Taubman Centers Inc. sold a 49.9% interest in the center to a joint venture of TIAA-CREF and Dutch pension services APG for $499 million.
Location: 2223 N. Westshore Blvd., Tampa
PURCHASE DATE: Not recorded, but announced Jan. 30
SELLER AGENT: Eastdil Secured LLC
Details: The purchase price consisted of $337 million in cash and $162 million of beneficial interest in debt.
Located near the Tampa International Airport, the 1.2 million-square-foot center, which opened in September 2001, is anchored by Dillard's, Neiman Marcus and Nordstrom.
TIAA-CREF and APG target dominant super-regional malls, such as International Plaza, located in major U.S. markets through joint venture acquisitions with mall operators. Taubman says the sale strengthened its balance sheet and that it would use the proceeds from the sale to payoff a loan on Stony Point Fashion Park in Richmond, Va., and for general business uses.
Taubman will continue to lease and manage the center.