Taubman Centers, owner and operator of malls and shopping centers across the U.S., announced today that it would sell seven of its 24 shipping center properties, including Fairlane Town Center in Dearborn, which first opened in 1976.

The properties are being purchased by Starwood Capital Group, a global private investment firm. Starwood will pay $785 million in cash and assume $620 million in debt, according to a statement Wednesday from the companies.

It isn’t yet clear what the new owners of Fairlane will change at the mall, if anything.

While Fairlane isn’t the draw it once was to many Dearbornites, the mall does deserve credit for keeping the facility in great shape over its 38 year existence.