|View printer-friendly version|
|Simon Property Group Acquires 50% Stake in Santa Rosa's Coddingtown Mall|
INDIANAPOLIS, Nov. 22 /PRNewswire-FirstCall/ -- Simon Property Group, Inc. ("Simon") (NYSE: SPG), announced today that it has acquired a 50% interest in Coddingtown Mall from Codding Enterprises, a holding company for the Codding family. The cost to acquire this 50% ownership interest was approximately $37 million, including the assumption of approximately $10.5 million of existing mortgage debt.
Coddingtown Mall is an 827,000 square-foot center located in Santa Rosa, CA, approximately 1.5 miles from Simon's Santa Rosa Plaza. The mall is anchored by JCPenney, Macy's, and Gottschalk's.
"We're pleased to add Coddingtown Mall to our portfolio and are excited to have the opportunity to work with the Codding family to enhance the value of this asset," said David Simon, Chief Executive Officer of Simon. "The center is very well located and we believe that we can add value through the execution of various redevelopment activities."
Simon Property Group, Inc., headquartered in Indianapolis, Indiana, is a real estate investment trust engaged in the ownership, development and management of retail real estate, primarily regional malls, Premium Outlet(R) centers and community/lifestyle centers. The Company's current total market capitalization is approximately $39 billion. Through its subsidiary partnership, it currently owns or has an interest in 298 properties in the United States containing an aggregate of 203 million square feet of gross leasable area in 40 states plus Puerto Rico. Simon also owns interests in 51 European shopping centers in France, Italy, and Poland; 5 Premium Outlet(R) centers in Japan; and one Premium Outlet(R) center in Mexico. Additional Simon Property Group information is available at http://www.simon.com .
SOURCE Simon Property Group, Inc.