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Tupelo mall gets new majority owner

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News,Business

TUPELO, Miss. (AP) — Rouse Properties, a New York-based real estate investment trust, is taking over as the managing owner of The Mall at Barnes Crossing in Tupelo.

The Northeast Mississippi Daily Journal reports (http://bit.ly/1poi8MT) Rouse Properties bought a 51 percent controlling interest in The Mall and the nearby Market Center shopping center.

Officials say the deal is valued at nearly $99 million and includes a one-year, $67 million non-recourse loan, which is secured by collateral.

Mall management has been unchanged by Tuesday's announcement.

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Information from: Northeast Mississippi Daily Journal, http://djournal.com

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