In a notable development, Taubman Centers, Inc.TCO has embarked on $500 million overall transformation of Beverly Center, the world-renowned iconic shopping destination. Re-envisioning of the center, catering to the needs of the 21st century inhabitants of Los Angeles and capturing the spirit of the next generation amid the city's economic resurgence, is indeed a tremendous investment made by this Bloomfield Hills, MI-based retail real estate investment trust ("REIT").
Beverly Center will remain open during the construction time and the renovation work is slated to be completed by 2018. The main focus areas include setting up a bright, contemporary and highly accessible exterior and interior, making provision for easy arrival, departure and parking facilities, and offering a flawlessly curated retail chain and superior dining experience.
Taubman owns, develops, manages, acquires and operates regional and super-regional shopping centers throughout the U.S. Transformation of the iconic Beverly Center is anticipated to bring in huge investments, create many job opportunities and spur economic activities.
Taubman currently carries a Zacks Rank #3 (Hold). Investors interested in the REIT industry may also consider stocks like National Retail Properties, Inc. NNN , Realty Income Corporation O and Regency Centers Corporation REG . All these stocks hold a Zacks Rank #2 (Buy).