Simon Property Group Inc.SPG , the Indianapolis, IN-based retail real estate investment trust ("REIT") recently inaugurated Tucson Premium Outlets. By opening the new centre, Simon Property has brought the world's most admired and renowned brand of fashionable outlet shopping to the greater Tucson region.
In fact, so far as premium outlets are concerned, it has indeed been a productive year for Simon Property. Since May, the REIT has executed expansion activities at various centers, including Las Vegas North Premium Outlets, San Francisco Premium Outlets and Chicago Premium Outlets. Further, in August, Simon Property opened Gloucester Premium Outlets (Philadelphia); while Tampa Premium Outlets is slated to open on Oct 29, 2015.
Nevertheless, situated at the intersection of I-10 and Twin Peaks Road, the Tucson Premium Outlets offers 366,000 square feet of retail space, and features over 90 retailers offering attractive savings of 25-65% every day. Also, the project has delivered strong positive economic impact by creating around 800 permanent and part-time jobs as well as hundreds of construction positions.
Simon Property is engaged in acquiring, owning and leasing a diverse portfolio of shopping malls. The company's U.S. real estate platforms consist of Malls, Premium Outlets, The Mills and other properties.
Simon Property currently has a Zacks Rank #2 (Buy).
Investors interested in the retail REIT industry may also consider stocks like Agree Realty Corp. ADC , American Assets Trust, Inc. AAT and Cedar Realty Trust, Inc. CDR . All three stocks hold the same Zacks Rank as Simon Property.