SEARS’ SALE OF HOMART IS COMPLETED
NEW YORK — General Growth Properties said Tuesday it completed the acquisition of Homart Development Co. from Sears, Roebuck & Co. for $1.85 billion.
Homart’s regional mall portfolio includes ownership interest in 25 existing regional malls, two malls under construction in Orlando, Fla., and Waterbury, Conn., 190 acres of peripheral land adjoining the centers, and future development sites.
The acquisition makes General Growth Properties the largest shopping center owner, manager and developer in the country. Before the acquisition, the company owned interest in 67 shopping malls in 26 states.