GRAND RAPIDS, MI-Taubman Centers Inc. in Bloomfield Hills has ended a close to 40-year joint venture relationship with Prudential Real Estate Investors in Newark through the sale of the 1.1-million-sf Woodland Mall. The mall sold to Philadelphia-based Pennsylvania Real Estate Investment Trust for $177.4 million.

Located at 28th Street and East Beltline Road (M-37), the property's anchors include Sears, J.C. Penney and Marshal Field's. Each anchor owns its own land and buildings. Also on the property is 394,000 sf of in-line mall space, which had 89.4% occupancy at the time of closing.

"Pru came up with the desire to capitalize on the strong market for regional malls, plus the activity was consistent with our strategy to recycle properties for growth," explains Barbara Baker, vice president of investor relations for Taubman. "We figured we'd get the best price if both ownership interests were sold at once."

She tells GlobeSt.com that the property, developed in 1968, had been held with Prudential since that time, adding that Woodland is the only joint venture between the two companies. Eastdil Realty represented Taubman in the transaction.

Taubman will use the proceeds to complete land purchase and to make property improvements at the Mall at Oyster Bay in New York, and to complete the purchase of more land at the Mall of Partridge Creek in Clinton Township. "Both of these are part of a 1031 exchange," Baker adds.