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General Growth Services Inc history
General Growth Services Inc company history timeline
REITs were a relatively new creation, established by Congress in 1960 as a way for small investors to become involved in real estate in a manner similar to mutual funds.
By 1964 they owned five properties and formed a management company, General Management Corporation, in which the Bucksbaums were majority stockholders.
In 1984 GGP sold the centers to Equitable Life Assurance Society for $800 million, which at the time was the largest single-asset real estate transaction in history.
GGP’s first acquisition came in early 1994 when it paid $182 million for a 40 percent interest in CenterMark Properties from The Prudential Insurance Company of America.
GGP spent much of 1995 working on a massive transaction in conjunction with four investment partners: the $1.85 billion acquisition of Homart Development Co. from Sears, Roebuck and Co., which was unloading noncore assets in order to return its focus to retailing.
In July 1998 it opened the Coral Ridge Mall in Coralville, Iowa, some 20 miles from the Bucksbaum’s first strip shopping center in Cedar Rapids.
A change in leadership did not affect GGP’s continuing efforts to grow its holdings in 1999.
With the help of IBM GGP in 2000 launched MalibuDirect, an Internet-based kiosk system for its malls.
In 2002 GGP paid $440 million and assumed $576 million in debt to acquire JP Realty Inc., a REIT with properties in the Intermountain region of the United States.
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