September 4, 2014 10:57:05 AM
TUPELO -- Rouse Properties, a New York-based real estate investment trust, is taking over as the managing owner of The Mall at Barnes Crossing in Tupelo.
The Northeast Mississippi Daily Journal reports the change in majority ownership was announced Tuesday.
Rouse Properties bought a 51 percent controlling interest in The Mall and the nearby Market Center shopping center.
Rouse Properties entered a joint venture with Owensboro, Kentucky-based David Hocker and Associates, one of the original owners of the mall and the center.
Officials say the deal is valued at nearly $99 million and includes a one-year, $67 million non-recourse loan, which is secured by collateral.
Rouse purchased the ownership share of R.F. Coffin Enterprises of Cleveland, Ohio, which had been the joint venture partners with David Hocker & Associates when they opened the mall in March 1990.
Rouse's addition of The Mall at Barnes Crossing, a 680,000-square-foot super-regional mall, gives the company some 25 million square feet of retail space across the country.
Mall management has been unchanged by the announcement.
"The combination of Rouse's national platform and Hocker's experience and proven track record will enable us to drive revenue and sales productivity and optimize the merchandising mix at the properties," said Andrew Silberfein, president and CEO of Rouse Properties.
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