Indianapolis-based mall owner Simon Property Group is among the retailer’s largest unsecured creditors; it is owed more than $3 million in rent payments.
A 33-year-old Simon becomes force inside family company
Eli Simon, whose grandfather and great-uncles founded Simon Property Group more than a half-century ago, is quietly emerging as a key executive in the retail real estate empire.Read More
Simon strikes rent deal to keep Ann Taylor, Loft and Lane Bryant stores open
New York City-based RCS said the agreement Simon Property Group made with Premium Apparel LLC will keep all 235 stores in Simon malls open.Read More
Mall giant Simon saw profit drop last year due to pandemic
Indianapolis-based Simon said it lost about 20% of its total shopping days last year at its U.S. malls because of government-mandated shutdowns related to the pandemic.Read More
Simon Youth Academy, an alternative high school in Indianapolis Public Schools, was created to help juniors and seniors in danger of dropping out. This year, 62 students earned diplomas from the school based in Circle Centre mall—the most in its six-year history.
The Indianapolis-based mall operator said it’s seeing good early results from J.C. Penney, which Simon and a group of co-investors purchased out of bankruptcy in December.
Property management firm JLL sent a letter, dated April 21, to tenants to inform them that it had taken over mall management and said it is in the process of hiring a general manager for the property.
Washington Prime Group, a Simon Property Group spinoff that owns several other local shopping centers, barely missed defaulting on a $23.2 million interest payment this week before securing a forbearance agreement that ends on March 31.
Simon Property Chairman and CEO David Simon will serve as chairman of the special purpose acquisition company. His 33-year-old son, Eli Simon, senior vice president of corporate investments at Simon Property, will be its CEO.
The Great American Songbook Foundation said it is nearing the sale of its 107-acre Asherwood estate in Carmel to a private individual and a developer that wants to turn part of the property into an estate community.
The new owners of JC Penney replaced CEO Jill Soltau less than a month after re-launching the department store chain that went bankrupt during the pandemic.
Among the companies losing ground Tuesday was Indianapolis-based Simon Property Group Inc., which fell 2.6% after the shopping mall operator completed its $3 billion purchase of an 80% stake in rival Taubman Centers.
Indianapolis-based shopping mall giant Simon Property Group will reinstate the pay of executives and board members who had been working under pandemic-related pay cuts since spring, the company announced Monday.
Simon, the nation’s largest mall owner, had said in February that it would pay $3.6 billion for 80% of Michigan-based Taubman Centers Inc. But it announced in June it wanted out of the deal, a stance that landed the companies in court.
Simon Property Group, which is expected to acquire J.C. Penney out of bankruptcy with partners in an agreement approved Monday, reported third-quarter results that fell short of Wall Street expectations.
Pennsylvania Real Estate Investment Trust and CBL & Associates Properties Inc. sought protection from creditors Sunday, citing pandemic-induced pressures. The two REITs account for about 87 million square feet of real estate across the U.S.
The closure of so many mall stores will be a blow to Indianapolis-based shopping center giant Simon Property Group. Gap Inc. has more than 390 stores at Simon’s malls, including its namesake brand, Old Navy and Banana Republic.
Substantially all of J.C. Penney’s retail and operating assets will be acquired by Indianapolis-based Simon Property Group and Brookfield Asset Management Inc. and through a combination of cash and new term-loan debt.
The media is fascinated by what he’s up to, as the nation’s largest shopping mall owner teams with partners to buy ailing retail chains while negotiating with Amazon to fill vacant anchor spaces with distribution centers.
Indianapolis-based shopping mall giant Simon Property Group announced Monday that it plans to join the growing retail trend of not being open on Thanksgiving Day.
The tentative rescue deal, which would preserve about 70,000 jobs, includes a $300 million equity investment by landlords Simon Property Group and Brookfield Property Partners, a lawyer for J.C. Penney said at a Wednesday bankruptcy hearing in Texas.
J.C. Penney filed for bankruptcy May 15, part of a wave of already-struggling merchants undone by the pandemic. Simon Property, Brookfield Property Partners and Authentic Brands Group were in talks to buy the retailer.
News of the $140 million deal comes in the same week that Simon Property Group and Authentic Brands Group agreed to acquire legendary clothier Brooks Brothers.