Topanga Plaza Partner to Be Sold for $1 Billion

A definitive agreement has been reached for the previously announced sale of CenterMark Properties Inc., which owns 42% of the Topanga Plaza.

Prudential Insurance Co. of America tentatively agreed last month to sell St. Louis-based CenterMark for $1 billion to a group led by General Growth Properties Inc. of Des Moines, Iowa. CenterMark also owns interests in 18 other shopping malls.

The remaining 58% of Topanga Plaza is owned by JMB Income Properties, a Chicago real estate developer.