A sale of the Country Club Plaza almost certainly wouldn’t approach the $660 million price that joint venture owners Taubman Centers and The Macerich Co. paid in 2016.
Sources have not yet confirmed how much the owners of Highland Park Village intend to pay for the iconic 100-year-old shopping center, but plans for the Texas group to acquire the Plaza came to light recently.
The latest appeals of Jackson County’s valuations shed more light on how much Country Club Plaza JV LLC says its properties are worth.
Taubman and Macerich said their Plaza properties collectively are worth $209.7 million, according to opinion values filed in appeals of Jackson County’s 2023 assessments for 25 of their 28 parcels in the shopping center.
That would represent a 47.7% decrease from the $400.8 million total valuation Jackson County gave for the Plaza properties earlier this year, up from $328 million for the 2021-2022 assessment cycle.
The joint venture in May defaulted on $295.2 million in outstanding acquisition financing, and since has said it is “working toward a mutually acceptable outcome” with lender Nuveen.
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