The Bloomfield Hills-based Taubman Centers Inc. is selling off seven of its malls including Fairlaine Town Center in Dearborn and The Mall at Partridge Creek in Clinton Township, Bloomberg News reports.
Bloomberg reports that the Starwood Capital Group LLC, the investment firm run by Barry Sternlicht is buying the seven malls for about $1.4 billion.
Starwood will pay $785 million in cash and assume $620 million in debt, Bloomberg reported.
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