BizBeat: Earnings report says Capital Mall sold for $11M
Price per square foot considerably lower than other properties
Sunday, February 10, 2013
General Growth Properties’ (GGP) most recent quarterly earnings report lists the selling price of Capital Mall in Jefferson City at $11 million.
F&F Development bought Capital Mall from GGP in December, but neither party had disclosed the price.
Capital Mall was listed as having 564,920 gross leasable square feet, which would put the price per square foot at $19.47.
That’s considerably less than the mall operators received from other properties it sold last year. In July, GGP sold the Foothills Mall in Fort Collins, Colo., for $39,688,000, which is about $53.25 per square foot.
One of its properties sold for $3.43 per square foot; another sold for $105 per square foot.
By comparison, the building at 114B E. High St. that houses Art Bazaar is listed for sale on commercial.realtor.com. The $425,000 asking price includes 6,396 square feet, which is $66.45 per square foot.
The Wall Street Journal reported in October that GGP owned 133 U.S. malls at the time and planned to whittle that down to 120.
In its fourth-quarter report, GGP said it increased profitability during that period. Overall, in 2012, it disposed of about 3.2 million square feet of gross leasable area for about $525 million.