CHICAGO-A California pension fund will take full ownership of Schaumburg shopping center Woodfield Mall. Sacramento-based California Public Employees' Retirement System has reached a contract to purchase a 50% stake in the retail property owned by Detroit-based General Motors Co.
CalPERS, which already owns 50% of the mall, has agreed to pay over $500 million for the remaining 50%. The deal values the nearly 2.2-million-square-foot shopping mall at over $1 billion. New York-based Eastdil Secured LLC is handling the sale. For the full story, go to Crain's Chicago Business .
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