Simon subsidiary to acquire University Village in Seattle
Simon Property Group is adding a longstanding center in the Pacific Northwest to its portfolio.
A subsidiary of the real estate giant has entered into an agreement to purchase University Village, a nearly 600,000-sq.-ft. open-air shopping center in Seattle, located north of downtown and near the University of Washington.
First opened in 1956, University Village has been owned by Stuart Sloan, businessman and former owner and chairman of grocery chain QFC, since 1993. The transaction is expected to close in the fourth quarter of 2026, subject to the satisfaction of customary closing conditions. A sale price was not disclosed.
The property features more than 100 tenants, including Apple, RH Gallery, Crate & Barrel, Room & Board, Sézane, Lululemon, Aritzia, Vuori, and Din Tai Fung, as well as local boutiques, restaurants and other businesses.
"More than 30 years ago, we set out to create more than a retail space – we envisioned Seattle's finest neighborhood gathering place, where local and regional small businesses could thrive alongside quality national brands and families could come together,” said Susie Plummer, partner and general manager of University Village. “Looking back, we are deeply grateful.”
University Village will add to Simon’s roster of malls in the Evergreen State. The company owns and operates Columbia Center (Kennewick), North Bend Premium Outlets (North Bend), Seattle Premium Outlets (Tulalip), Tacoma Mall (Tacoma) and The District at Northgate (Seattle).
"University Village is an exceptional retail destination, and we are pleased to welcome it to our portfolio," said Eli Simon, CEO, president and chief operating officer of Simon Property Group. "This acquisition underscores our focus on owning distinctive, high-quality assets in strong markets. We look forward to building on the center's success for shoppers, retailers, and the greater Seattle community."
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Headquartered in Indianapolis, Simon is a real estate investment trust engaged in the ownership of premier shopping, dining and entertainment mixed-use destinations, with roughly 200 properties across North America, Europe and Asia.
