Taubman recently completed the acquisition of a 50-acre land parcel and announced plans to develop a 450,000-square-foot specialty retail center in suburban St. Louis.
Jones Lang LaSalle represented Taubman in the site selection and acquisition process. Financial Terms of the transaction were not disclosed.
Approximately 18 months ago Taubman engaged David Biales, vice president, and John Langa, vice president, both of Jones Lang LaSalle, to evaluate the marketplace for land sites. The firm’s parameters, according to Biales, were approximately 50 acres with enough depth for a race-track style site plan and a location with demographics that would help attract the type of retailers the developer sought.
Jones Lang LaSalle completed a comprehensive search and identified a number of sites that met the criteria and ultimately negotiated the acquisition of the current site. The site where the center is being developed is near the Boone’s Crossing exit off Highway 40.
“Timing is right for Taubman’s development,” Biales said. “The outlet sector has outperformed other retail property types during the downturn because of consumers desire for value based shopping.”
