TIAA-CREF Seals $499M Deal For Stake In Tampa Mall

Law360, New York (January 30, 2014, 2:53 PM EST) -- Taubman Centers, a midcap real estate investment trust, on Thursday finalized the $499 million sale of a 49.9 percent stake of International Plaza in Tampa to a joint venture majority-owned by TIAA-CREF and APG Asset Management.

The Florida property includes a shopping mall and hotels and is located in Tampa's business district, near Tampa International Airport. Taubman said that it will use the revenue to pay down debt on its Stony Point Fashion Park in Richmond, Va., among other general uses. Taubman will continue to operate...
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