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Monday, December 10, 2012
Simon Property purchases new Grand Prairie outlet retail center
Shopping center developer and investor Simon Property Group said Wednesday that it has acquired full ownership of Paragon Outlets Grand Prairie in Grand Prairie.
The $100 million shopping center – which opened this summer on Interstate 20 – has 417,000 square feet of space and is anchored by tenants including Saks Fifth Avenue OFF 5TH, Bloomingdale’s The Outlet Store, Coach, Cole Haan, DKNY, Hugo Boss, Kate Spade New York, J.Crew, Michael Kors, Nike and Tommy Hilfiger.
The project is fully leased and will be renamed Grand Prairie Premium Outlets.
The Grand Prairie retail center was a project of developer Paragon Outlet Partners.
Indianapolis-based Simon also bought full ownership in a Paragon outlet center in Livermore Valley, California.
Financial terms of the transaction were not disclosed.
“The projects have been very well received by merchants and shoppers, they are wonderful additions to our business, and they will be immediately accretive to our earnings,” John R. Klein, President of Simon’s Premium Outlets , said in a statement.
Grand Prairie and Livermore were excluded from the sale of Prime Outlets to Simon in 2010 before the Federal Trade Commission review of the acquisition. At the time, both were land awaiting development.
Paragon Outlets was formed by former Prime Outlet management and their only assets were the two future developments at the time.
In addition to Premium Outlets, Simon previously purchased two other big outlet center operators, Chelsea and Mills.
With the acquisition of the new Grand Prairie center, Simon will own the three largest outlet centers in Dallas-Fort Worth including Allen Premium Outlets and Grapevine Mills.
In Texas, Simon also owns one of two major centers in San Marcos; four Premium Outlets, including one in Allen, and Mills malls in Grapevine and Katy.
Staff writer Maria Halkias contributed to this report.