Rouse Properties Announces Grand Opening of The Shoppes at Gateway
January 05 2016 - 7:00AM
Business Wire
- $43 Million Redevelopment Establishes
Market’s Largest, Dominant Regional Power Center -
Rouse Properties, Inc. (NYSE:RSE) (“Rouse”) today announced the
fourth quarter 2015 opening of The Shoppes at Gateway, an 820,000
square foot power center, located in Eugene, Oregon. In conjunction
with the opening, Rouse entered into a new $75 million first
mortgage loan for the property.
“We are extremely excited to announce the successful
implementation and completion of our creative “de-malling” strategy
at The Shoppes at Gateway. With a dynamic roster of many of today’s
top destination retailers, The Shoppes at Gateway has opened to
record crowds and sales, and is representative of the
value-creation opportunities we have throughout our portfolio,”
stated Andrew Silberfein, President and Chief Executive Officer of
Rouse Properties. “Through our efforts, this asset has now assumed
the position of the largest and highest quality power center
between Portland and Sacramento. Additionally, we put in place a
new first mortgage loan, demonstrating the substantial increases in
cash flow and value generated by our redevelopment, while also
providing us with complete flexibility to unlock the value of the
asset at any point in the future.”
The Shoppes at Gateway enjoys exceptional frontage on I-5, the
major north-south artery in western Oregon and is located near the
University of Oregon. Rouse executed an innovative “de-malling”
program, removing the mall’s central core and constructing new
exterior frontage and outparcels, allowing for the addition of a
prime assortment of today’s most popular and vibrant junior
anchors, high-volume restaurants and everyday uses. The shopping
center is now 94% leased, with such market-leading tenants as
Cabela’s, Target, Ulta, Kohl’s, Hobby Lobby, Cinemark, Petco,
Walmart Neighborhood Grocery, Marshall’s, Ross, Payless, Maurice’s,
Ashley Furniture, Rack Room Shoes, International Fitness, Panera
Bread, Noodle’s & Co. and Blaze Pizza.
The new $75 million first mortgage loan has a four year term,
and a one year extension option. The non-recourse mortgage carries
an interest rate of Libor + 2.20% which was fixed at a four year
all-in swap rate of 3.64%. The loan is fully pre-payable at any
time at the Company’s option, allowing maximum flexibility to
pursue a variety of long-term strategic options.
About Rouse Properties
Rouse Properties, Inc. (NYSE:RSE) is a publicly traded real
estate investment trust headquartered in New York
City and was founded on a legacy of innovation and creativity.
Among the country's largest publicly traded regional mall owners,
the Company's geographically diverse portfolio spans the
United States from coast to coast, and includes 36 malls and
retail centers in 21 states encompassing approximately 25.2 million
square feet. For more information please
visit: www.rouseproperties.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160105005475/en/
Rouse Properties, Inc.MediaMissy
Heanuemelissa.heanue@rouseproperties.comorInvestor
Relations212-608-5108IR@rouseproperties.com
Rouse Properties, Inc. (delisted) (NYSE:RSE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Rouse Properties, Inc. (delisted) (NYSE:RSE)
Historical Stock Chart
From Jul 2023 to Jul 2024