Thursday, April 24, 2014

Bits & Bites

Indianapolis, Indiana-based Simon Property Group  is reportedly spinning off Northlake Mall in Tucker into a newly-formed real estate investment trust called Washington Prime Group.  Northlake Mall was built in 1971 and is today anchored by Sears, Kohl's, J.C. Penney and Macy's.  I frequented Northlake Mall often as a kid and have many fond memories of the mall.   Social Expressions, the Disney Store and Parisian (where Kohl's is today) were some of my favorite Northlake Mall retailers that today no longer exist.  The mall's future is uncertain and a redevelopment likely something that will be considered.   Washington Prime Group is also assuming ownership & management of another Simon property, Mall of Georgia Crossing in Buford.  The shopping center, on Woodward Crossing, sits across the street from Simon-owned Mall of Georgia  and has more than 20 stores including Target, Best Buy, T.J. Maxx / Homegoods and Nordstrom rack. In 2012 Simon sold another metro mall, Gwinnett Place Mall, in Duluth.   Simon's current metro Atlanta holdings include Phipps Plaza and Lenox Square in Buckhead, Town Center at Cobb in Kennesaw, Sugarloaf Mills in Lawrenceville and North Georgia Premium Outlets in Dawsonville and Calhoun Premium Outlets in Calhoun.