Jan. 3, 2013
/PRNewswire-FirstCall/ -- Simon Property Group, Inc. ("Simon") (NYSE: SPG) and Institutional Mall Investors ("IMI"), the co-investment venture owned by an affiliate of Miller Capital Advisory, Inc. and The California Public Employees' Retirement System ("CalPERS"), today announced that they have formed a joint venture to own and operate The Shops at
Mission Viejo, California
, and Woodfield Mall in the
. Simon and IMI will each own 50% of Woodfield. Simon will own 51% of
and IMI will own the remaining 49%. Simon is providing management and leasing services to the joint venture.
Prior to formation of the joint venture, Simon owned 100% of The Shops at
and IMI owned 100% of Woodfield Mall. The Shops at
is a 1.2 million square foot center anchored by Nordstrom and Macy's. Woodfield Mall is a 2.2 million square foot center anchored by Nordstrom, Macy's, Lord & Taylor, JCPenney and Sears.
The Shops at
is currently unencumbered, however, the joint venture expects to place a mortgage on the property in the next two weeks. Woodfield Mall is encumbered by a
mortgage loan which matures in March of 2024 and bears interest at 4.5%.
"As a result of this transaction, we have added the iconic Woodfield Mall to our portfolio," said
, Chairman and CEO of Simon Property Group. "This premier mall is located in one of the country's largest markets and we welcome the opportunity to enhance its productivity and value through our leasing and management efforts."
, President and CEO of Miller Capital Advisory said, "We are pleased to expand our strategic relationship with Simon – other malls owned jointly include The Galleria® in
; The Fashion Centre at Pentagon City in
; and The
White Plains, New York
. The transaction also increases our presence in the important
market with the addition of The Shops at
to our collection of high quality retail properties."
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 329 retail real estate properties in
comprising 243 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
Institutional Mall Investors
Institutional Mall Investors ("IMI") is a co-investment venture owned by an affiliate of Miller Capital Advisory, Inc. ("MCA") and CalPERS, the nation's largest public pension fund. MCA serves as investment manager for IMI.