General Growth Properties Inc. has put Ward Centers up for sale this month in an attempt to bring down billions of dollars in debt and stave off bankruptcy.

The nation's second-largest shopping mall owner, which also owns Ala Moana Center, listed its collection of retail centers in Kakaako with New York-based Eastdil Secured LLC as it faces the repayment of $900 million in debt due tomorrow, according to several sources familiar with the situation.

No asking price was disclosed.

“;Given the debt refinancing predicament General Growth is in ... it's fair to assume all their assets are on the table,”; said Todd Lukasik, an analyst at Morningstar Inc. in Chicago. “;Even if they're able to get past this short-term hurdle, there are many other potential future stumbling blocks ahead for the firm.”;

That includes another $3 billion in debt due next year, nearly $4 billion payable in 2010 and more than $7 billion owed in 2011.

General Growth representatives did not comment yesterday.

Real estate analysts say the sale of Chicago-based General Growth's more than 60 acres in Kakaako is doubtful since there are few potential buyers that can afford to purchase large assets, and financing is not available for these types of transactions.

“;You'll see the financing market continue to evolve and right-size itself, meaning it can't be this tight forever,”; said T. Scott Avila, managing partner at CRG Partners Group LLC in Los Angeles. “;The question is going to be what is the appropriate strategy for the restructuring of this situation based on the financial market and any parties at hand.”;

Ward Centers, which opened in 1972, is comprised of six open-air specialty centers along Auahi Street with more than 135 shops and 22 restaurants, and includes the Ward Entertainment Center, featuring a 16-screen theater.

“;The likely buyer would have to be a long-term player considering that it's a redevelopment site and there are leases in place,”; said Mike Hamasu, director of consulting and research at Colliers Monroe Friedlander Inc.

The retail giant purchased Victoria Ward Ltd. in 2002 for $250 million, following its 1999 acquisition of Ala Moana Center for $810 million. The value of Ward Centers has significantly increased since then as a result of additional development and appreciation.

“;Basically at this point, General Growth is underwater,”; said Steve Sofos, president of Sofos Realty Corp. “;They've got so much debt, and in this environment it's almost impossible to refinance.”;

Meanwhile, Hawaiian Dredging Construction Co. Inc. filed a civil lawsuit this week against General Growth for nonpayment of nearly $9.2 million for labor and services at Ala Moana Center. This comes on the heels of a $16 million lien by the contractor of its Ward Village Shops in Kakaako and smaller liens filed in state Circuit Court following news of a potential bankruptcy.

General Growth's Hawaii properties also include Whaler's Village in Kaanapali on Maui and Prince Kuhio Plaza in Hilo on the Big Island.

It is unclear what a sale will mean to General Growth's Ward Neighborhood Master Plan, a major overhaul of the Kakaako property to include 4,300 residential units over more than 20 years.