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Wednesday, December 10, 2008

More bad news for Southpoint owner

Posted by on Wed, Dec 10, 2008 at 11:36 AM

General Growth Properties, which owns Southpoint Mall in Durham and about 200 other malls throughout the U.S., has been downgraded by Fitch Ratings, reports the Florida Business Journal. That means a default may be imminent. On Dec. 1, the Journal reports, the company had received a two-week extension on $900 million in mortgage loans that came due Nov. 28.

Last month WRAL.com quoted Southpoint's general manager as saying He said the shopping center is "very successful" and that stores there are safe.

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