REAL ESTATE
From Times Staff and Wire Reports
GE Unit Buys 47 Malls From RTC: A unit of General Electric Capital Corp. bought 47 shopping centers from the Resolution Trust Corp. for $71 million in cash. The shopping centers, which contain 6 million square feet of retail space, are in nine states. The portfolio had a total book value of about $218 million. William Wholey, president of Wholey & Co., a Ft. Lauderdale, Fla., commercial real estate consulting firm, said the price General Electric is paying “blows out the bottom of the market.” The RTC acquired the 47 shopping centers from 26 failed savings and loans.
