BLOOMFIELD HILLS, Mich., Jan. 30, 2014 /PRNewswire/ -- Taubman Centers, Inc. (NYSE: TCO), TIAA-CREF, and APG today announced the completion of the sale of a 49.9 percent interest in International Plaza ( Tampa, Fla. ) to a joint venture that is 51 percent owned by TIAA-CREF and 49 percent owned by APG. The $499 million purchase price for the 49.9 percent interest in the center consists of $337 million of cash and approximately $162 million of beneficial interest in debt. Proceeds will be used to pay off Taubman's loan on Stony Point Fashion Park ( Richmond, Va.) and for general corporate purposes.
TIAA-CREF and APG's joint venture targets dominant super-regional malls located in major U.S. markets – generally those within the top quartile of super-regional mall assets – through joint venture acquisitions with major mall operators.
"TIAA-CREF continues to seek opportunities in regional retail properties with strong income streams as part of a well-diversified real estate portfolio," said Phil McAndrews, managing director, TIAA-CREF. "We believe opportunities to invest in high quality assets with experienced operators are attractive for our investors over the long term.""The acquisition of an interest in this market–leading asset is a compelling addition to the super-regional mall portfolio that APG has assembled globally," said Steven Hason, managing director and co-head of Americas Real Estate at APG Asset Management US. "We look forward to participating in the ownership and continued success of International Plaza." "We're delighted to align ourselves with two great institutional partners," said Robert S. Taubman, chairman, president, and chief executive officer of Taubman Centers. "This transaction strengthens our balance sheet and highlights the extraordinary growth of this powerhouse asset." International Plaza is located adjacent to the Tampa International Airport, at the center of the Tampa metroplex. The 1,202,000 square foot center, which opened in September 2001, is anchored by Dillard's, Neiman Marcus, and Nordstrom. Taubman will continue to lease and manage the center. The seller was represented by Eastdil Secured, LLC.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts