Howard Hughes Unloads Non-Core Assets, Collects $89M

Howard Hughes Corp., headquartered in Dallas, sold off what it called “several non-core assets” in Alabama, California, Florida and Utah, collecting $89.3 million in the process. The retail properties, which consisted of development or redevelopment opportunities, were sold to different buyers.

• The 72-acre Kendall Town Center in the Miami, FL suburb of Kendall sold to NAI Miami for $41.8 million.
• The 77,070-square-foot Cottonwood Square in Holladay, UT near Salt Lake City sold to an undisclosed buyer for $8.5 million.
• Earlier in 2017, the 62-acre, 743,000-square-foot Century Plaza in Birmingham, AL, sold to Rising Star Church for $3 million.
• Acreage near The Outlet Collection at Elk Grove in the Sacramento, CA area sold to an undisclosed buyer for $36 million.

According to Howard Hughes CEO David Weinreb, the dispositions will allow the company to put more capital into core assets and “provide us with the greatest value-creation opportunities.”

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