Prudential to Sell Stake in Topanga Plaza Mall

Prudential Insurance Co. has agreed to sell its CenterMark Properties Inc. subsidiary that owns 42% of the Topanga Plaza and interests in 18 other shopping centers for a total of $1 billion.

The buyer is a group that includes General Growth Properties Inc. of Des Moines, Iowa, Westfield Holdings Ltd. and Whitehall Street Real Estate Limited Partnership III.

Prudential’s CenterMark shopping center unit is based in St. Louis. General Growth said CenterMark would continue to operate as a separate company.

General Growth is a real estate investment trust that owns 21 shopping centers. It said that its portion of the cash investment in CenterMark would be about $200 million.

Westfield Holdings is an Australian shopping center developer. Whitehall Street is a real estate partnership formed by the investment firm Goldman, Sachs & Co.

General Growth said it hoped to complete the transaction by the end of the year.

A 58% interest in Topanga Plaza is owned by JMB Income Properties, a Chicago real estate developer.