What is in store for Beachwood Place Mall? General Growth Properties emerged from Chapter 11 bankruptcy Tuesday, splitting into two companies. GGP retains ownership of some 183 regional malls in 43 states, while its spin-off — The Howard Hughes Corp. — holds the company’s portfolio of master-planned communities and a handful of other properties, including New York City’s South Street Seaport. During the bankruptcy GGP restructured about $15 billion in property debt and was recapitalized to the tune of $6.5 billion in new equity capital from Brookfield Asset Management and investor Bill Ackerman. The company’s lenders have been fully repaid in what the bankruptcy court judged termed a “model” restructuring and recovery.
We will have to wait and see if Beachwood is retained by GGP or was spun off…..I might have to pick a second location to scatter my ashes!!