SIMON PROPERTY GROUP
America's largest shopping MALL MAKER was formed in Indianapolis, Indiana in 1960. The company, known at the time as Melvin Simon & Associates, started out -as did many of our MALL MAKERS- developing small, strip-type shopping centers.
The first fully-owned Simon complex, SOUTHGATE PLAZA, opened in Bloomington, Indiana in 1960. Forming a joint venture with Chicago-based retailer Montgomery Ward, Simon built their first department store-anchored (and partially-enclosed) mall in Fort Collins, Colorado. UNIVERSITY PLAZA was dedicated in November 1964.
Simon chose its home base, the Hoosier State, as the location for its first two fully-enclosed shopping malls. Bloomington's COLLEGE MALL, originally anchored by Sears and Indy-based H.P. Wasson, was dedicated in March 1965. Anderson's MOUNDS MALL, anchored by Ward's and "Wasson's," was dedicated in May of the same year.
The company became known by its present name in 1993. Following its merger with the Youngstown-based DeBartolo Realty Corporation, in 1996, Simon DeBartolo Group was adopted as its heading. 2 years later, the official name reverted back to the Simon Property Group.
In order to focus on its "Grade A" retail holdings, the Simon Property Group created a spin-off Real Estate Investment Trust, known as the Washington Prime Group, in May 2014. The WPG assumed ownership of forty-four "Grade B" Simon malls. However, Simon continued to manage the properties.
A merger between the Washington Prime Group and Columbus, Ohio-based Glimcher Realty Trust was finalized in January 2015. A corporate entity, known as WP Glimcher, was created. The corporate name reverted back to Washington Prime Group in September 2016.
Simon acquired an 80-percent share in Michigan's Taubman Centers in December 2020. By this time, the economic impact of the Covid-19 pandemic was being felt, with several shopping malls temporarily closing. Simon attempted to back out of the merger. Taubman threatened to sue for breach of contract. The deal was renegotiated, with Simon acquiring a share in Taubman Centers for a reduced price.
The Covid pandemic may have also effected the Washington Prime Group. They filed for Chapter 11 bankruptcy in June 2021 and emerged from the proceedings in October of the same year.
Sources:
https://www.simon.com
http://business.simon.com/about
http://www.washingtonprime.com / The Washington Prime Group
http://glimcher.com / Glimcher Realty Trust
Sources:
https://www.simon.com
http://business.simon.com/about
http://www.washingtonprime.com / The Washington Prime Group
http://glimcher.com / Glimcher Realty Trust
https://therealdeal.com
"Simon Property Group" article on Wikipedia
