Eagle Ridge Mall owner bankrupt

By GARY PINNELL | Highlands Today
Published: April 19, 2009

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General Growth Properties Inc., corporate owner of Eagle Ridge Mall in Lake Wales, Lakeland Square, and UniversityMall in Tampa, is bankrupt.

GGP of Chicago, the nation's second largest mall owner, holds 16 properties in Florida. It also owns 200 malls and 158 shopping centers in 44 states, according to Chapter 11 filings.

It is reportedly the biggest real estate bankruptcy in U.S. history. The company has $29.6 billion in assets and $27 billion in liabilities as of Dec. 31.

Gil Bankston, general manager of Lakeland Square and Eagle Ridge Mall, told the Lakeland Ledger both properties will remain open. Many stores have not, including Gap, Starbucks, KB Toys, The Disney Store, Bealls, Friedman's Jewelers and Picadilly Cafeteria.

Highlands Today reporter Gary Pinnell can be reached at 863-386-5828 or gpinnell@highlandstoday.com.