, Dec. 5, 2012 /PRNewswire-FirstCall/ -- Simon Property Group, Inc. ("Simon") (NYSE:SPG) announced today that it has completed the acquisition of Paragon Outlets Grand Prairie in
Grand Prairie, Texas
and Paragon Outlets Livermore Valley in
. Simon now owns 100% of each asset.
The 417,000 square foot
center, serving the
metropolitan area, is home to more than 100 leading designer and name brand outlet stores including Saks Fifth Avenue OFF 5TH,
's The Outlet Store, Coach,
, Kate Spade New York, J.Crew, Michael Kors,
Nike and Tommy Hilfiger
. The center opened in August of 2012 and is 100% leased.
The 512,000 square foot
center, located in the affluent East Bay area of
, is home to 130 leading designer and name brand outlet stores including Saks Fifth Avenue OFF 5TH,
's The Outlet Store, Last Call by
, Armani, Barneys New York, Coach, DKNY,
, Kate Spade New York, J.Crew, Lacoste, Michael Kors,
Prada and Tommy Hilfiger
. The center opened in November of 2012 and is 100% leased.
Simon has assumed management responsibilities and the centers will be renamed Grand Prairie Premium Outlets® and Livermore Valley Premium Outlets®.
"We are pleased to add these two highly productive centers to our portfolio," said
John R. Klein
, President of Simon's Premium Outlets platform. "The projects have been very well received by merchants and shoppers, they are wonderful additions to our business, and they will be immediately accretive to our earnings."
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 331 retail real estate properties in
comprising 241 million square feet. We are headquartered in
and employ approximately 5,500 people in the U.S. For more information, visit the Simon Property Group website at
SOURCE Simon Property Group, Inc.