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PORTLAND-The Teachers’ Retirement System of the State of Illinois has transferred its ownership of the 1.2-million-sf Clackamas Towne Center to a new 50-50 joint venture with General Growth Properties that also purchased three other regional malls around the country. GlobeSt.com reported two weeks ago that the mall’s ownership may be changing. The 20-year-old, two-level mall was constructed at a cost of $120 million. Another $15 million was spent to upgrade the property in 1994. The Illinois TRS acquired a 70.5% stake in the mall in 1992 and the rest the following year. The mall’s non-anchor space is currently 95% occupied.

GGP says its new joint venture with TRS, GGP-TRS LLC, acquired four enclosed regional malls valued at $634 million including $412 million of non-recourse mortgage loans. It did not break down the cost of acquiring each mall.

In addition to Clackamas, the join venture acquired Galleria at Tyler in Riverside, Calif.; Kenwood Towne Centre in Cincinnati, Ohio; and Silver City Galleria in Taunton, Mass. Averaging the four malls, sales are approximately $408 per square foot and occupancy is approximately 86%.

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