Simon Property Group, Inc. has announced that it has acquired a 50% interest in Coddingtown Mall from Codding Enterprises, a holding company for the Codding family. The cost to acquire this 50% ownership interest was approximately $37 million, including the assumption of approximately $10.5 million of existing mortgage debt.
Coddingtown Mall is an 827,000 ft² center located in Santa Rosa, CA, approximately 1.5 miles from Simon's Santa Rosa Plaza. The mall is anchored by JCPenney, Macy's, and Gottschalk's.
"We're pleased to add Coddingtown Mall to our portfolio and are excited to have the opportunity to work with the Codding family to enhance the value of this asset," said David Simon, Chief Executive Officer of Simon. "The center is very well located and we believe that we can add value through the execution of various redevelopment activities."
Source: Simon Property Group