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Google Knol publishes our new article titled: The Energy Tax Aspects of a Restructuring U.S. Mall Industry

April 22nd, 2011 by Charles

In the aftermath of a severe economic downturn and the reemergence of General Growth Properties from bankruptcy, three huge U.S. mall developers are currently marketing 40 shopping malls for sale. The three large mall sellers are Westfield Group, Simon Property Group, and General Growth Properties. Some of these malls have not had a major facilities upgrade in many years and use far more energy than modern shopping facilities. According to the Wall Street Journal, the four malls being sold by Simon Properties are, on average, 27 years old and haven’t had a major renovation in 13 years. Those four include Gulf View Square and Boynton Beach Mall in Florida, and Knoxville Center and Oak Court Mall in Tennessee. Westfield Properties is selling Downtown Plaza in Sacramento California, Solano Mall in Milford Conn, and the Westland Mall in Hialeah, Florida. Westfield intends to utilize $2 billion in proceeds for the redevelopment and renovation of its remaining properties. The Westfield Group facilities slated for upgrades include Century City in Los Angeles, Valley Fair Mall in San Jose California and Garden State Plaza in New Jersey.

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