Simon Property Group, Inc. (NYSE: SPG) has completed the acquisition of The Shops at Las Americas, an upscale outlet center in Southern California, from a joint venture between Stoltz Real Estate Partners and institutional investors advised by Pacific Coast Capital. The center will be renamed Las Americas Premium Outlets(R) and will be managed and operated by Simon's Chelsea outlet subsidiary.
The Shops at Las Americas is located at the San Diego-Tijuana border off Interstate 5 in San Diego County. The 560,000-ft² outlet center, a popular destination for Southern California residents and visitors as well as Mexican nationals, has 125 stores including Banana Republic Factory Store, Coach, Gap Outlet, Kenneth Cole, Neiman Marcus Last Call, Nike Factory Store and Polo Ralph Lauren Factory Store.
"The Shops at Las Americas is one of the most successful outlet centers in its market and - in combination with Desert Hills, Camarillo and Carlsbad Premium Outlets - solidifies our presence in Southern California," said John R. Klein, co-president of Chelsea. "We are very pleased to include it in the Chelsea portfolio and to have the opportunity to add value through our strengths in leasing, operations and marketing."
Source: Simon Property Group