GGP sells Faneuil Hall Marketplace for $140 million

General Growth Properties announced that over the past three months it's sold three assets for $280 million, the most recent of which is the famous Faneuil Hall Marketplace in Boston, Massachusetts for $140 million.

In August, GGP sold the retail and garage properties of Westlake Center of Seattle, Washington for $119 million and Riverside Plaza of Provo, Utah for $21 million. With the three recent transactions - Faneuil Hall, Westlake Center and Riverside Plaza - GGP cut approximately $95 million of mortgage debt associated with the CRE properties.

"We continue to execute our investment strategy of focusing on our regional mall portfolio. These recent dispositions strengthen our balance sheet," said Shobi Khan, chief operating officer, General Growth Properties, Inc.

According to Hearst Newspapers, with approximately $28 billion in debt, GGP filed the biggest real estate bankruptcy case in United States history during 2009. In November of that same year, GGP came out of bankruptcy after restructuring $15 billion in debt and paying off creditors.