Simon Property Group to Expand Four Premium Outlets® Properties
- Over 450,000 Square Feet of Space to be Added to Four of Country's Most Productive Outlet Centers -
- Construction to Start in 2012 -
INDIANAPOLIS, Aug. 2, 2011 /PRNewswire/ -- Simon Property Group, Inc. (NYSE: SPG), the country's largest owner, developer and manager of high quality retail real estate, announced that its Premium Outlets® division will expand four of its most productive Premium Outlet properties located in California, Florida, Illinois and Washington. Construction on these expansions is scheduled to begin in 2012.
These four expansions, totaling an aggregate of 450,000 square feet, reflect the high level of demand for rental space in the country's most successful outlet centers from leading designers and brands. It is also reflective of value-oriented consumers' desire to have large collections of stores from which to choose when visiting destination outlet centers.
A 140,000 square foot expansion is planned for Desert Hills Premium Outlets, Cabazon, California, which will bring this Southern California retail destination to approximately 640,000 square feet. The center, located just west of Palm Springs, is one of the country's most successful outlet centers with sales approaching $1,000 per square foot. It currently has 130 stores and one of the most upscale collections of brands in the outlet industry including Bottega Veneta, Brunello Cucinelli, Dior, Dolce & Gabbana, Giorgio Armani, Gucci, Jimmy Choo, Prada, Saks Fifth Avenue Off 5th, Salvatore Ferragamo, Tod's and Tory Burch.
Widely considered among the most productive outlet centers in the world with sales exceeding $1,300 per square foot, an 80,000 square foot expansion is planned for Orlando Premium Outlets – Vineland Ave, which will bring this destination shopping venue to approximately 630,000 square feet. The center, located off Interstate 4 midway between Walt Disney World and SeaWorld, includes such outstanding tenants as Burberry, CH Carolina Herrera, Coach, Cole Haan, DKNY, Dooney & Bourke, Etro, Elie Tahari, Fendi, Giorgio Armani, Hugo Boss, Lacoste, Nike, Polo Ralph Lauren, Roberto Cavalli, Salvatore Ferragamo, Theory, Tod's, Tommy Hilfiger and Zegna.
Located in fast-growing Aurora, Illinois only 30 miles west of the Loop in Chicago, Chicago Premium Outlets features Ann Taylor, Banana Republic, Coach, Elie Tahari, Gap Outlet, Giorgio Armani, J.Crew, Kate Spade New York, Kenneth Cole, Lacoste, Nike, Polo Ralph Lauren, Salvatore Ferragamo, Sony, Theory and Vera Bradley among its 120 stores. The center currently produces sales of $700 per square foot. After the 130,000 square foot expansion, the center will total approximately 570,000 square feet.
Built in 2005, Seattle Premium Outlets has been such a success that there is demand for an expansion of 100,000 square feet. The center is located on the Tulalip Indian Reservation next to the Tulalip Resort Casino, 35 miles north of downtown Seattle, and currently produces sales in excess of $700 per square foot. After the expansion, Seattle Premium Outlets will total approximately 500,000 square feet. Its collection of 120 stores includes Adidas, Ann Taylor, Banana Republic, BCBG Max Azria, Burberry, Calvin Klein, Coach, Cole Haan, DKNY, Elie Tahari, J.Crew, Joe's Jeans, Kenneth Cole, Lacoste, Nike, Polo Ralph Lauren, Restoration Hardware and Tommy Hilfiger.
"We are pleased to be able to offer the tenant community so many choices for new store locations. These four outlets are extremely productive assets and with great retailer demand," noted John R. Klein, president of the Simon Premium Outlets platform.
About Simon Property Group
Simon Property Group, Inc. is an S&P 500 company and the largest real estate company in the U.S. The Company currently owns or has an interest in 392 retail real estate properties comprising 263 million square feet of gross leasable area in North America, Europe and Asia. Simon Property Group is headquartered in Indianapolis, Indiana and employs more than 5,000 people worldwide. The Company's common stock is publicly traded on the NYSE under the symbol SPG. For further information, visit the Simon Property Group website at www.simon.com.
Simon's outlet portfolio comprises 69 Premium Outlet Centers® including 57 in the United States, one in Puerto Rico, eight in Japan, two in Korea and one in Mexico. Premium Outlet Centers in the United States are located primarily in or near major metropolitan markets such as New York, Los Angeles, Boston and Chicago and visitor markets such as Orlando, Las Vegas and Palm Springs.
SOURCE Simon Property Group, Inc.