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General Growth Properties announces shopping mall acquisition

Chicago – Locally based General Growth Properties Inc. recently acquired Tucson Mall in Tucson, Ariz. from a private partnership for approximately $180 million. The property is expected to produce approximately $15 million of net operating income during 2002.

Tucson Mall is comprised of approximately 1.3 million sq. ft. on two levels. Macy's, Robinson-May, Dillard's, Mervyn's, JCPenney, and Sears anchor the center. Tucson Mall has approximately 409,000 sq. ft. of mall shop space, is currently 92% occupied, and produces sales of approximately $411 per sq. ft.

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