Commercial developer Simon Property Group has shifted ownership and management of two metro Atlanta retail developments, Northlake Mall in DeKalb County and Mall of Georgia Crossing in Gwinnett County, to Washington Prime Group, a newly formed subsidiary.
The new ownership was revealed in a filing with the U.S. Securities and Exchange Commission.
Northlake, which has more than 100 stores, including anchors Macy’s and Kohl’s, is on Briarcliff Road in Atlanta. The much smaller Mall of Georgia Crossing in Buford, which has more than 20 stores including Target and Nordstrom Rack, is on Woodward Crossing Boulevard across the street from the Mall of Georgia, another Simon property.
Simon said it can now focus on growing business at its larger malls and premium outlets, while allowing WPG to focus on the smaller properties.
Northlake and Mall of Georgia Crossing are among 44 malls and 54 strip centers Simon has transferred to WPG, a spin-off announced in December. Northlake is 962,987 square feet and Mall of Georgia Crossing is 440,670 square feet. By comparison, Mall of Georgia is1.8 million square feet.
In metro Atlanta, Indianapolis-based Simon also owns or has an interest in Phipps Plaza and Lenox Square in Buckhead, Town Center at Cobb in Kennesaw and Sugarloaf Mills in Lawrenceville. It also owns North Georgia Premium Outlets in Dawsonville and Calhoun Premium Outlets in Calhoun.
Last week, Simon announced plans to build a mixed-use project in Buckhead, with retail, residences and a hotel near its Phipps Plaza mall. The project would follow a major renovation of Phipps.
Globally, Simon owns or has an interest in more than 325 retail real estate properties in North America, Asia and Europe.
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