13 November 2013 (14:46 UTC-07 Tango)/09 Muharram 1434/22 Aban 1391/11 Gui-Hai (10th month) 4711
“General Growth Properties is offering four regional malls…the 636,000-sf Grand Teton Mall in Idaho Falls, Idaho…..A buyer might also reposition or redevelop the properties.”-Real Estate Alert, 16 October 2013
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- Idaho Falls’ Grand Teton Mall is the sister mall to Chubbuck’s Pine Ridge Mall. Grand Teton was built in 1984 by J Price.
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- In 2004, new owner GGP spent big bucks remodeling Grand Teton Mall. GGP spent diddly squat on Pine Ridge Mall.
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- In May 2013, GGP refinanced loans with US Bank on 16 malls, including Grand Teton. Several of those malls have been sold off or will be sold off.
According to an article by Real Estate Alert, the Grand Teton Mall, in Idaho Falls, is being offered in a group auction with three other GGP malls.
The other malls are Meadows Mall in Las Vegas, Nevada, Eastridge Mall in Casper, Wyoming and Red Cliffs Mall in Saint George, Utah.
Even though the malls are considered well performing Mountain States malls GGP wants to dump them fast! GGP is hoping to raise $400-million USD in the auction. Note that Eastridge, Red Cliffs and Grand Teton malls, and the money losing Pine Ridge Mall, were part of the May 2013 loan refi with Too Big to Jail US Bank.
Pine Ridge has already been sold off.
GGP spent big bucks on renovating Grand Teton, while spending almost nothing on Pine Ridge, and Grand Teton is doing well while Pine Ridge has crashed, yet GGP is getting rid of both (already sold off Pine Ridge). Bottom line: Even if a shopping mall is doing well, if the owners are hurting for cash they’ll sell it off and don’t care what happens to it. Just like when an employer is cutting costs, even if you’re the hardest working most loyal employee, if your name is next on the list you’re out-o-work!
What economic recovery?