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NORFOLK, VA-Nearly the entire one million-sf MacArthur Center has come under the control of shopping mall owner and developer Taubman Centers Inc., which had previously been a partial owner of the four-year-old retail property. With an investment of $45.4 million, Bloomfield Hills, MI-based Taubman increased its stake in MacArthur Center from 70% to 95%, leaving partner Norfolk Place LP–a concern operating under the direction of Fairfield CT’s Alexius Conroy–with a minute share of the mall. The property has a 2002 assessed value of over $131 million.

Located in the suburbs of this waterfront city, MacArthur Center boasts a 260,000-sf Dillard’s and a 166,000-sf Nordstrom as anchors. It also provides 100,000 sf of food and entertainment destinations as well as two five-level parking structures capable of accommodating up to 4,000 vehicles. Part of Taubman’s investment includes the assumption of $35.3 million in debt. In return, Conroy walked away with $4.9 million in cash and $5.3 million worth of Taubman operating partnership units.

“By exchanging a substantial interest in the very successful MacArthur Center property into Taubman units, I will be able to participate more broadly in Taubman’s exceptional portfolio of retail properties,” Conroy explains.

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