General Growth Properties

General Growth Properties

General Growth Properties (NYSE|GGP) is a publicly traded real estate investment trust in the United States. It is based in Chicago.

Infobox Company
name = General Growth Properties, Inc.

type = Public (nyse|GGP)
genre = Malls, shopping centers, outlet malls
foundation = 1954
founder = Martin and Matthew Bucksbaum
location = Chicago, Illinois, USA
locations = 45 U.S. states
area_served =
key_people =
industry = real estate investment trusts
products =
services =
revenue =
operating_income =
net_income = 287 million
owner =
num_employees =
parent =
divisions =
subsid =
slogan = "people creating special places & experiences"
homepage = []
footnotes =
intl =


The company was founded by two brothers, Martin and Matthew Bucksbaum, in 1954. That year they opened their first shopping center, Town & Country Shopping Center in Cedar Rapids, Iowa. In 1960 General Management opened its second center, Duck Creek Plaza in Bettendorf, Iowa; this was their first mall to have a department store (Younkers) as an anchor.

In 1970 General Management became General Growth Properties; two years later they became a publicly traded company on the New York Stock Exchange. However, by 1984, management felt that the company's stock price did not fully reflect the value of its business, and so it embarked on selling the company's assets and taking the management company private. That year they sold 19 malls to Equitable Real Estate in an $800 million deal – considered the largest single real estate transaction in the United States at that time – but continued to manage the malls as part of the deal. Ultimately, shareholders realized a 22% internal rate of return on their investment from the original IPO through 1984. Another initial public offering was held in 1993 to raise money for future expansion plans. In 1995 General Growth moved its headquarters from Des Moines, Iowa, to Chicago.

Since 1993, General Growth has expanded its portfolio dramatically by acquiring existing properties and constructing new malls. On November 12, 2004, General Growth acquired The Rouse Company in the largest retail real estate merger in American history.

As of March 2007, General Growth owns, has an interest in, or manages more than 200 regional malls in 45 states, as well as several Master Planned Communities, including Summerlin in Nevada and The Woodlands and Bridgeland in Houston.

General Growth owns the largest open-air shopping mall in the world, Ala Moana Center in Honolulu, Hawaii [ [ 19 September 2007 press release] ] [ [ 27 June 2007 article] ] [ [ article about Ala Moana] ] [ [ Press release in the 13 December 2006 edition of the "Honolulu Advertiser"] ] .

General Growth Properties has a tourism program called "America's Premier Shopping Places," for 50 malls gathering huge tourism, like Glendale Galleria in Los Angeles, South Street Seaport in New York City, Water Tower Place in Chicago, and more.

About 20 malls are part of "GGPlatium," which are very exclusive malls of General Growth Properties.

ee also

*Shopping property management firms


* [ Business Record (Des Moines), December, 2003 - General Growth Properties Inc., by Stephen McIntire] "In 1954, brothers Martin and Matthew Bucksbaum decided to expand their family's grocery operation. They built Town and Country Center in Cedar Rapids, one of the first shopping centers in the Midwest."
* [,0,1627990.story?page=2 Chicago Tribune: Eat turkey. Take a nap. At midnight, we shop!] "General Growth Properties, a Chicago-based mall operator, plans to open seven of its malls at 1 a.m. this year, including Spring Hill Mall in West Dundee." (Story on shopping the day after Thanksgiving)

External links

* [ General Growth's official website]
* [!117 General Growth's Property Locator Map]
* [ Yahoo! Finance - General Growth Properties]

Wikimedia Foundation. 2010.

Look at other dictionaries:

  • General Growth Properties — Tipo Pública (Plantilla:Pinksheets) Género Malls, shopping centers, outlet malls Fundación 1954 Fundador(es) Martin B …   Wikipedia Español

  • General Growth Properties — General Growth Properties, Inc. Dates clés 1954 Fondateurs Martin Bucksbaum Matthew Bucksbaum Forme juridique Société anonyme (Pink Sheets  …   Wikipédia en Français

  • General Motors — Company Type Public Traded as NYSE: GM TSX:  …   Wikipedia

  • General Motors Chapter 11 reorganization — The General Motors Chapter 11 sale of the assets of automobile manufacturer General Motors and some of its subsidiaries was implemented through section 363 of Chapter 11, Title 11, United States Code in the United States Bankruptcy Court for the… …   Wikipedia

  • General equilibrium — theory is a branch of theoretical microeconomics. It seeks to explain the behavior of supply, demand and prices in a whole economy with several or many markets. It is often assumed that agents are price takers and in that setting two common… …   Wikipedia

  • growth — /grohth/, n. 1. the act or process, or a manner of growing; development; gradual increase. 2. size or stage of development: It hasn t yet reached its full growth. 3. completed development. 4. development from a simpler to a more complex stage:… …   Universalium

  • Growth medium — An agar plate an example of a bacterial growth medium. Specifically, it is a streak plate; the orange lines and dots are formed by bacterial colonies. A growth medium or culture medium is a liquid or gel designed to support the growth of… …   Wikipedia

  • General semantics — The term General Semantics refers to a non Aristotelian educational discipline created by Alfred Korzybski (1879–1950) during the years 1919 to 1933. General Semantics stands distinct from semantics, a different subject. The name technically… …   Wikipedia

  • Emaar Properties — Infobox Company company company name = Emaar Properties company type = Real Estate (dfm|EMAAR) foundation = 1997 location = Dubai, flagicon|UAE United Arab Emirates industry = Holding company revenue = homepage = [… …   Wikipedia

  • Crystal growth — Crystallization Concepts …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.