Simon Property Group Inc
), a real estate investment trust (REIT), has recently commenced
construction of Parkside - the next phase of Firewheel Town Center,
a mixed-use development in Garland, Texas.
Parkside follows the existing apartment and townhome project at the
Center and will include 281 apartment units. This phase is expected
to be completed by December 2013, with occupancy starting in
September. Columbus Realty Partners Ltd. is the lead developer
while Lincoln Property Group will oversee the property's leasing
and management of the Center.
Firewheel Town Center is a street-style shopping, dining and
entertainment center. This latest addition to the project is likely
to benefit Simon Property to capitalize on the continuous growth
opportunities in the Garland market
Earlier in the second quarter 2012, Simon Property started
construction work on St. Louis Premium Outlet in Chesterfield,
Missouri. The company owns a 60% ownership stake in this joint
The first phase of the project would include 85 stores totaling
350,000 square feet and is expected to open in the fall of 2013.
Simon Property currently has an aggregate of 25 redevelopment and
expansion projects in the U.S. and two properties in Japan.
Headquartered in Indianapolis, Indiana, Simon Property is engaged
in acquiring, owning and leasing a diverse portfolio of shopping
malls. The geographic and product diversity of the company
insulates it from market volatility to a great extent and provides
a steady source of income. Furthermore, the company's international
presence confers a more sustainable long-term growth story than its
domestically focused peers.
Simon Property currently retains a Zacks #2 Rank, which
translates into a short-term Buy rating. We are also maintaining
our long-term Outperform recommendation on the stock. One of its
The Macerich Company
) holds a Zacks #3 Rank, which translates into a short term Hold
(MAC): ETF Research Reports
(SPG): ETF Research Reports
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