Taubman Centers, Inc. and The Macerich Company said they have agreed to buy the Plaza from Highwoods Properties for $660 million.
“Taubman and Macerich will each have a 50% interest in the center, which will be jointly managed by both companies,” the companies said.
Taubman Centers was founded in 1950 by real estate developer A. Alfred Taubman, and currently owns, manages and leases “regional, super-regional and outlet shopping centers” in the US and Asia, according to its website. It is headquartered in Bloomfield Hills, Michigan.
“Taubman and Macerich are bringing our collective expertise together to continue to ensure the long-term growth and success of the iconic Country Club Plaza,” said Robert S. Taubman, chairman, president, and chief executive officer of Taubman Centers. “This purchase is consistent with our strategy to own high quality, dominant assets in great markets.”
”This investment represents the latest example of Macerich’s continuing strategy of recycling capital out of slower-growth assets, including Panorama Mall which we recently sold for $100 million, into truly irreplaceable, market-dominant centers with stronger growth prospects,” said Arthur Coppola, chairman and chief executive officer of Macerich. “Together with Taubman, we see opportunities to expand the market reach of the Plaza as well as the potential for further retail densification of this timeless asset.”
Macherich, headquartered in Santa Monica, California, is a self-managed Real Estate Investment Trust that owns and operates shopping centers.
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