Philadelphia-based Pennsylvania Real Estate Investment Trust (PREIT) acquired Woodland Mall, at 3089-3225 28th St. SE in Grand Rapids, MI, from a joint venture between Taubman Centers Inc. (NYSE:TCO) and Prudential Real Estate Investors for $177.4 million, or about $163 per square foot. The sale ends a 37-year 50/50 joint venture relationship with Taubman and Prudential Real Estate Investors. Taubman Centers chairman, president and CEO Robert S. Taubman said, "We are very proud of Woodland and have been pleased to be a part of the West Michigan community for the last 37 years. This sale was driven in part by PREIT's desire to capitalize on the strong demand for retail properties. It is part of our plan to recycle capital for growth."