TIAA-CREF buys stake of Hawaii's Ala Moana Center from General Growth for $454M

TIAA-CREF, one of the largest financial services organizations in the United States, has acquired a 12.5 percent stake in Hawaii’s Ala Moana Center from mall owner General Growth Properties Inc. for $454 million, the New York-based firm said Monday. The announcement follows the 25 percent ownership stake in Ala Moana Center Chicago-based General Growth Properties (NYSE: GGP) sold to AustralianSuper for about $907 million in March. Following Monday’s acquisition, GGP now owns 62.5 percent of…