002
* Victoria Ward, Limited, 2002
* The Rouse Company, 2004
* Howard Hughes Corporation, 2010
* Rouse Properties, 2012 (sold in July 2016)
* Brookfield Property Partners, 2013
Real Estate Portfolio (2020):
-Brookfield Property Partners-
Real Estate Portfolio (2020):
-Brookfield Property Partners-
182 regional malls
-Howard Hughes Corporation-
One retail complex in United States, four proposed.
-Howard Hughes Corporation-
One retail complex in United States, four proposed.
The Bucksbaum Brothers, Martin (1920-1995) and Matthew (1926-2013). They formed the General Management Corporation (the parent company of General Growth Properties) in 1954.
Photo from www.ggp.com / General Growth Properties
Photo from www.ggp.com / General Growth Properties
Opening day festivities at Cedar Rapids, Iowa's TOWN & COUNTRY CENTER, which was General Management's first strip shopping plaza.
Photo from www.ggp.com / General Growth Properties
DUCK CREEK PLAZA TENANTS 1960:
YOUNKERS (with Francois Maison de Coiffure Salon) / F.W. WOOLWORTH 5 & 10 (with luncheonette) / EAGLE FOOD CENTER supermarket / Baker's Qualicraft Shoes / Bishop Buffet / Bond-Walgreen Drug (with Walgreen Grill) / Clark's Super Appliance / Corn Cabin / Country Cobbler Shoes / Don Ray Hair Styles / Fannie Mae Candies / Federal Bake Shop / Gulf Service Station (outparcel) / Kinney Shoes / Lewis Cleaners / Maternity Modes / Miller-Wohl ladies' wear / Mode O'Day Frock Shop / Plaza Barber Shop / Richman Brothers men's wear / Sherwin-Williams Paints / The Gift Shop / The Toy Fair / Walker's Jewelry / Western Auto / Window Center
One of the thirty charter DUCK CREEK PLAZA tenants was the Bishop Buffet seen here. It was a Quad City dining destination for over 42 years.
Photo from Curteichcolor
An interior view of the smorgasbord-style eatery. The Bishop Buffet chain originated in Waterloo, Iowa in 1920 and eventually encompassed thirty-five locations.
Photo from Curteichcolor
Vintage logos of department stores that once anchored DUCK CREEK PLAZA. Des Moines-based Younkers was in operation at the complex for over 40 years. The Petersen Harned Von Maur ("Petersen's") chain (rebranded as Von Maur in 1989) maintained a DCP store for 27.
Graphic 1 from Younkers, Incorporated
Graphic 2 from the Killian Company
DUCK CREEK PLAZA was expanded with a fully-enclosed addition in 1972-'73 (in medium gray). In 1985, the open-air section was also roofed-in. With these renovations, the mall housed sixty stores and services and around 300,000 leasable square feet. There were 1,500 for-free parking spaces.
Above and below are views of today's new & improved DUCK CREEK PLAZA. This open-air power center replaced the enclosed mall, which was bulldozed in mid-2003. A Schnucks supermarket was the Missouri-based chain's first Iowa location.
Photo from hrrp://phillipsedison.com / Phillips Edison & Company
Photo from hrrp://phillipsedison.com / Phillips Edison & Company
Original drawing from www.ruhlcommercial.com / Ruhl Commercial Company
DUCK CREEK PLAZA
Middle and East Kimberly Roads
Bettendorf, Iowa
The first shopping mall developed by Iowa's General Management Corporation (the mother company of General Growth Properties) was built on a 24-acre plot, situated 1.4 miles northwest of the Central Business District of the "Quad City" of Bettendorf, Iowa.
DUCK CREEK PLAZA, designed by the Brown & Healy firm of Cedar Rapids, was officially dedicated August 18, 1960. The ceremony was attended by Arnold Kallert (Mayor of Bettendorff), Don Pertrucelli (Mayor of Davenport), Martin and Matthew Bucksbaum (of General Growth Management) and Sally Neville, "Miss Iowa 1960."
Anchored by a 1-level (60,000 square foot), Des Moines-based Younkers, the open-air retail hub encompassed 200,000 leasable square feet and housed thirty stores and services. These included Walgreen Drug, Fannie May Candies, Walker's Jewelry, a Bishop Buffet cafeteria and 1-level (20,000 square foot) F.W. Woolworth 5 & 10. A (25,500 square foot) Eagle Food Center supermarket had been open for business since June 8, 1960.
The complex became freeway-friendly with the completion of an adjacent stretch of Interstate 74, which opened to traffic September 2, 1971. On August 18, 1972, Davenport-based Petersen Harned Von Maur ("Petersen's") opened a 1-level (20,000 square foot) location. This store assumed space vacated by Woolworth's in May 1972.
The first expansion of the mall, a fully-enclosed North Wing, was completed in April 1973. It encompassed approximately 100,000 leasable square feet and included So-Fro Fabrics, Hickory Farms of Ohio, an Aladdin's Castle video arcade and 4-story Bettendorf Bank & Trust tower. The General Cinema Corporation Duck Creek Cinema I & II had shown its first features on December 27, 1972. The mall now housed approximately 300,000 leasable square feet and contained forty stores and services.
For 13 years, DUCK CREEK PLAZA had been the only shopping mall in the Quad Cities region. This changed with the completion of NORTHPARK MALL {3 miles northwest, in Davenport} in 1973 and SOUTHPARK MALL {4.8 miles southeast, in Moline} in 1974.
The Eagle Food Center, a charter DUCK CREEK PLAZA tenant, was shuttered and replaced by a Framingham, Massachusetts-based Marshalls. This store debuted on May 14, 1984. The twin cinema was shuttered July 30, 1987.
Meanwhile, General Growth had sold DUCK CREEK PLAZA to the Equitable Life Assurance Society of the United States in September 1984. At the time, a 4.5 million dollar renovation, enclosing the original open-air section, was underway. The newly-refurbished shopping concourse was re-dedicated on August 14, 1985.
By the mid-1990s, the shopping center was in decline. In 1998, the complex was acquired by a joint venture of Chicago's Dalan Development Corporation, the Daly Group, Limited Liability Company and Davenport-based Ruhl & Ruhl Commercial Company. Petersen Harned & Von Maur (whose name had been shortened to simply Von Maur in 1989) was shuttered on September 14, 1999. This was followed by the closing of Younkers, on January 31, 2001.
In November 2001, a demalling plan was announced. Demolition commenced in March 2003. The structure was taken down in stages, with the first segment being the Von Maur / Younkers portion and North Wing. The bank building and cinema were left standing. An open-air power center, also known as DUCK CREEK PLAZA, was built.
A (14,000 square foot) Walgreen Drug became the first operational store on November 14, 2003. This was followed by a 1-level (102,400 square foot) Home Depot, which was dedicated on December 4, 2003. A (28,200 square foot) Marshalls welcomed its first shoppers on May 20, 2004.
The old Marshalls-Bishop Buffet-Walgreen section of the mall was then bulldozed. This made room for a 1-level (63,700 square foot) Schnucks Fresh Foods, which was dedicated on May 24, 2005. When fully realized, the new DUCK CREEK PLAZA comprised approximately 263,200 leasable square feet and housed thirty-four tenant spaces. The center was acquired by the Oakbrook, Illinois-based Inland Real Estate Group in November 2005. They sold the property to Cincinnati's Phillips Edison & Company in October 2013.
Sources:
The Quad City Times (Davenport, Iowa)
The Daily Reporter (Spencer, Iowa)
http://www.ggp.com / General Growth Properties
For 13 years, DUCK CREEK PLAZA had been the only shopping mall in the Quad Cities region. This changed with the completion of NORTHPARK MALL {3 miles northwest, in Davenport} in 1973 and SOUTHPARK MALL {4.8 miles southeast, in Moline} in 1974.
The Eagle Food Center, a charter DUCK CREEK PLAZA tenant, was shuttered and replaced by a Framingham, Massachusetts-based Marshalls. This store debuted on May 14, 1984. The twin cinema was shuttered July 30, 1987.
Meanwhile, General Growth had sold DUCK CREEK PLAZA to the Equitable Life Assurance Society of the United States in September 1984. At the time, a 4.5 million dollar renovation, enclosing the original open-air section, was underway. The newly-refurbished shopping concourse was re-dedicated on August 14, 1985.
By the mid-1990s, the shopping center was in decline. In 1998, the complex was acquired by a joint venture of Chicago's Dalan Development Corporation, the Daly Group, Limited Liability Company and Davenport-based Ruhl & Ruhl Commercial Company. Petersen Harned & Von Maur (whose name had been shortened to simply Von Maur in 1989) was shuttered on September 14, 1999. This was followed by the closing of Younkers, on January 31, 2001.
In November 2001, a demalling plan was announced. Demolition commenced in March 2003. The structure was taken down in stages, with the first segment being the Von Maur / Younkers portion and North Wing. The bank building and cinema were left standing. An open-air power center, also known as DUCK CREEK PLAZA, was built.
A (14,000 square foot) Walgreen Drug became the first operational store on November 14, 2003. This was followed by a 1-level (102,400 square foot) Home Depot, which was dedicated on December 4, 2003. A (28,200 square foot) Marshalls welcomed its first shoppers on May 20, 2004.
The old Marshalls-Bishop Buffet-Walgreen section of the mall was then bulldozed. This made room for a 1-level (63,700 square foot) Schnucks Fresh Foods, which was dedicated on May 24, 2005. When fully realized, the new DUCK CREEK PLAZA comprised approximately 263,200 leasable square feet and housed thirty-four tenant spaces. The center was acquired by the Oakbrook, Illinois-based Inland Real Estate Group in November 2005. They sold the property to Cincinnati's Phillips Edison & Company in October 2013.
Sources:
The Quad City Times (Davenport, Iowa)
The Daily Reporter (Spencer, Iowa)
http://www.ggp.com / General Growth Properties
http://www.ruhlcommercial.com / Ruhl Commercial Company
http://www.dot.state.ia.us
http://www.cinematour.com
http://www.thedalygroup.com
http://www.inlandgroup.com
https://myomahaobsession.com
http://www.dot.state.ia.us
http://www.cinematour.com
http://www.thedalygroup.com
http://www.inlandgroup.com
https://myomahaobsession.com
"Younkers" article on Wikipedia
MALL MAKER NUMBER THREE:
CBL PROPERTIES
Independent Enterprises was formed in 1912. The company rose to prominence as an operator of motion picture theaters in Tennessee, Georgia and North Carolina. A corporate headquarters was established in Chattanooga, Tennessee in 1914.
By July 1961, Independent Enterprises was headed by Moses Lebovitz, Charles Lebovitz and Jay Solomon. They sold the company's portfolio of eleven movie theaters and refocused its direction on the development of shopping centers.
One of the company's drive-ins was used as the building site for EASTGATE CENTER, its first retail complex. The mall opened in the fall of 1962. Independent Enterprises went on to develop strip-type centers in Tennessee, Alabama, Georgia and North Carolina.
Independent Enterprises merged with New York City's Arlen Realty & Development Corporation in early 1970. 8 years later, Charles Lebovitz and five other Arlen executives left the company and formed today's CBL & Associates. They named the endeavor after Charles B. Lebovitz.
The first CBL-developed shopping hub, Del Rio, Texas' PLAZA DEL SOL MALL, was dedicated in March 1979. The company became a publicly-traded Real Estate Investment Trust in 1993, with CBL & Associates Properties, Incorporated established as its official title. The company grew exponentially between 1995 and 2001, with various mergers and acquisitions. In October 2017, the corporate moniker was shortened to CBL Properties.
CBL PROPERTIES
Independent Enterprises was formed in 1912. The company rose to prominence as an operator of motion picture theaters in Tennessee, Georgia and North Carolina. A corporate headquarters was established in Chattanooga, Tennessee in 1914.
By July 1961, Independent Enterprises was headed by Moses Lebovitz, Charles Lebovitz and Jay Solomon. They sold the company's portfolio of eleven movie theaters and refocused its direction on the development of shopping centers.
One of the company's drive-ins was used as the building site for EASTGATE CENTER, its first retail complex. The mall opened in the fall of 1962. Independent Enterprises went on to develop strip-type centers in Tennessee, Alabama, Georgia and North Carolina.
Independent Enterprises merged with New York City's Arlen Realty & Development Corporation in early 1970. 8 years later, Charles Lebovitz and five other Arlen executives left the company and formed today's CBL & Associates. They named the endeavor after Charles B. Lebovitz.
The first CBL-developed shopping hub, Del Rio, Texas' PLAZA DEL SOL MALL, was dedicated in March 1979. The company became a publicly-traded Real Estate Investment Trust in 1993, with CBL & Associates Properties, Incorporated established as its official title. The company grew exponentially between 1995 and 2001, with various mergers and acquisitions. In October 2017, the corporate moniker was shortened to CBL Properties.
Malls and strip centers in the CBL portfolio were shuttered, due to the Covid-19 pandemic, between March and May 2020. Various properties re-opened, under strict guidelines established by the Center for Disease Control and local health department.
Unfortunately, the economic fallout resulting from Covid-19-induced shutdowns caused several already struggling retail chains to file for bankruptcy. In November 2020, CBL Properties also filed for Chapter 11 protection.
Sources:
http://www.cblproperties.com / CBL Properties
The Observer (Newberry, South Carolina)
The Florence Times Daily (Florence, Alabama)
http://www.cblproperties.com / CBL Properties
The Observer (Newberry, South Carolina)
The Florence Times Daily (Florence, Alabama)
https://www.timesfreepress.com
"CBL Properties" article on Wikipedia
Copyright CBL Properties
(See Media Fair Use Rationale at end of article)
FACT SHEET
Corporation Started In: 1961
Founded By: Moses Lebovitz, Charles Lebovitz and Jay Solomon
City of Origin: Chattanooga, Tennessee
Present-day Corporate Headquarters: Chattanooga, Tennessee
Operations In: United States
Major Mergers and Acquisitions:
*Arlen Realty, 1970
*The Jacobs Group, 2001
Property Portfolio (2018):
Sixty-two standard malls. Four outlet-type malls
The men behind the Independent Enterprises real estate development company. From left to right, they are Jay Solomon, Charles Lebovitz and Moses Lebovitz. Independent Enterprises eventually morphed into today's CBL Properties.
Photo from http://www.cblproperties.com
CBL Center, the company's corporate headquarters, was completed in 2002. It is a peripheral structure at the company's HAMILTON PLACE MALL, in Chattanooga.
Photo from www.cblproperties.com / CBL & Associates Properties
CBL IN AMERICA
Scroll along as we explore the first mall developed by Independent Enterprises (CBL & Associates)...
Chattanooga's Eastgate Center
Amongst the first shopping malls in the Volunteer State, EASTGATE CENTER was built in the southeastern environs of Chattanooga. The open-air complex was officially dedicated in September 1962.
Drawing from Independent Enterprises
Drawing and graphic from the Miller Brothers Company
A 1962 view of the 7 million dollar retail hub. The Phase 1 structure was bisected by the "Miracle Mall" shopping concourse, which featured a fountain pool and four live swans.
Photo from http://deepzoomchattanooga.com / Roy Tulley
One of these was a Morrison's Cafeteria, a branch of the Mobile, Alabama-based chain of smorgabord-type restaurants. Store number 38. which encompassed 12,000 square feet, featured three themed seating areas; the Railroad Room, Steamboat Room and Farm Room. There was seating for over 400 diners.
Advert from http://www.chattanoogan.com / Harmon Jolley
Another original EASTGATE CENTER tenant was a G.C. Murphy 5 & 10. Store number 509 was the first Murphy's unit in Tennessee. It encompassed 2 levels and 45,500 square feet. Its luncheonette had seating for forty-eight.
Advert from http://www.chattanoogan.com / Harmon Jolley
EASTGATE CENTER TENANTS 1962:
MILLER BROTHERS / G.C. MURPHY 5 & 10 (with luncheonette) / WINN-DIXIE supermarket / Baker's Qualicraft Shoes / Bond Clothes / Bell Brothers Shoes / Carole Ann Millinery / Clothes Tree ladies' wear / Cole Rexall Drug (with luncheonette) / Dateline young ladies' wear / Eastgate Barber Shop / Eastgate Fabrics / Eastgate Toyland / Farrar's Hosiery / Firestone Tire & Appliance / Gateway Book & Card Shop / Hamilton National Bank (outparcel) / La Marick Beauty Salon / Lerner Shops / Mary Ann Bake Shop / Merle Norman Cosmetic Studio / Morrison's Cafeteria / Mothers Beautiful Maternity / One-Hour Valet of Chattanooga / Ted's Heel Bar shoe repair / The Lamp Mart / United Finance & Thrift Corporation / Zale's Jewelers
The southwest corner of EASTGATE CENTER, following the mall's mid-'60s expansion. The Loveman's of Tennessee depicted here spanned 67,900 square feet.
The cinematic venue at EASTGATE was also added in the mid-1960s. I saw the first runs of several films here. There was "Jesus Christ Superstar" and "Pink Floyd Live At Pompeii" (in 1973), "Star Wars" (in 1977) and "Star Trek: The Motion Picture" (in 1979).
By the mid-1970s, the complex has been fully enclosed and renamed EASTGATE MALL. The Chattanooga-based Miller Brothers store is now sporting a Knoxville-based Miller's of Tennessee nameplate and the original single-screen cinema is now a twinplex.
A vintage view of the air-conditioned EASTGATE shopping concourse. Ormond Shops, seen on the right, was a mall-based women's apparel chain. Its last stores closed in 1994.
Photo from https://www.eastgatecenter.net
In this full-color view, we see nameplates for Jarman (men's) Shoes, Casual Corner and The Bottom Half.
Photo from https://www.eastgatecenter.net
Photo from www.doverkohl.com / Dover, Kohl & Partners
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