Bloomberg is reporting that General Growth Properties Inc. — owner of Carolina Place Mall — has failed to come to agreement with lenders on $900m. in debt the company incurred on retail development in Las Vegas. This on the heels of a $814m. refinancing deal last week which avoided bankruptcy for the company.
Bottomline, the company has billions in debt and its stock price is getting hammered. GGP is trying to unload the Vegas ventures but guess what — everyone is running for the exits in Vegas which is full of speculative commercial real estate ventures, retail shopping especially so.
You may also remember GGP at the developer of The Bridges at Mint Hill, which was moth-balled back in July. Now you’d have to wonder if the 1.3 million square foot space ever gets built as planned.
