MIAMI—Taubman Centers, TIAA-CREF, and APG announced the sale of a 49.9% interest in International Plaza to a joint venture that is 51% owned by TIAA-CREF and 49% owned by APG. The price for the stake in the retail asset was $499 million.

International Plaza sits next to the Tampa International Airport at the center of the Tampa metroplex. Dillard's, Neiman Marcus, and Nordstrom anchor the 1.202-million-square-foot retail center, which opened in September 2001. Taubman will continue to lease and manage the center.

"TIAA-CREF continues to seek opportunities in regional retail properties with strong income streams as part of a well-diversified real estate portfolio," says Phil McAndrews, managing director of TIAA-CREF. "We believe opportunities to invest in high quality assets with experienced operators are attractive for our investors over the long term."