Prominent mall in St. Louis will have new owner

RICHMOND HEIGHTS, Mo. -- The St. Louis Galleria, considered one of the foremost malls in the region, has been acquired by the country's second-largest shopping center owner.

General Growth Properties Inc. of Chicago did not release a specific sales price. The company said only that it spent $626 million to buy the Galleria and the Coronado Center in Albuquerque, N.M.

The company said the deal could close in late June, and it will be General Growth's first mall in the St. Louis region.

General Growth, a real estate investment trust, bought JP Realty Inc., which owned 18 malls, for $1.1 billion and the Glendale Galleria in Los Angeles for $415 million last year. In 2002, General Growth had revenue of $1.1 billion.

The Galleria opened in 1986. The two-level center encompasses 1.2 million square feet.