CalPERS sells Woodfield Mall stake

Woodfield Mall
Woodfield Mall in Schaumburg, Ill.

Just one month after CalPERS became the sole owner of Chicago-area Woodfield Mall, the pension fund and its joint venture partner, Miller Capital Advisory, traded a 50% interest in the mall for a 49% interest in a mall in Orange County, Calif., confirmed Andrew Miller, president and CEO of Miller Capital Advisory.

Joe DeAnda, spokesman for the $248.1 billion California Public Employees' Retirement System, Sacramento, referred all inquiries concerning the transactions to Mr. Miller.

CalPERS had purchased the 50% interest it did not already own in Woodfield from the $94 billion General Motors Co. pension plan, Detroit, in a deal that closed at the end of November.

The latest transaction — which closed at year-end but was announced Jan. 3 — gives CalPERS and Miller Capital a 49% interest in The Shops, located in Mission Viejo, Calif. That mall had been wholly owned by shopping center real estate investment trust Simon Property Group.

The transaction diversifies the CalPERS-Miller Capital portfolio, which had no shopping centers in Southern California, Mr. Miller explained.