Taubman Completes Sale of Seven Malls to Starwood Capital Group
Transaction Expected to Increase Company's Long-Term Growth Taubman Centers has completed the sale of seven malls to Starwood Capital Group ("Starwood"). The sales are part of Taubman's ongoing strategy to recycle capital, maximize its NOI growth rate and create net asset value for investors over time. "These transactions are transformative for the company. The sale of these assets leaves our remaining portfolio significantly enhanced, with higher sales productivity and faster net operating income growth," said Robert S. Taubman, chairman, president and chief executive officer. "It also allows management to focus on the company's most strategic assets and development and redevelopment pipelines, where the greatest net asset value can be created." The following seven malls were sold: MacArthur Center (Norfolk, Va.) Stony Point Fashion Park (Richmond, Va.) Northlake Mall (Charlotte, N.C.) The Mall at Wellington Green (Wellington, Fla.) The Shops at Willow Bend (Plano, Tex.) The Mall at...
Shoppers Welcome Sarasota's Premier Shopping Destination
The Mall at University Town Center debuts with more than half its stores unique to the market Thousands of Southwest Florida residents and visitors were the first to shop The Mall at University Town Center ("UTC") at its grand opening today in Sarasota, Fla. Featuring more than 100 retailers and restaurants, well over half of which are unique to the Sarasota-Manatee market, The Mall at UTC is the only newly built enclosed regional shopping center to open in the United States this year. The 73-acre Mall at UTC , located at the southwest corner of I-75 and University Parkway , is the focal point of a larger, 276-acre University Town Center development featuring additional retail, dining and hotels, with a world-class rowing competition facility located immediately adjacent. The 880,000-square-foot mall was developed through a partnership between Taubman and Benderson Development Company, LLC . "We're excited to open The Mall at University Town Center," said Robert S. Taubman ,...
More than Half of The Mall at University Town Center's Stores and Restaurants Will be Unique to Sarasota-Manatee
Taubman's latest fashion and dining destination opens Oct. 16 in Sarasota When The Mall at University Town Center ("UTC") opens its doors in Sarasota on Oct. 16 , it will unveil more than 100 shopping and dining destinations, over half of which will be unique to the Sarasota - Manatee market. The 73-acre, $315-million shopping center was developed through a partnership between Taubman and Benderson Development Company, LLC . Along with anchor department stores Saks Fifth Avenue, Macy's and Dillard's, The Mall at UTC will feature upscale, fashion and lifestyle retailers, such as Michael Kors, Stuart Weitzman, lululemon athletica, Crate & Barrel and Tesla Motors; as well as distinctive sit-down restaurants, including The Cheesecake Factory, The Capital Grille and Seasons 52. " The Mall at University Town Center offers a unique choice of distinctive merchants and dining experiences tailored to the lifestyles of this dynamic market's residents and visitors," said William S. Taubman ,...