NORTH ATTLEBORO – J.P. Morgan Chase & Co. is seeking to sell its stake in Emerald Square mall and about a dozen other shopping centers in New England, according to a report published Wednesday.
The shopping centers are all operated by Indianapolis-based Simon Property Group Inc., the nation’s largest mall owner, anonymous sources told The Boston Globe. Simon owns 49.1 percent of 1.02 million-square-foot Emerald Square.
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J.P. Morgan acquired partial ownership of the malls in 1999 as part of a $1.8 billion deal between Simon and New England Development Co., the Newton, Mass.-based company founded by developer Stephen R. Karp in 1978.
The Globe said Eastdil Secured LLC, a real-estate investment bank owned by Wells Fargo & Co., is marketing Emerald Square and the other properties, which the paper said could fetch more than $500 million.
In addition to Emerald Square, Simon is the sole owner of 615,713-square-foot Wrentham Village Premium Outlets off Interstate 495. Its rival General Growth Properties Inc., which is in bankruptcy, owns Providence Place and Silver City Galleria in Taunton and manages Swansea Mall.
At the end of last year, 89.9 percent of Emerald Square’s available retail space was leased, down from 91.1 percent a year earlier, according to Securities & Exchange Commission filings by Simon.
Additional information is available at simon.com.
