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December 18, 2008

Harborplace officially goes on the block

It's not really news that General Growth Properties is trying to sell any and all of its malls and shopping centers. But brokerage DTZ Rockwood has put a mini-brochure for Harborplace, South Street Seaport and Faneuil Hall on its Web site.

DTZ Rockwood LLC has been retained on an exclusive basis by affiliates of General Growth Properties, Inc. to arrange the sale of owner’s interest in the Festival Marketplace Portfolio, a portfolio of three landmark mixed-use assets including Faneuil Hall Marketplace (Boston, MA), South Street Seaport (New York City, NY), and Harborplace & The Gallery (Baltimore, MD).

Here's the poop on Harborplace. Harborplace and the Gallery generated $522 per square foot in sales for the 12 months ended Sept. 30. Not bad, but below the $598 of South Street and the killer $719 for Faneuil Hall. HP and Gallery were 82 percent leased.

Located on Baltimore's famed Inner Harbor, Harborplace is the dining, shopping and entertainment destination in the Baltimore metro. Harborplace is a premier mixed-use complex comprised of retail, office, hotel (non-owned), and parking uses. The property generated nearly $114 million in retail sales for the 12-month period ending September 30, 2008.
Posted by Jay Hancock at 3:25 PM | | Comments (3)
        

Comments

All I want for Christmas is a portfolio of retail shopping centers...

Harborplace needs a "mid life upgrade". It has gone from a "very special" place to a "nice place".

I think that the showcase property in Baltimore can look and better and be more inviting. For now, it is just a strip mall by the water.

29 years old come this summer. I remember working there when it first opened. Haven't been inside more than 10 times since though.

I must be getting old. ;(

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About Jay Hancock
Jay Hancock has been a financial columnist for The Baltimore Sun since 2001. He has also been The Baltimore Sun's diplomatic correspondent in Washington and its chief economics writer. Before moving to Baltimore in 1994 he worked for The Virginian-Pilot of Norfolk and The Daily Press of Newport News.

His columns appear Wednesdays and Fridays.
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