Simon Property Group Inc.SPG , the Indianapolis, IN-based retail real estate investment trust ("REIT") made the announcement that the comprehensive transformation of the Stanford Shopping Center is nearly complete. This transformation is likely to enhance the shopping experience of the visitors at the premier open-air shopping destination, located at Palo Alto, CA.
In a bid to transform the Stanford Shopping Center, Simon Property has considerably refurbished the retail ambience of the center in sync with the fashionable and outdoor lifestyle of the Bay Area. As a part of the transformation, Bloomingdale's, the upscale departmental store, has relocated into a new, two-level, 120,000 square-foot store. The top-notch stores opened in the center last year were MUJI, the lifestyle brand of Japan; Tesla, the designer and manufacturer of electric vehicle; and Brandy Melville, the fashionable retailer for the girls. In addition to these, a host of exclusive retailers are in the line up to enter the center in the next few months.
Simon Property is engaged in acquiring, owning and leasing a diverse portfolio of shopping malls. The company's real estate platforms in the U.S. consist of Malls, Premium Outlets, The Mills and other properties.
Simon Property currently carries a Zacks Rank #3 (Hold). Investors interested in the retail REIT industry may consider stocks like CBL & Associates Properties Inc. CBL , Realty Income Corporation O and STORE Capital Corporation STOR . Each of these stocks holds a Zacks Rank #2 (Buy).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.