BLOOMFIELD HILLS, MI — A Michigan-based mall developer that built its first mall in Flint in 1953, has sold off its remaining assets and is closing its headquarters.

Taubman Centers, Inc. , which was founded in 1950 by real estate pioneer A. Alfred Taubman, has sold its last 22 shopping centers to Indianapolis-based Simon Property Group and is closing its Bloomfield Hills offices.

Simon announced the purchase on Nov. 3, stating it had closed on the acquisition of the remaining 12% interest in Taubman Realty Group that it did not already own, in exchange for 5.06 million limited partnership units.

In 2020, Simon assumed an 80% ownership stake of Taubman for $3.4 billion .

At the time of the recent sale, Taubman was down to 18 malls in the U.S., including just two in Michigan — Tw

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