Located in the suburbs of this waterfront city, MacArthur Center boasts a 260,000-sf Dillard's and a 166,000-sf Nordstrom as anchors. It also provides 100,000 sf of food and entertainment destinations as well as two five-level parking structures capable of accommodating up to 4,000 vehicles. Part of Taubman's investment includes the assumption of $35.3 million in debt. In return, Conroy walked away with $4.9 million in cash and $5.3 million worth of Taubman operating partnership units.

"By exchanging a substantial interest in the very successful MacArthur Center property into Taubman units, I will be able to participate more broadly in Taubman's exceptional portfolio of retail properties," Conroy explains.