Rouse Properties (RSE) Completes Acquisition of Grand Traverse Mall for $66 Million
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Rouse Properties, Inc. (NYSE: RSE) has completed the purchase of Grand Traverse Mall in Traverse City, Mich. This transaction represents the first acquisition for Rouse since debuting as a publicly-traded regional mall company in January 2012.
Grand Traverse Mall is a 589,000-square-foot, single level, enclosed regional mall which opened in 1992, is anchored by Macy's (NYSE: M), JCPenney (NYSE: JCP) and Target (NYSE: TGT) and features amenities that include a 650-seat food court, a nine-screen stadium-seat theater and a play area.
Rouse acquired the property for a total amount of approximately $66 million, consisting of cash payments for closing costs and required escrow reserves and the assumption of a restructured and discounted $62 million, five-year non-recourse loan at a 5.02% interest rate.
Grand Traverse Mall is a 589,000-square-foot, single level, enclosed regional mall which opened in 1992, is anchored by Macy's (NYSE: M), JCPenney (NYSE: JCP) and Target (NYSE: TGT) and features amenities that include a 650-seat food court, a nine-screen stadium-seat theater and a play area.
Rouse acquired the property for a total amount of approximately $66 million, consisting of cash payments for closing costs and required escrow reserves and the assumption of a restructured and discounted $62 million, five-year non-recourse loan at a 5.02% interest rate.
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