Taubman Takes Full Beverly Center Stake
Taubman Centers Inc. has taken complete control of the Beverly Center, buying the 30 percent interest held by the co-developers of the 871,000-square-foot mall for $11 million.
Its partners, Sheldon Gordon and the estate of E. Phillip Lyon, sold their stake for $3.3 million in cash and more than 270,000 partnership units in the publicly traded company as part of an option agreement struck in 1988.
Bloomfield Hills, Mich.-based Taubman also completed a $347.5 million refinancing of the center, which it developed with Gordon and Lyon in 1982.
Company officials could not be reached for comment, but Robert S. Taubman, its president and chief executive, said in a statement, “Owning 100 percent of this extraordinary asset allows us to realize the full benefits of the refinancing.”
Taubman, which owns 34 retail centers nationwide totaling 36.3 million square feet, was the subject of an unsolicited takeover attempt by Simon Property Group Inc. and Westfield America Inc. in 2002. Simon and Westfield, based in Los Angeles, gave up on the $1.7 billion hostile bid last year.
Among other projects, Gordon developed the Nordstrom-anchored nine-story San Francisco Centre in 1988.
Danny King
