MIAMI—Taubman Centers, TIAA-CREF, and APG announced the sale of a 49.9% interest in International Plaza to a joint venture that is 51% owned by TIAA-CREF and 49% owned by APG. The price for the stake in the retail asset was $499 million.

International Plaza sits next to the Tampa International Airport at the center of the Tampa metroplex. Dillard's, Neiman Marcus, and Nordstrom anchor the 1.202-million-square-foot retail center, which opened in September 2001. Taubman will continue to lease and manage the center.

"TIAA-CREF continues to seek opportunities in regional retail properties with strong income streams as part of a well-diversified real estate portfolio," says Phil McAndrews, managing director of TIAA-CREF. "We believe opportunities to invest in high quality assets with experienced operators are attractive for our investors over the long term."

The purchase price includes $337 million of cash and about $162 million of beneficial interest in debt. Proceeds will be used to pay off Taubman's loan on Stony Point Fashion Park and for general corporate purposes.

"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," says 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."

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. Eastdil Secured, LLC represented the seller.

"We're delighted to align ourselves with two great institutional partners," says Robert S. Taubman, chairman, president, and CEO of Taubman. "This transaction strengthens our balance sheet and highlights the extraordinary growth of this powerhouse asset."

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. Eastdil Secured, LLC represented the seller.

"We're delighted to align ourselves with two great institutional partners," says Robert S. Taubman, chairman, president, and CEO of Taubman. "This transaction strengthens our balance sheet and highlights the extraordinary growth of this powerhouse asset."