The big story today in commercial real estate is the failure of national mall owner General Growth Properties to secure a nine month extension from bondholders. Based in Chicago, GGP is now on the verge of filing banktruptcy and trying to work out payment to banks, pension holders and bondholders. GGP has warned the SEC in filings that it may need to seek bankruptcy protection if it could not win reprieves on payment deadlines from lenders. They are carrying $27 billion debt load, with the most recent deadling for $395 million coming and going with no payment made.
General Growth Properties owns and manages over 200 malls and is the second largest mall owner in the U.S. just behind Simon Property Group. A large portion of the current debt load is a result of the purchase of Rouse Co. in 2004. Rouse was the ownership for Pioneer Place among other properties in Portland. Pioneer Place was recently on the market for sale, but has been pulled off in light of GGP’s troubles and lack of interest by buyers. GGP also owns Clackamas Town Center.
For the complete story, visit http://tinyurl.com/dknxu8
HealthDex (hospital|provider|managed care|equipment)
Blacktoe Medical III Inc - 12725 SW 66th Ave | 2,457 SF
Oregon Post Adoption – Pacific Plaza | 2950 SE Start St | 2,441 SF
Orchards Veterinary Clinic – Evergreen Plaza | Fourth Plain Rd | 2,670 SF
Maxim Healthcare – First Place Plaza | 12503 SE Mill Plain Blvd | 1,612 SF
GeneralBizDex (mgmt consulting|finance|insurance)
Travelers Indemnity Co – 4000 Kruse Way Place I | 2,996 SF
Milliman – Tualatin Corp Ctr | 19771 SW 95th Pl | 5,528 SF
Evanta – Koin Center | 222 SW Columbia St | 6,626 SF