MIAMI—It's one of the highest prices paid for a mall since thecommercial real estate market crashed in thedownturn. Deutsche Asset & Wealth Managementjust paid $375 million for a 50% stake in St. Johns Town Center inJacksonville, FL.
"For institutional property, the buyers are stacked up 10 or 20deep," Dan Fasulo, managing director ofReal Capital Analytics, told the Wall StreetJournal, which first reported the transaction. "There's a lackof investment alternatives, and it just keeps driving capital intocommercial real estate."
According to the WSJ, Ben Carter, anAtlanta-based real estate developer who built the mall in 2005,sold the 50% stake. Simon owns the other half.
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