General Growth Properties is selling the Gateway Overlook Shopping Center in Columbia for $90 million. The shopping center, which opened in 2007, includes tenants such as Trader Joe's, Loehmann's, Costco, Best Buy and On the Border.
The sale is part of a strategy by General Growth, which emerged from bankruptcy this week, to sell non-core assets to boost its balance sheet. The sale of the shopping center located at Routes 175 and 108 will help the company reduce about $55 million in debt and generate $35 million in proceeds.
General Growth owns most of the major regional malls in the area including The Mall in Columbia, White Marsh Mall, Towson Town Center, Owings Mills Mall, Mondawmin Mall and the Village of Cross Keys.