Taubman Centers Inc. has announced its acquisition of two prominent shopping centers in El Paseo, California and Nashville, Tennessee. Taubman purchased the properties in a deal valued at approximately $560 million.
In Paseo, Taubman acquired The Gardens on El Paseo and El Paseo Village, two adjacent properties that cater to high-end retail and tourism. Offering a combined space of 236,000 square feet, the shopping centers include high-end shops, such as Saks Fifth Avenue, as well as several fashion-oriented shops.
In Nashville, Taubman acquired The Mall at Green Hills, an 887,000 square-foot property that is anchored by the popular retail chains Dillard’s, Macy’s, and Nordstrom. Other stores include Charming Charlie, Gymboree, Abercrombie and Fitch, The Gap, GNC, Starbucks, and a branch of Wells Fargo Bank.
“These transactions crown a year of progress on our external growth initiatives,” said Robert S. Taubman, chairman, president and chief executive officer.
Taubman Centers Inc. is an investment firm that owns, manages, develops, and acquires retail properties. Founded by Albert Taubman in 1950, it specializes in retail malls with high-yielding sales results. Taubman has headquarters in Bloomfield Hills, Michigan with an Asian subsidiary based in Hong Kong. It currently owns, leases, or manages 27 properties in the regional and super regional shopping center market.