HONOLULU, June 14, 2013 /PRNewswire/ -- Queen Emma Land Company, Taubman Centers, Inc. (NYSE: TCO) and CoastWood Capital Group, LLC, are pleased to announce the commitment of retailer Saks Fifth Avenue to be the anchor store at the International Market Place as part of the planned revitalization of the iconic shopping center.
As one of the most valuable land assets of Queen Emma Land Company, International Market Place's redevelopment will support the mission of The Queen's Medical Center to improve the well-being of Native Hawaiians and the people of Hawai'i. Revenues generated from the redeveloped property will directly fund Queen's operations as well as upcoming community initiatives, such as the opening of The Queen's Medical Center - West O'ahu.
"We are excited to take another step forward in this process, as the redevelopment of the International Market Place will provide a renewed and sustainable income source for The Queen's Medical Center," said Eric Martinson, president of Queen Emma Land Company. "This project is needed to provide essential resources and will allow Queen's to continue to serve its mission providing access to specialized medical services."
"This continues the steady progress we have made over the past two years in moving the project through the due diligence and feasibility stage," said Stephen J. Kieras, senior vice president of development for Taubman Centers. "Taubman and Queen Emma Land Company look forward to completing the process in the near future."
"We are delighted to have the opportunity to open our first full-line Saks Fifth Avenue store in Hawai'i - particularly in this wonderful location in the heart of Waikiki," said Steve Sadove, chairman and chief executive officer of Saks Incorporated. "We look forward to offering the residents of and tourists to the area a great assortment of distinctive merchandise and our exemplary customer service, showcased in a beautiful new store within the International Market Place."
This transaction is subject to customary closing conditions.
ABOUT QUEEN EMMA LAND COMPANY
Queen Emma Land Company is a local nonprofit organization established to support and advance health care in Hawai'i, primarily through The Queen's Medical Center and its affiliates. QEL accomplishes this by managing and enhancing the income-generating potential of the lands left to The Queen's Hospital by Queen Emma in 1885, and additional properties owned by The Queen's Health Systems.
ABOUT THE QUEEN'S MEDICAL CENTER
The Queen's Medical Center is a 501 (c) (3) non-profit corporation, acute care medical facility accredited by The Joint Commission. The facility houses 505 acute beds and 28 sub-acute beds and is widely known for its programs in cancer, cardiovascular disease, neuroscience, orthopedics, surgery, emergency medicine and trauma, organ transplants and behavioral medicine. Queen's is home to a number of residency programs offered in conjunction with the John A. Burns School of Medicine at the University of Hawaii. Queen's has achieved Magnet® status - the highest institutional honor for hospital excellence - from the American Nurses Credentialing Center. Magnet recognition is held by six percent of hospitals in the United States. Queen's is the first hospital in Hawaii to achieve Magnet status.
ABOUT TAUBMAN CENTERS
Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 27 regional, super-regional and outlet shopping centers in the U.S. and Asia. Taubman's U.S.-owned properties are the most productive in the publicly held U.S. regional mall industry. Taubman is currently developing Taubman Prestige Outlets Chesterfield in Chesterfield, Mo.; The Mall at University Town Center in Sarasota, Fla.; The Mall of San Juan in San Juan, Puerto Rico; and shopping malls in Xi'an and Zhengzhou, China and Hanam, South Korea. Taubman Centers is headquartered in Bloomfield Hills, Mich. and Taubman Asia, the platform for Taubman Centers' expansion into China and South Korea, is headquartered in Hong Kong. Founded in 1950, Taubman has more than 60 years of experience in the shopping center industry. For more information about Taubman, visit www.taubman.com.
ABOUT COASTWOOD CAPITAL GROUP, LLC
CoastWood Capital Group, LLC is a specialized real estate investment firm based in San Francisco. Founded by Cordell Lietz in 2003, the company acquires, manages and develops real estate in the United States with an emphasis on retail and other property types with unique operational characteristics. CoastWood has been actively investing in Hawai'i for ten years now and holds interests in several retail properties throughout Hawai'i.
ABOUT SAKS FIFTH AVENUE
Today, Saks Incorporated operates 42 Saks Fifth Avenue stores in 22 states, five internationally licensed Saks Fifth Avenue stores, 66 Saks Fifth Avenue OFF 5TH outlet stores, and the company's online store, saks.com, Saks Fifth Avenue, one of the world's preeminent specialty retailers, is renowned for its superlative American and international designer apparel collections; its expertly edited assortment of handbags, shoes, jewelry, cosmetics, and gifts; and the first-rate fashion expertise and exemplary client service of its Associates. Saks Fifth Avenue is proud to be named a J.D. Power and Associates 2012 Customer Service Champion and is only one of 50 U.S. companies so named.
The company currently operates a Saks Fifth Avenue OFF 5TH outlet store in Waipahu, Hawai'i.
For ease of use, references in this press release to "Taubman Centers," "company," "Taubman" or an operating platform mean Taubman Centers, Inc. and/or one or more of a number of separate, affiliated entities. Business is actually conducted by an affiliated entity rather than Taubman Centers, Inc. itself or the named operating platform.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect management's current views with respect to future events and financial performance. The forward-looking statements included in this release are made as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future. Actual results may differ materially from those expected because of various risks and uncertainties. You should review the company's filings with the Securities and Exchange Commission, including "Risk Factors" in its most recent Annual Report on Form 10-K and subsequent quarterly reports, for a discussion of such risks and uncertainties.
SOURCE Taubman Centers, Inc.