One of the biggest commercial real estate collapses has CT ties

April 17, 2009
Matt Isleib

 

One of the country’s largest mall operators General Growth Properties filed for bankruptcy yesterday. It is one of the largest commercial real estate collapses in U.S. history. General Growth Properties which is based in Chicago, IL has been in the commercial real estate market since its founding in 1954. It was the second largest mall operator in the country behind Simon Property Group.

The stumble and sequential bankruptcy filing has affects here in Connecticut. General Growth Properties manages the Brass Mill Center in Waterbury, CT and it also runs The Shoppes at Buckland Hills in Manchester, CT. The company either owned or operated 200 regional shopping malls and controlled approximately 200 million square feet of retail space.

Here is a link to the New York Times article yesterday in regards to the collapse.      New York Times