Mililani master developer Castle & Cooke has sold the community's largest shopping center, the Town Center of Mililani, to the nation's largest institutional real-estate investor.

New York-based financial services firm TIAA-CREF bought the 450,000-square-foot center anchored by Wal-Mart for an undisclosed price in a deal completed last week.

TIAA-CREF appointed Honolulu commercial real-estate firm Colliers Monroe Friedlander to take over management and leasing operations, but no major changes are expected otherwise.

"There is no significant vacancy, and physically it is in great shape," said James Piane, Colliers chief executive officer.

California-based Castle & Cooke had put the center up for sale along with roughly $700 million of commercial property in several states in a bid to capitalize on high investor demand for real estate.

TIAA-CREF, a leader in insurance and retirement industries, also touts itself as the largest institutional real-estate investor in the nation, with $59 billion in direct or indirect property investments worldwide.

The Town Center of Mililani is estimated to have sold for more than $75 million, its value for city property-tax purposes.

The center has about 100 tenants, including Star Market, Longs Drug, a 14-screen theater, City Mill, Chili's Grill & Bar, Ruby Tuesday and the University of Phoenix.

Reach Andrew Gomes at agomes@honoluluadvertiser.com.