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Taubman Ups Stake In Tampa Mall

Taubman Centers is spending $105 million to acquire an additional 23.6 percent interest in Tampa's International Plaza, bringing the REIT's total stake in the mall to 50.1 percent. The center's Lord & Taylor anchor space will be vacated later this month, but Taubman has already arranged for upscale home furnishing retailer Robb & Stucky to take over 120,000 square feet of the 160,000-square-foot space. Taubman expects to re-lease the extra 40,000 square feet by 2005. The deal represents a 6.4 percent unlevered return on International Plaza's projected net operating income for 2005, says UBS analyst Ian Weissman. A $45 million Renaissance hotel opens on an adjacent site this month.

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