Former Simon exec sentenced in mail fraud scheme
Carmel resident Mark Palombaro received a sentence of 18 months in a federal prison for perpetrating a construction kickback scheme in Pennsylvania that prosecutors say netted him $766,000.
Carmel resident Mark Palombaro received a sentence of 18 months in a federal prison for perpetrating a construction kickback scheme in Pennsylvania that prosecutors say netted him $766,000.
The signs at the entrances of the Mounds Mall in Anderson state that, "For the safety & well-being of everyone, please lower your hoodie.”
Simon Property Group Inc. has chosen the name for its planned spinoff of strip shopping centers and smaller enclosed malls, and hired Mark Ordan to be the new company’s CEO.
Kite Realty Group Trust will remain in Indianapolis after the purchase, which will balloon its holdings to 131 properties covering 20 million square feet of shopping center space in 26 states.
Stephen Sterrett joined the predecessor to Simon Property Group Inc. in 1989, before the retailing giant went public in 1993 and eventually became the world’s largest mall developer.
Occupancy in Simon’s malls climbed to 96.1 percent in the fourth quarter, up from 95.3 percent in the year-ago period as total sales per square foot increased to $582 from $568.
Marcus & Millichap listed the property at 701 E. Main St., which brought nearly $3.6 million, or 95 percent of the asking price.
A joint venture involving a Memphis-based developer has purchased the shopping center in Plainfield and plans to invest millions to update the troubled property. A name change also is a possibility.
Three prominent restaurant chains, including one developed by Bobby Flay, and a health club franchise are eying the vacant space formerly occupied by Nordstrom in Circle Centre.
Compared with last December, shoppers are more choosy this year and holding back on spending at brick-and-mortar locations. But even online sales are running below their expected growth rate.
A major supermarket chain is hoping to expand into the Indianapolis market, starting with an anchor position in a mixed-use project under construction in Carmel.
The locally based retail giant confirmed Friday morning that its new spinoff will be headquartered in Indianapolis. Several of Simon’s properties in the area will be among the new portfolio, including Clay Terrace in Carmel.
Retailers got Americans into stores during the start to the holiday shopping season. Now, they'll need to figure out how to get them to actually buy things.
Faced with smaller crowds of less confident consumers, as well as six fewer days between Thanksgiving and Christmas than last year, retailers are pouring on margin-eating discounts to grab market share.
Since the recession began in late 2007, stores have had to offer financially-strapped Americans ever bigger price cuts just to get them into stores. But those discounts eat away at profit.
An online petition drive launched by employees of stores in Simon properties urges the company to rethink a decision to open its malls at 8 p.m. on Thanksgiving. One petition so far has gathered nearly 18,000 signatures.
The local rest estate investment firm says it will use some of the proceeds to repay debt and the rest to fund part of its recent $307 million purchase of nine Southern retail properties.
The Indianapolis-based real estate firm said the properties total 2 million square feet and are mostly located in Florida, Georgia and Texas. The acquisition would bump the size and value of Kite’s portfolio by about 20 percent.
A years-long fight between Marion County and mall developer Simon Property Group Inc. has moved to the Indiana Tax Court as a judge weighs vastly different estimates of the values of Lafayette Square Mall and Washington Square Mall.
The Michigan-based owner of the Indiana mattress stores plans to take them upscale with a signature sleep-diagnostic system.