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{{Short description|Defunct real estate company from New York City}}{{Not to be confused with|The Rouse Company}}{{Infobox company
{{Primary sources|date=January 2012}}
| name = Rouse Properties
{{No footnotes|date=January 2012}}
| logo =
'''Rouse Properties''' (NYSE: RSE) is a publicly traded Real Estate Investment Trust (REIT) headquartered in New York City. It is amongst the largest mall owners in the United States with a geographically diversified portfolio that spans the United States. Rouse Properties was created in August 2011 as a spin-off entity of [[General Growth Properties]], Inc. ("GGP") after GGP filed a Form 10 registration statement with the Securities and Exchange Commission. The new Rouse Properties includes 30 malls encompassing approximately 21 million square feet of retail space, hosting major retail brands such as JCPenney, Macy’s, Darden Restaurants and Victoria’s Secret.
| logo_size = 200px
| type = Subsidiary
| industry = [[Real estate investment trust]]
| products = [[Shopping center]]s
| parent = [[Brookfield Asset Management]]
| fate = Acquired by [[Brookfield Asset Management]]
| successor = [[Brookfield Properties]]
| foundation = {{start date and age|2011}}
| defunct = {{end date and age|2016|07|06}} (corporation)<br>{{end date and age|2018|08|28}} (brand)
| location = [[New York City]]
}}
'''Rouse Properties''' was a [[real estate investment trust]] headquartered in [[New York City]]. The company owned 35 shopping malls in 22 states encompassing approximately 24.5 million square feet of retail space.


==History==
== Rouse Properties by State ==
In 2011, [[General Growth Properties]] announced that it would [[corporate spin-off|spin off]] a portfolio of 30 shopping malls as a new company named Rouse Properties.<ref>{{cite news|title=GGP to transfer 30 malls to new Rouse Properties, Inc.|work=Baltimore Sun|first=Sara|last=Toth|date=August 3, 2011|url=https://www.baltimoresun.com/ph-ho-cf-ggp-0804-20110802-story.html|access-date=2021-11-13}}</ref><ref name=clabaugh>{{cite news|title=General Growth to bring back Rouse name with new spin off|work=Baltimore Business Journal|first=Jeff|last=Clabaugh|date=August 2, 2011|url=https://www.bizjournals.com/baltimore/news/2011/08/02/general-growth-to-spinoff-30-malls.html|access-date=2021-11-13}}</ref> The name was taken from the [[Rouse Company]], which GGP had acquired in 2004.<ref name=clabaugh /> The portfolio comprised most of GGP's Class B shopping centers (malls located in smaller cities, and second-tier malls in larger cities), allowing GGP to focus on its higher-performing properties.<ref>{{cite report|title=Information Statement|publisher=Rouse Properties|date=December 20, 2011|url=https://www.sec.gov/Archives/edgar/data/1528558/000104746911010146/a2206562zex-99_1.htm|via=EDGAR}}</ref><ref>{{cite news|title=General Growth to spin off weak malls|work=St. Louis Business Journal|author=Greta Weiderman|date=January 4, 2012|url=https://www.bizjournals.com/stlouis/news/2012/01/04/general-growth-to-spin-off-weak-malls.html|access-date=2021-11-13}}</ref> The spin-off was completed on January 12, 2012.<ref>{{cite news|title=Mall owner spins off 30 properties, retains Glenbrook Square|work=Greater Fort Wayne Business Weekly|first=Linda|last=Lipp|date=January 20, 2012|url=https://infoweb.newsbank.com/apps/news/openurl?ctx_ver=z39.88-2004&rft_id=info%3Asid/infoweb.newsbank.com&svc_dat=AWNB&req_dat=1028A39C75C2B899&rft_val_format=info%3Aofi/fmt%3Akev%3Amtx%3Actx&rft_dat=document_id%3Anews%252F16F27B4EC5F9A9C0|via=NewsBank}}</ref>
'''Arizona'''
* [[The Mall at Sierra Vista]]


In February 2012, the company acquired [[Grand Traverse Mall]] for $66 million.<ref name="auto">{{cite news | url=https://www.mlive.com/business/west-michigan/index.ssf/2012/02/general_growth_properties_spin.html | title=General Growth Properties' spin-off company buys Grand Traverse Mall for $66 million | first=Shandra | last=Martinez | work=[[Advance Publications]] | date=February 27, 2012}}</ref>
'''California'''
* [[Bayshore Mall|Bayshore Mall, Eureka]]
* Chula Vista Center, Chula Vista (San Francisco)
* NewPark Mall, Newark (San Francisco)
* Southland Mall, Hayward (San Francisco)
* West Valley Mall, Tracy (San Francisco)


In January 2013, the company acquired [[The Mall at Turtle Creek]] in [[Jonesboro, Arkansas]] for $96 million.<ref name="auto"/>
'''Florida'''
* [[Lakeland Square Mall|Lakeland Square, Lakeland (Orlando/Tampa)]]


In May 2014, the company began a $40 million renovation of [[NewPark Mall]] in [[Newark, California]].<ref>{{cite news | url=https://katv.com/archive/jonesboros-turtle-creek-mall-sells-for-96m | title=Jonesboro's Turtle Creek Mall sells for $96M | agency=[[Associated Press]] | date=January 3, 2013}}</ref>
'''Idaho'''
* Silver Lake Mall, Coeur D'Alene


In March 2015, the company defaulted a loan secured by [[Music City Mall (Lewisville, Texas)|Vista Ridge Mall]] in [[Lewisville, Texas]].<ref>{{cite news | url=https://www.bizjournals.com/dallas/news/2015/03/18/vista-ridge-mall-owner-looks-to-walk-away-and-list.html | title=Vista Ridge Mall owner looks to walk away and list it for foreclosure | first=Candace | last=Carlisle | work=[[American City Business Journals]] | date=March 18, 2015}}</ref>
'''Illinois'''
* [[Spring Hill Mall|Spring Hill Mall, West Dundee (Chicago)]]


In November 2015, the company acquired [[The Shoppes at Carlsbad]] in [[Carlsbad, California]].<ref>{{cite news | url=http://www.sandiegouniontribune.com/business/real-estate/sdut-westfield-carlsbad-sold-rouse-2015nov12-story.html | title=Westfield Carlsbad purchased for $170 million | first=Phillip | last=Molnar | work=[[San Diego Union Tribune]] | date=November 12, 2015}}</ref>
'''Louisiana'''
* [[Mall St. Vincent|Mall St. Vincent, Shreveport]]
* [[Pierre Bossier Mall|Pierre Bossier Mall, Bossier City (Shreveport)]]


In 2016, [[Brookfield Asset Management]], which owned 33 percent of Rouse Properties, made an unsolicited offer to purchase the rest of the company.<ref>{{cite news|title=Brookfield Asset Management offers all cash for Rouse Properties|work=Wall Street Journal|first=Ben|last=Dummett|date=January 19, 2016|url=https://www.wsj.com/articles/brookfield-asset-management-offers-all-cash-for-rouse-properties-1453219554|access-date=2021-11-13}}</ref><ref>{{cite news|title=Brookfield makes a $957m move on Rouse Properties in the US|work=Australian Financial Review|date=January 20, 2016|first1=Scott|last1=Deveau|first2=Oshrat|last2=Carmiel|url=https://www.afr.com/property/brookfield-makes-a-957m-move-on-rouse-properties-in-the-us-20160120-gma50c|access-date=2021-11-13}}</ref> A purchase agreement was eventually reached, valuing the company at $2.8 billion.<ref>{{cite news|title=Rouse Properties agrees to sweetened Brookfield offer|work=Reuters|date=February 25, 2016|url=https://www.reuters.com/article/us-rouse-m-a-brookfield-asset/rouse-properties-agrees-to-sweetened-brookfield-offer-idUSKCN0VY1NN|access-date=2021-11-13}}</ref> Brookfield's acquisition of Rouse Properties was completed on July 6, 2016.<ref>{{cite news|title=Mall's parent company merges with Brookfield in $2.8 billion deal|work=Times Record News|location=Wichita Falls, TX|date=July 7, 2016|url=https://archive.timesrecordnews.com/business/malls-parent-company-merges-with-brookfield-in-28-billion-deal-370f053f-bdb5-3e0f-e053-0100007f9377-385928131.html/|access-date=2021-11-13}}</ref><ref>{{cite press release | url=https://www.businesswire.com/news/home/20160706005975/en/Brookfield-Completes-Acquisition-Rouse-Properties | title=Rouse Properties, Inc. Debuts as Publicly Traded Regional Mall REIT | publisher=[[Business Wire]] | date=July 6, 2016}}</ref>
'''Michigan'''
* [[Birchwood Mall|Birchwood Mall, Port Huron]]
* [[Lansing Mall|Lansing Mall, Lansing]]
* [[Southland Center (Michigan)|Southland Center, Taylor (Detroit)]]
* [[Westwood Mall (Jackson, Michigan)|Westwood Mall, Jackson]]


In 2018, Brookfield also acquired GGP. Ultimately the Rouse Properties brand was absorbed into [[Brookfield Properties]].<ref>{{cite press release | url=https://globenewswire.com/news-release/2018/08/28/1557660/0/en/Brookfield-Property-Partners-L-P-Completes-Acquisition-of-GGP-Inc.html | title=Brookfield Property Partners L.P. Completes Acquisition of GGP Inc. | publisher=[[GlobeNewswire]] | date=August 28, 2018}}</ref>
'''Minnesota'''
* [[Knollwood Mall|Knollwood Mall, St Louis Park]]


== Properties ==
'''New Hampshire'''
{{div col|colwidth=48em}}
* Steeplegate Mall Concord
* [[Animas Valley Mall]] — [[Farmington, New Mexico]]
* [[Bayshore Mall]] — [[Eureka, California]]
* [[Bel Air Mall]] — [[Mobile, Alabama]]
* [[Birchwood Mall]] — [[Fort Gratiot Township, Michigan]]
* [[Cache Valley Mall]] — [[Logan, Utah]]
* [[Centre at Salisbury]] — [[Salisbury, Maryland]]
* [[Chesterfield Towne Center]] — [[Chesterfield, Virginia]]
* [[Chula Vista Center]] — [[Chula Vista, California]]
* [[Collin Creek Mall]] — [[Plano, Texas]] (sold to lender in 2014)
* Fig Garden Village — [[Fresno, California]]
* [[Gateway Mall (Springfield, Oregon)|Gateway Mall]] — [[Springfield, Oregon]]
* [[Grand Traverse Mall]] — [[Traverse City, Michigan]]
* [[Greenville Mall]] — [[Greenville, North Carolina]]
* [[Independence Mall (North Carolina)|Independence Mall]] — [[Wilmington, North Carolina]]
* [[Lakeland Square Mall]] — [[Lakeland, Florida]]
* [[Lansing Mall]] — [[Lansing, Michigan]]
* [[The Mall at Barnes Crossing]] — [[Tupelo, Mississippi]]
* [[The Mall at Sierra Vista]] — [[Sierra Vista, Arizona]]
* [[The Mall at Turtle Creek]] — [[Jonesboro, Arkansas]]
* [[Mall St. Vincent]] — [[Shreveport, Louisiana]]
* [[Monmouth Mall]] — [[Eatontown, New Jersey]]
* Mt. Shasta Mall — [[Redding, California]]
* [[NewPark Mall]] — [[Newark, California]]
* [[North Plains Mall]] — [[Clovis, New Mexico]]
* [[Pierre Bossier Mall]] — [[Bossier City, Louisiana]]
* [[Sikes Senter]] — [[Wichita Falls, Texas]]
* [[Silver Lake Mall]] — [[Coeur D'Alene, Idaho]]
* [[Southland Mall (Hayward, California)|Southland Mall]] — [[Hayward, California]]
* [[The Shoppes at Carlsbad]] — [[Carlsbad, California]]
* The Shops at Somerset Square — [[Glastonbury, Connecticut]]
* [[Southland Center (Michigan)|Southland Center]] — [[Taylor, Michigan]]
* [[Spring Hill Mall]] — [[West Dundee, Illinois]]
* [[Three Rivers Mall]] — [[Kelso, Washington]]
* [[Valley Hills Mall]] — [[Hickory, North Carolina]]
* [[Washington Park Mall]] — [[Bartlesville, Oklahoma]]
* [[West Valley Mall]] — [[Tracy, California]]
* [[Westwood Mall (Jackson, Michigan)|Westwood Mall]] — [[Jackson, Michigan]]
* [[White Mountain Mall]] — [[Rock Springs, Wyoming]]
{{div col end}}


==References==
'''Nevada'''
{{reflist|1}}
* [[The Boulevard Mall|The Boulevard Mall, Las Vegas]]


[[Category:2011 establishments in New York City]]
'''New Mexico'''
[[Category:2016 mergers and acquisitions]]
* Animas Valley Mall, Farmington
[[Category:Real estate companies established in 2011]]
* North Plains Mall, Clovis
[[Category:Defunct real estate companies of the United States]]

[[Category:Rouse family]]
'''North Carolina'''
[[Category:Real estate companies disestablished in 2018]]
* [[Valley Hills Mall|Valley Hills Mall, Hickory]]
[[Category:2018 disestablishments in Ontario]]

'''Ohio'''
* Colony Square Mall, Zanesville (Columbus)

'''Oklahoma'''
* Washington Park Mall, Bartlesville (Tulsa)

'''Oregon'''
* [[Gateway Mall (Springfield, Oregon)|Gateway Mall, Springfield]]

'''Texas'''
* [[Collin Creek Mall|Collin Creek Mall, Plano (Dallas)]]
* Sikes Senter, Wichita Falls
* [[Vista Ridge Mall|Vista Ridge Mall, Lewisville (Dallas)]]

'''Utah'''
* Cache Valley Mall, Logan

'''Washington'''
* Three Rivers Mall, Kelso

'''Wyoming'''
* [[White Mountain Mall|White Mountain Mall, Rock Springs]]

== References ==
1. Information Package. Rep. Rouse Properties, 21 Aug. 2011. Web. <[http://www.ggp.com/Content/Corporate/docs/PressReleasePDF/Rouse%20Information%20Package%20August%2029,%202011.pdf>. <br />
2. "Our Company." Rouse Properties | We See Opportunity. Rouse Properties, 12 Jan. 2011. Web. 12 Jan. 2012. <http://rouseproperties.com/AboutUs>.

== External links ==
* [http://www.rouseproperties.com Rouse Properties]

[[Category:Companies based in New York City]]
[[Category:Real estate companies of the United States]]
[[Category:Companies established in 2011]]
[[Category:Real estate investment trusts]]
[[Category:Shopping property management firms]]

Latest revision as of 19:29, 23 July 2024

Not to be confused with The Rouse Company.
Rouse Properties
Company typeSubsidiary
IndustryReal estate investment trust
Founded2011; 13 years ago (2011)
DefunctJuly 6, 2016; 8 years ago (2016-07-06) (corporation)
August 28, 2018; 6 years ago (2018-08-28) (brand)
FateAcquired by Brookfield Asset Management
SuccessorBrookfield Properties
HeadquartersNew York City
ProductsShopping centers
ParentBrookfield Asset Management
Websiterouseproperties.com Edit this on Wikidata

Rouse Properties was a real estate investment trust headquartered in New York City. The company owned 35 shopping malls in 22 states encompassing approximately 24.5 million square feet of retail space.

History

[edit]

In 2011, General Growth Properties announced that it would spin off a portfolio of 30 shopping malls as a new company named Rouse Properties.[1][2] The name was taken from the Rouse Company, which GGP had acquired in 2004.[2] The portfolio comprised most of GGP's Class B shopping centers (malls located in smaller cities, and second-tier malls in larger cities), allowing GGP to focus on its higher-performing properties.[3][4] The spin-off was completed on January 12, 2012.[5]

In February 2012, the company acquired Grand Traverse Mall for $66 million.[6]

In January 2013, the company acquired The Mall at Turtle Creek in Jonesboro, Arkansas for $96 million.[6]

In May 2014, the company began a $40 million renovation of NewPark Mall in Newark, California.[7]

In March 2015, the company defaulted a loan secured by Vista Ridge Mall in Lewisville, Texas.[8]

In November 2015, the company acquired The Shoppes at Carlsbad in Carlsbad, California.[9]

In 2016, Brookfield Asset Management, which owned 33 percent of Rouse Properties, made an unsolicited offer to purchase the rest of the company.[10][11] A purchase agreement was eventually reached, valuing the company at $2.8 billion.[12] Brookfield's acquisition of Rouse Properties was completed on July 6, 2016.[13][14]

In 2018, Brookfield also acquired GGP. Ultimately the Rouse Properties brand was absorbed into Brookfield Properties.[15]

Properties

[edit]

References

[edit]
  1. ^ Toth, Sara (August 3, 2011). "GGP to transfer 30 malls to new Rouse Properties, Inc". Baltimore Sun. Retrieved 2021-11-13.
  2. ^ a b Clabaugh, Jeff (August 2, 2011). "General Growth to bring back Rouse name with new spin off". Baltimore Business Journal. Retrieved 2021-11-13.
  3. ^ Information Statement (Report). Rouse Properties. December 20, 2011 – via EDGAR.
  4. ^ Greta Weiderman (January 4, 2012). "General Growth to spin off weak malls". St. Louis Business Journal. Retrieved 2021-11-13.
  5. ^ Lipp, Linda (January 20, 2012). "Mall owner spins off 30 properties, retains Glenbrook Square". Greater Fort Wayne Business Weekly – via NewsBank.
  6. ^ a b Martinez, Shandra (February 27, 2012). "General Growth Properties' spin-off company buys Grand Traverse Mall for $66 million". Advance Publications.
  7. ^ "Jonesboro's Turtle Creek Mall sells for $96M". Associated Press. January 3, 2013.
  8. ^ Carlisle, Candace (March 18, 2015). "Vista Ridge Mall owner looks to walk away and list it for foreclosure". American City Business Journals.
  9. ^ Molnar, Phillip (November 12, 2015). "Westfield Carlsbad purchased for $170 million". San Diego Union Tribune.
  10. ^ Dummett, Ben (January 19, 2016). "Brookfield Asset Management offers all cash for Rouse Properties". Wall Street Journal. Retrieved 2021-11-13.
  11. ^ Deveau, Scott; Carmiel, Oshrat (January 20, 2016). "Brookfield makes a $957m move on Rouse Properties in the US". Australian Financial Review. Retrieved 2021-11-13.
  12. ^ "Rouse Properties agrees to sweetened Brookfield offer". Reuters. February 25, 2016. Retrieved 2021-11-13.
  13. ^ "Mall's parent company merges with Brookfield in $2.8 billion deal". Times Record News. Wichita Falls, TX. July 7, 2016. Retrieved 2021-11-13.
  14. ^ "Rouse Properties, Inc. Debuts as Publicly Traded Regional Mall REIT" (Press release). Business Wire. July 6, 2016.
  15. ^ "Brookfield Property Partners L.P. Completes Acquisition of GGP Inc" (Press release). GlobeNewswire. August 28, 2018.
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