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.