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Woodland Mall Sold
GRAND RAPIDS — Woodland Shopping Center on 28th Street SE in Grand Rapids has been sold to Pennsylvania Real Estate Investment Trust for $177.4 million.
The popular mall was owned in a 50/50 joint venture between Taubman Centers Inc., of Bloomfield Hills, and Prudential Real Estate Investors. The sale was driven in part by Prudential’s desire to capitalize on the strong demand for retail properties, according to a Taubman Centers press release this morning.
Robert Taubman, Taubman Centers chairman, president and CEO, stated that the sale was part of his company’s plan to recycle capital for growth.
“We are very proud of Woodland and have been pleased to be a part of the West Michigan community for the last 37 years.”