General Growth's Faneuil Hall Marketplace sold for $140 million
Sunday, October 16, 2011
BOSTON (AP) — A Chicago-based real estate investment trust has sold the Faneuil Hall Marketplace in Boston for $140 million.
General Growth Properties Inc. said it also sold parts of Westlake Center in Seattle for $119 million and Riverside Plaza, a retail strip center in Provo, Utah, for $21 million.
The sales were completed in the past three months. The firm says the transactions helped it eliminate about $95 million of mortgage-related debt associated with the three properties.
The company filed the largest real estate bankruptcy case in U.S. history in 2009 under the burden of nearly $28 billion in debt. It exited bankruptcy in November after restructuring, extended some $15 billion in debt and worked out a way to pay all creditors in full.