Projo Biz Blog

Financially strapped mall owner General Growth Properties Inc. is shopping around Providence Place mall to help cut its $27-billion debt, a company spokesman told The Providence Journal.

General Growth began marketing the mall for sale amid last month's Christmas rush, confirmed David Keating, senior director of corporate communications for Chicago-based General Growth. He did not disclose an offering price on the upscale mall in downtown Providence. The offering is being handled by Savills Granite LLC, a New York brokerage.

While its parent company is suffering from a buying binge earlier in the decade, Providence Place apparently stands on firmer footing. At least one analyst, Jeff Green of Jeff Green Partners in San Francisco, estimated the mall registers sales per square foot around $525.

"Providence Place performs darn well," Green said in an interview today. "[The offering] means there's a lot of value in it and they're trying to sell it to pay off other debts."

 Tags  business economy General Growth Properties Providence Providence Place Mall real estate shopping

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