Brookfield Properties Retail Group

Brookfield Properties Retail Group (abbreviated BPRG) is an American retail real estate investment trust headquartered in Chicago, Illinois. It is a subsidiary of Brookfield Property Partners and the successor of General Growth Properties (GGP), which was founded in 1954 and acquired by Brookfield in 2018. Brookfield acquired Rouse Properties in 2016, which was merged into BPRG with the completion of the GGP acquisition. Its portfolio consists of 162 shopping malls in the United States comprising approximately 146,000,000 feet (45,000,000 m) of gross leasable area.
== History of General Growth ==
=== 1954–1999 ===
General Growth was founded in Iowa by three brothers, Martin, Matthew, and Maurice Bucksbaum,[1] in 1954 as General Management.[2] That year, they borrowed $1.2 million to develop their first shopping center, Town & Country Shopping Center in Cedar Rapids, Iowa, in order to open a fourth location for the grocery store founded by their father.[3]
By 1964, the company owned 5 malls and moved its headquarters to Des Moines, Iowa.[2] In 1970, General Management became General Growth Properties (GGP) and became a public company via an initial public offering.[2] In 1984, the company sold its holdings to Equitable Real Estate Investment Management for $800 million in the largest-ever single-asset real estate transaction to date, but retained the property management of the assets.[4] In 1989, the company acquired Center Companies, creating the fourth-largest shopping center management company in the United States.
In 1993, the company once again became a public company via an initial public offering, raising $400 million.[6] In 1994, the company purchased a 40% interest in Centermark Properties from Prudential Financial.[7][8] In 1995, the company sold 25% of its 40% stake, yielding a profit of over $100 million. In 1995, the company also purchased the Homart Development Company from Sears for $1.85 billion.[9] In 1995, co-founder and CEO Martin Bucksbaum died and the company moved its headquarters from Des Moines to Chicago.[3][10] In 1999, John Bucksbaum succeeded his father as CEO.
=== 2000–2018 ===
In 2000, the company moved its headquarters from Des Moines to Chicago.[2] The company occupied a historic building on North Wacker Drive designed by architectural firm Graham, Anderson, Probst & White, that was later demolished.[12] In 2004, the company acquired The Rouse Company, which owned 37 regional shopping malls and Howard Hughes Corporation, a land development company, for $7.2 billion in cash.[13][14] By 2008, the company had taken on $25 billion in debt and the company was facing required debt payments. John Bucksbaum was ousted as CEO, though he remained chairman of the board, and Adam Metz was named CEO.[11] In December 2008, hedge fund manager Bill Ackman disclosed a 25% ownership stake in the company.
In 2009, the company missed a deadline to repay $900 million in loans backed by two Las Vegas properties, putting the company in danger of filing for bankruptcy protection. At that point, the stock price was down 98% in 12 months.[16] The Bucksbaum family's stake in the firm, which was worth $2.5 billion in 2005,[10] had declined in value by a similar amount.[11] On April 16, 2009, the company filed one of the largest real estate bankruptcies ever and received $375 million in debtor-in-possession financing from Pershing Square Capital Management, the hedge fund managed by Bill Ackman.[17] In February 2010, Brookfield Asset Management made a $2.625 billion equity investment in the company.[18][19] In November 2010, the company exited bankruptcy protection. Creditors were paid in full and equity holders made a "substantial" recovery of their investment, both of which are unusual in bankruptcy filings.[20] In conjunction with the reorganization, the company spun off Howard Hughes Corporation to its shareholders.[21]
In December 2010, CEO Adam Metz and President and COO Thomas Nolan left the company and Sandeep Mathrani, formerly the head of the retail division of Vornado Realty Trust, was named CEO.[22] In 2011, the company sold Faneuil Hall for $140 million.[23] In January 2012, the company completed the spin off of The Rouse Company to its shareholders.[21] In 2013, co-founder Matthew Bucksbaum died.[2] In February 2014, Bill Ackman sold his remaining shares in the company back to the company for $556 million.[24]In April 2015, the company acquired the Crown Building for $1.78 billion.[25] In January 2017, the company changed its name to GGP Inc.[26]
== History of Rouse ==
Rouse Properties was formed in 2011 as a corporate spin-off of General Growth Properties.[27] On January 13, 2012, the company became a public company.[28] In February 2012, the company acquired Grand Traverse Mall for $66 million.[29] In January 2013, the company acquired The Mall at Turtle Creek in Jonesboro, Arkansas for $96 million.[30] In May 2014, the company began a $40 million renovation of NewPark Mall in Newark, California.[31] In March 2015, the company defaulted a loan secured by Vista Ridge Mall in Lewisville, Texas.[32] In November 2015, the company acquired The Shoppes at Carlsbad in Carlsbad, California.[33] On July 6, 2016, the company was acquired by Brookfield Asset Management.
== Acquisition of General Growth by Brookfield ==
On August 28, 2018, Brookfield Property Partners acquired GGP for $9 billion in cash as well as units in the new company, Brookfield Property REIT. The transaction reunited the malls spun off in the Rouse Properties spinoff with the GGP malls.[35] Upon closing the acquisition, Brookfield immediately sold a 49% interest in each of three former GGP super-regional malls to CBRE Group, and a 49% interest in three other former GGP malls to TIAA subsidiary Nuveen, seeking additional joint ventures for its newly-acquired malls.[36]
== List of properties ==
The following is a list of properties owned by the company:
=== Alabama ===
* Riverchase Galleria
* The Shoppes at Bel Air
=== Arizona ===
* The Mall at Sierra Vista
* Park Place
* Tuscon Mall
=== Arkansas ===
* The Mall at Turtle Creek
* Pinnacle Hills Promenade
=== California ===
* Bayshore Mall
* Chula Vista Center
* Fig Garden Village
* Galleria at Tyler
* Glendale Galleria
* Mt. Shasta Mall
* NewPark
* Northridge Fashion Center
* One Union Square
* Otay Ranch Town Center
* Promenade Temecula
* The Shoppes at Carlsbad
* Southland Mall
* Stonestown Galleria
* Valley Plaza
* Victoria Gardens
* Visalia Mall
=== Colorado ===
* Park Meadows Mall
* Southwest Plaza
=== Connecticut ===
* Brass Mill Center
* The Shoppes at Buckland Hills
* The Shoppes at Somerset Square
* The SoNo Collection
=== Delaware ===
* Christiana Mall
=== Florida ===
* Altamonte Mall
* Coastland Center
* Governor's Square
* Lakeland Square Mall
* Miami Design District
* Mizner Park
* The Oaks Mall
* Pembroke Lakes Mall
* Shops at Merrick Park
=== Georgia ===
* Augusta Mall
* Cumberland Mall
* North Point Mall
* Oglethorpe Mall
* Peachtree Mall
* Perimeter Mall
* The Shoppes at River Crossing
=== Hawaii ===
* Ala Moana Center
* Prince Kuhio Plaza
* Whalers Village
=== Idaho ===
*Boise Towne Square
* Grand Teton Mall
* Silver Lake Mall
=== Illinois ===
* Market Place Shopping Center
* Northbrook Court
* Oakbrook Center
* Spring Hill Mall
* Water Tower Place
* 605 N Michigan Avenue
* 830 N Michigan Avenue
=== Indiana ===
* Glenbrook Square
=== Iowa ===
* Coral Ridge Mall
* Jordan Creek Town Center
=== Kentucky ===
* Florence Mall
* Greenwood Mall
* Mall St. Matthews
* Oxmoor Center
=== Louisiana ===
* Mall of Louisiana
* Mall St. Vincent
* Nord du Lac
* Oakwood Center
* Pecanland Mall
* Pierre Bossier Mall
=== Maine ===
* The Maine Mall
=== Maryland ===
* The Centre at Salisbury
* The Gallery
* The Mall in Columbia
* Mondawin Mall
* Towson Town Center
* White Marsh Mall
=== Massachusetts ===
* Natick Mall
=== Michigan ===
* Birchwood Mall
* The Crossroads
* Grand Traverse Mall
* Lansing Mall
* RiverTown Crossings
* Southland Center
* Westwood Mall
=== Minnesota ===
* Apache Mall
* Crossroads Center
* Ridgedale Center
* River Hills Mall
=== Mississippi ===
* The Mall at Barnes Crossing
=== Nebraska ===
* Westroads Mall
=== Nevada ===
* Fashion Show
* Galleria at Sunset
* Grand Canal Shoppes
* Meadows Mall
=== New Jersey ===
* Monmouth Mall
* Paramus Park
* Willowbrook Mall
* Woodbridge Center
=== New Mexico ===
* Animas Valley Mall
* Coronado Center
* North Plains Mall
=== New York ===
* Brookfield Place
* Crown Building
* East River Plaza
* Manhattan West
* Staten Island Mall
* 85 Fifth Avenue
* 200 Lafayette
* 218 W. 57th Street
* 530 Fifth Avenue
* 685 Fifth Avenue
=== North Carolina ===
* Carolina Place
* Four Seasons Town Centre
* Greenville Mall
* Independence Mall
* The Streets at Southpoint
* Valley Hills Mall
=== Ohio ===
* Beachwood Place
* Kenwood Towne Centre
=== Oklahoma ===
* Quail Springs Mall
* Sooner Mall
* Washington Park Mall
=== Oregon ===
* Clackamas Town Center
* Pioneer Place
=== Pennsylvania ===
*Neshaminy Mall
* Park City Mall
*Station Square
=== Rhode Island ===
*Providence Place
=== South Carolina ===
* Columbiana Centre
=== Texas ===
* Baybrook Mall
* Deerbrook Mall
* First Colony Mall
* Hulen Mall
* North Star Mall
* The Parks Mall at Arlington
* The Shops at La Cantera
* Sikes Senter
* Stonebriar Centre
* Town East Mall
* Willowbrook Mall
* The Woodlands Mall
=== Utah ===
* Fashion Place
=== Vermont ===
* CityPlace Burlington
* Maple Tree Place
=== Virginia ===
* Ballston Quarter
* Chesterfield Towne Center
* Lynnhaven Mall
* Short Pump Town Center
* Tysons Galleria
=== Washington ===
* Alderwood
* Bellis Fair
* NorthTown Mall
* The Shops at the Bravern
* Spokane Valley Mall
* Westlake Center
=== Wisconsin ===
* Fox River Mall
* Mayfair
* Oakwood Mall
== External Links ==
Official Website
Category:Mall Companies
Category:Mall Owners