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CONCORD, CA-Publicly held Taubman Centers and an affiliate of the Taubman family has paid $42.5 million to acquire the land beneath the 1.3-million-sf Sunvalley shopping center here that the partnership already owns. The seller was an unrelated trust for which Wells Fargo Bank served as trustee.

The Taubman family developed the center in 1967. In March 2002, Taubman Centers purchased a 50% stake in the center from the General Electric Pension Trust. The rest of the center is owned by an affiliate of the Taubman family. Taubman Centers has managed the center since it opened.

The ground rent the partnership was paying for the land under Sunvalley was $1.8 million in 2005. The ground lease ran through 2061. Also included in the transaction was the land under the Sears store, which was paying a nominal rent to the seller, according to Taubman.