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|Simon Property Group Acquires The Shops at Las Americas|
INDIANAPOLIS, Aug. 23 /PRNewswire-FirstCall/ -- Simon Property Group, Inc. (NYSE: SPG), the country's largest owner, developer and manager of high quality retail real estate, announced today that it has completed the acquisition of The Shops at Las Americas, an upscale outlet center in Southern California, from a joint venture between Stoltz Real Estate Partners and institutional investors advised by Pacific Coast Capital. The center will be renamed Las Americas Premium Outlets(R) and will be managed and operated by Simon's Chelsea outlet subsidiary.
The Shops at Las Americas is located at the San Diego-Tijuana border off Interstate 5 in San Diego County. The 560,000 square-foot outlet center, a popular destination for Southern California residents and visitors as well as Mexican nationals, has 125 stores including Banana Republic Factory Store, Coach, Gap Outlet, Kenneth Cole, Neiman Marcus Last Call, Nike Factory Store and Polo Ralph Lauren Factory Store.
"The Shops at Las Americas is one of the most successful outlet centers in its market and - in combination with Desert Hills, Camarillo and Carlsbad Premium Outlets - solidifies our presence in Southern California," said John R. Klein, co-president of Chelsea. "We are very pleased," Klein continued, "to include it in the Chelsea portfolio and to have the opportunity to add value through our strengths in leasing, operations and marketing."
Simon Property Group, Inc. is an S&P 500 company and the largest public U.S. real estate company. Simon is a fully integrated real estate company which operates from five retail real estate platforms: regional malls, Premium Outlet Centers(R), The Mills(R), community/lifestyle centers and international properties. It currently owns or has an interest in 380 properties comprising 258 million square feet of gross leasable area in North America, Europe and Asia. The Company is headquartered in Indianapolis, Indiana and employs more than 5,000 people worldwide. Simon Property Group, Inc. is publicly traded on the NYSE under the symbol SPG. For further information, visit the Company's website at www.simon.com.
SOURCE Simon Property Group, Inc.