Simon Property Group

PLANO, Texas — JCPenney has sold its interest in Simon Property Group, L.P. back to Simon Property Group Inc. for $248 million in cash, helping the company get back on financial track.

Springfield, Pa. -- Ulta Beauty said it will open at Springfield (Pa.) Mall in fall 2012.

The 10,328-sq.-ft. store will feature a full-service salon in addition to its customary offerings, and will join anchors Macy’s and Target along with more than 70 specialty retailers at the center.

Springfield Mall is owned by Pennsylvania Real Estate Investment Trust (PREIT) and Simon Property Group.
 

Lawrenceville, Ga. – Indianapolis-based Simon Property Group said that Crazy 8 will open a store at its Discover Mills property, Atlanta’s largest outlet, value retail and entertainment destination.

Gymboree Corp.’s Crazy 8, slated to open this fall, will join newly announced tenant Old Navy Outlet at the center.

Discover Mills features more than 180 retailers, as well as four full-service restaurants and entertainment venues.
 

Hanover, Md. -- Simon Property Group said that Maryland Live! Casino has opened at its Arundel Mills outlet, value retail, dining and entertainment destination in Hanover, Md.

The new $500 million gaming and entertainment destination was developed by Baltimore-based real estate developers and casino operators, The Cordish Cos.

Merrimack, N.H. -- Indianapolis-based Simon Property Group said Thursday that it has opened Merrimack Premium Outlets, an upscale outlet shopping center serving the Greater Boston and Nashua markets.

Indianapolis -- Simon Property Group said Thursday that 100% of its enclosed regional malls and Mills value properties now offer waste recycling to merchants.

"The fact that every one of our enclosed properties is now recycling cardboard is an accomplishment that makes us proud," said George Caraghiaur, senior VP energy and procurement at SPG, who coordinates the company's sustainability efforts. Caraghiaur also noted that pilot programs are underway for plastic film recycling and composting of food waste.

Indianapolis -- Simon Property Group announced that it has acquired 50% of Silver Sands Factory Stores, an outlet shopping destination located in Destin, Florida. Howard Group, developer of the center, will remain 50% owner of the center. Simon will assume primary responsibility of leasing and management duties.

The 465,000-sq.-ft. Silver Sands center is home to over 100 stores including Ann Taylor Factory Store, Coach, Cole Haan, J.Crew, Kenneth Cole, Michael Kors, Nike and Saks Fifth Avenue Off 5th.
 

Indianapolis -- Simon Property Group, along with Calloway REIT and SmartCentres, have announced plans to develop their second Premium Outlet Center in Canada. 

The center will be located in the Town of Mirabel, Quebec, approximately 20 miles north of Montreal.  The project, called Montreal Premium Outlets, is a joint venture between Simon, Calloway and SmartCentres. Simon will own 50% of the project.

Woodbridge, Va. -- Indianapolis-based The Mills, a Simon Property Group company, said that Potomac Mills, the largest outlet and value retail shopping destination in Virginia, will soon expand its footprint with the addition of an exterior transformation and two new restaurants: The Cheesecake Factory and Bobby’s Burger Palace.

The project also includes the relocation of Saks Fifth Avenue Off 5th and the introduction of Buybuy Baby and Christmas Tree Shops.

Indianapolis -- Simon Property Group announced that Saks Fifth Avenue Off 5th will open a total of seven new stores in the next two years in its Premium Outlets division, including new centers and existing centers.