PBN Staff
Officials at Columbia, Md.-based The Rouse Company announced today that the company has executed a purchase contract for Providence Place mall, the 1.3-million-square-foot shopping center in downtown Providence. The seller would be Providence Place Group Limited Partnership and the contract price is $522 million (including assumed financing).
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“This is exactly the type of property we look for. We try to own properties through developments or acquisitions of the best regional malls,” Rouse Company representative David L. Tripp, who added that the property was up for bid less than a month.
The purchase, which is subject to the satisfaction of various conditions, including the successful completion of due diligence, should be completed in early March 2004, according to Tripp.
Providence Place, which opened in 1999, is considered a centerpiece of a downtown revitalization plan that’s enhanced the city’s urban environment.
“The Rouse Company has a long history of operating large scale urban projects,” said Anthony W. Deering, chairman and CEO of the company, in a press release. “We are excited by the prospect of owning and managing a high-quality property like Providence Place, and are particularly enthusiastic about the opportunity to participate in the future growth of such a vibrant community.”
A real estate development and management company, The Rouse Company, through its numerous affiliates, operates more than 150 properties encompassing retail, office, research and development and industrial space in 22 states. Among properties owned and developed by The Rouse Company is Faneuil Hall Marketplace in Boston.
Tripp said the company isn’t planning to “tear down any of the structures or fire employees.”
“We aren’t going into this planning any changes for the mall. The mall space is well-leased. What isn’t broke you don’t fix,” Tripp said.
The Rouse Company was founded in 1939 and became a public company in 1956.
