Simon Property Group And Paragon Outlet Partners To Develop Charlotte Premium
INDIANAPOLIS, Oct. 18, 2012
INDIANAPOLIS, Oct. 18, 2012 /PRNewswire/ -- Simon Property Group, Inc.
(NYSE:SPG), the world's leading retail real estate company, and Paragon Outlet
Partners, a commercial real estate development firm headquartered in
Baltimore, announced today the parties have signed a letter of intent (LOI) to
jointly develop Charlotte Premium Outlets®.
Projected to open in 2014, the outlet center will be 400,000 square feet and
will house approximately 100 designer and name brand stores. It will be
located in Stallings, NC, at Interstate 485 and Idlewild Road. The project,
which is expected to break ground during spring 2013, is a 50/50 joint venture
between Simon Property Group and Paragon Outlet Partners.
"We're pleased to be partnering with Paragon Outlet Partners to develop this
project in a market that Simon knows so well and in which we've had so much
success," said John R. Klein, president of Simon's Premium Outlets division,
alluding to SouthPark and Concord Mills, both located in Greater Charlotte.
"We look forward to bringing an outstanding collection of many of the finest
designers and name brands, offering value, quality and selection in one
high-quality outlet center to the marketplace."
Commenting on the new agreement, Robert Brvenik, principal, Paragon Outlet
Partners said, "We are excited to be working together with Simon to deliver a
new outlet shopping destination for fashion and value-oriented consumers who
both reside and visit the Charlotte region."
About Simon Property Group
Simon Property Group, Inc. (NYSE:SPG) is an S&P 100 company and the largest
real estate company in the world. The Company currently owns or has an
interest in 332 retail real estate properties in North America and Asia
comprising 241 million square feet. We are headquartered in Indianapolis,
Indiana and employ approximately 5,500 people in the U.S. For more
information, visit the Simon Property Group website at www.simon.com.
Simon's Premium Outlets portfolio features 72 Premium Outlet Centers®
including 59 in the United States, one in Puerto Rico, eight in Japan, two in
Korea, one in Malaysia and one in Mexico. Its industry-leading properties
include Woodbury Common Premium Outlets (New York City), Orlando Premium
Outlets, Desert Hills Premium Outlets (Palm Springs, California), Las Vegas
Premium Outlets and Wrentham Village Premium Outlets (Boston).
About Paragon Outlet Partners
Headquartered in Baltimore, Paragon Outlet Partners is a commercial real
estate development firm operated by a seasoned team of former Prime Retail
executives with outlet center development projects serving the Dallas/Fort
Worth and San Francisco regions along with a retail and entertainment complex
in the Orlando market. Its parent company, The Lightstone Group, is one of
the largest privately held real estate companies in the U.S. with a
diversified portfolio of retail, hospitality, office, industrial and
residential real estate assets, including more than 8.1 million square feet of
commercial space and more than 11,000 multi-family units in 19 states. For
more information, visit www.paragonoutlets.com.
SOURCE Simon Property Group, Inc.
Contact: Michele Rothstein, Premium Outlets, +1-973-228-6111,
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