Sacramento, Calif.-based California Public Employees' Retirement System has agreed to invest more than $500 million for a 50-percent stake in Woodfield Mall in Schaumburg, according to a Crain's Chicago Business report Wednesday.
The property is valued at about $1 billion, the report said.
"We are working with our partner, Miller Capital, on this deal," said CalPERS spokesman Joe DeAnda. "However, it is still pending, and there is not a lot more we can add until the deal closes."
The 41-year-old shopping mall has nearly 300 stores and 2.3 million square feet, anchored by Macy's, Nordstrom, Lord & Taylor, JCPenney and Sears.
Spokesmen for Woodfield did not return calls for comment.