Briarwood Mall among 26 properties in $1.5B transaction
Ann Arbor’s largest shopping center is part of a $1.5 billion transaction announced this week by Simon Property Group.
Angela Cesere | AnnArbor.com
Briarwood Mall is among 26 U.S. shopping malls that Simon, based in Indianapolis, is acquiring from its joint venture partner as Farallon Capital Management LLC sells its ownership interest in the properties.
Briarwood is the only property in Michigan affected.
Simon - the largest real estate company in the U.S. - has managed the property since 2007, when it acquired the Mills Corporation. Mills owned 50 percent of the mall with Farallon as its partner. Mills also managed Briarwood for about five years. The other owner is GM Pension Trust.
The mall, built by the Taubman Cos., and located at Interstate 94 and South State, is about 1 million square feet. It’s anchored by Macy’s, JC Penney, Von Maur and Sears.
Briarwood is Ann Arbor's largest taxpayer, with a taxable value of $38.7 million.
The Associated Press contributed to this report.