Shopping Centers

French mall operator looks to Simon for know-how

March 23, 2012
Bloomberg News
Simon Property Group Inc.’s cutting-edge experience as the biggest U.S. mall owner will help Klepierre SA boost rental income at its shopping centers, the French company’s CEO says.
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Simon Property Group goes on $3.5B mall spending spree

March 8, 2012
 IBJ Staff and Bloomberg News
The Indianapolis mall owner is expanding its global profile, agreeing to buy a controlling stake in a French firm with a 271-property European portfolio. Simon also is buying out a partner in its Mills portfolio closer to home.
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Castleton Square Mall lands Borders replacement

February 28, 2012
Cory Schouten
Forever 21, a privately held California-based chain, has begun converting the roughly 25,000-square-foot former bookstore at the south entrance to the mall and is targeting a summer opening.
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Simon quarterly results improve as sales increase at malls

February 3, 2012
Simon Property Group Inc., the largest U.S. shopping-mall owner, reported a 6.3-percent gain in fourth-quarter funds from operations as income from rents rose.
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Circle Centre again suing Bella Vita over unpaid rent

January 30, 2012
Scott Olson
Landlord Circle Centre Mall LLC is suing the restaurant over $77,275.24 in unpaid rent, according to court documents. Circle Centre also sued Bella Vita in June 2010 over $96,523.23 in overdue rent.
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Super Bowl plans set for former Nordstrom space

January 17, 2012
Scott Olson
An after-hours nightclub and a sports apparel shop operated by Indianapolis-based Lids Sports Group will occupy much of the space, dubbed "The Huddle," during the festivities starting on Jan. 27.
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Pendleton Pike Kmart, Anderson Sears on closing list

December 29, 2011
 IBJ Staff and Associated Press
Sears Holding Co. said Thursday it will close a Kmart store on Pendleton Pike in Indianapolis and a Sears department store in Anderson as part of a round of closures.
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Sears closings shouldn't be big problem for Simon

December 29, 2011
Kathleen McLaughlin
Simon Property Group has more shopping malls with Sears as a tenant than any other landlord, but any closings are likely have a negligible effect on the Indianapolis-based real estate company's overall earnings, an analyst says.
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Bargain hunters divided holiday shopping season

December 29, 2011
Associated Press
The holiday shopping season turned out to be two seasons: the Black Friday binge and a last-minute surge before Christmas. Together, they added up to decent sales gains for most retailers.
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Up to 120 Sears, Kmart stores set for closure

December 27, 2011
 IBJ Staff and Associated Press
Between 100 and 120 Sears and Kmart stores will be closed, the retailer said Tuesday, after terrible holiday sales during what is the most crucial time of the year for retailers.
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Police called to control rowdy shoe shoppers

December 23, 2011
Local police were called to two Indianapolis malls to control crowds waiting to purchase the newest generation of Air Jordan basketball shoe. Similar incidents have been reported nationwide.
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Malls see big changes just in time for holidaysRestricted Content

December 3, 2011
Cory Schouten

New stories have debuted at malls across the Indianapolis area. Many are pop-up shops eager to capitalize on holiday shoppers and the Super Bowl crowds.

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Thanksgiving weekend retail sales jump to record $52.4B

November 27, 2011
Bloomberg News
U.S. retail sales during Thanksgiving weekend climbed 16 percent to a record, as shoppers flocked to stores earlier and spent more, according to the National Retail Federation. Sales totaled $52.4 billion, and the average shopper spent $398.62 over the holiday weekend, up from $365.34 a year earlier.
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Washington Square owner Simon not paying on $12.8M loanRestricted Content

November 26, 2011
Cory Schouten
Traffic is low and vacancies are high at Washington Square Mall, the most troubled local property for Indianapolis-based mall giant Simon Property Group Inc.
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Bank hits Centre Properties with $43M suitRestricted Content

November 19, 2011
Scott Olson
Three local strip centers owned by longtime Indianapolis developer Centre Properties are the target of a $43 million foreclosure lawsuit brought by the real estate firm’s lender.
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Simon widow loses another battle in estate fight

November 17, 2011
Michael W. Hoskins, Cory Schouten
The Indiana Court of Appeals ruled Bren Simon doesn't have legal standing to challenge a judge's decision not to recuse himself from overseeing the court fight over her late husband Melvin's $2 billion estate.
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Fashion Mall getting big upgradeRestricted Content

November 5, 2011
Cory Schouten
A multimillion-dollar makeover now under way at The Fashion Mall at Keystone will add an upscale food court and about 20 stores, many of them new to Indianapolis.
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Rivers Edge spawns new retail center across 82nd StreetRestricted Content

October 29, 2011
 IBJ Staff
Veritas Realty is betting more restaurants and retailers are interested in opening stores near Nordstrom Rack and The Container Store.
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Retail trade group sees modest holiday sales gain

October 6, 2011
Associated Press
The National Retail Federation, the nation's largest retail trade group, expects winter holiday sales to rise 2.8 percent, to $465.6 billion this year.
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Parking already at a premium at Rivers Edge shopping centerRestricted Content

October 1, 2011
Cory Schouten
The 617 parking spaces at the newly renovated Rivers Edge shopping center meet the minimum commercial-zoning allotment—but just barely.
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Circle Centre resolves lease dispute with Cinnabon

September 26, 2011
An attorney for the downtown Indianapolis mall has filed to dismiss the complaint, saying the two sides have resolved the dispute through an out-of-court settlement.
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Owner finding new tenants for former Macy'sRestricted Content

September 17, 2011
Cory Schouten
High-end custom homebuilder Moussa Khoury and a partner bought the former Macy's store at Washington Square Mall in 2009 for about $775,000. They paid cash since commercial lending had vanished. Two years later, the investment has begun paying off.
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Receiver appointed in $16.8M foreclosure suit

August 29, 2011
Scott Olson
Lender Merrill Lynch Mortgage Trust is foreclosing on several Indianapolis commercial properties, including two retail centers, owned by Greenwood developer Presnell Cos.
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Circle Centre wants Cinnabon out of mall

August 29, 2011
Scott Olson
A lawsuit filed by the downtown Indianapolis mall accuses Cinnaworks LLC, a franchisee of Cinnabon, of failing to pay its $6,751-per-month rent.
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Former Nordstrom space could find Super Bowl use

August 2, 2011
Scott Olson
The massive space in Circle Centre mall vacated by high-end retailer Nordstrom could be used to host corporate events surrounding the big game.
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  1. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  2. If you only knew....

  3. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

  4. The facts contained in your post make your position so much more credible than those based on sheer emotion. Thanks for enlightening us.

  5. Please consider a couple of economic realities: First, retail is more consolidated now than it was when malls like this were built. There used to be many department stores. Now, in essence, there is one--Macy's. Right off, you've eliminated the need for multiple anchor stores in malls. And in-line retailers have consolidated or folded or have stopped building new stores because so much of their business is now online. The Limited, for example, Next, malls are closing all over the country, even some of the former gems are now derelict.Times change. And finally, as the income level of any particular area declines, so do the retail offerings. Sad, but true.

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