The malls, owned by institutional investors, span about 11 million square feet in 12 states and will be managed by Jones Lang LaSalle, which will also take on the 230 employees who work there, the paper said.
The price of the deal was not disclosed, the paper said, adding the two companies will share profits from management contracts based on the performance of the properties in the coming years.
The properties, which include Burbank Town Center in Burbank, California, Festival Bay Mall in Orlando, and The Shops at Georgetown Park in Washington, D.C., are operated by GGP’s management business, which was not part of its bankruptcy filing, the Journal said.
(Reporting by Antonita Madonna Devotta in Bangalore; Editing by Hans Peters)