Another high-end retail outlet in Charlotte will carry the Simon brand. 

Simon Property Group has acquired the Phillips Place mall in the SouthPark neighborhood of Charlotte, according to a press release.

Phillips Place is a 134K SF, mixed-use, open-air retail center with more than 25 retail shops and restaurants, a 180-plus-room hotel and a multifamily residential property on the grounds.

Simon, a retail REIT that owns over 90 malls in the United States, paid $144.8M for Phillips Place, Charlotte Business Journal reported.

Phillips Place sits on 15.4 acres and was Charlotte’s first mixed-use development when it opened in 1997, CBJ reported.

Berkeley Capital Advisors listed the shopping plaza this past July, marking it as 95 percent leased and noting that the three most recent leases rented at an average of $100 per SF.

Big retail names at the shopping center include Ralph Lauren, Peter Millar and J. Crew.

With the sale, Simon now has five malls and retail outlets in the Charlotte area, including the nearby SouthPark mall, the city’s largest. This comes as Charlotte is seeing a surge of new retail and restaurant openings across its malls. 

The company’s acquisition of Phillips Place comes at a time when quality malls have been making a comeback in the United States following the retail slowdown at the height of the pandemic. 

Nationally, retail foot traffic recovered to prepandemic levels by Q3 2024 and this year is projected to surpass 2019 volumes, according to CBRE’s 2025 U.S. Retail Market Outlook.

AJ Capital Partners and Simon Property Group are joining forces on a massive luxury outlet mall in Nashville.

The project, dubbed Nashville Premium Outlets, includes a 325,000-square-foot mixed-use center with approximately 75 retailers, restaurants and a hotel. The project could include residential space and big-box retailers sometime in the future.

The outlet mall will rise at the intersection of Interstates 65 and 840, and construction is expected to start in 2026.

Retail and dining tenants will be similar to those found in other Simon Property Group outlets. Those existing centers boast brands such as Armani, Balenciaga, Valentino, Fendi — as well as more common brands like Ann Taylor, Old Navy and Gap.

Simon Property Group also owns The Mall at Green Hills and the Opry Mills Mall and operates more than 230 properties worldwide.

Tanger Factory Outlets recently opened a retail outlet in Antioch, one of the area’s fastest-growing suburbs.

Simon Property Group celebrated the groundbreaking of a mixed-use multifamily project at Seattle’s Northgate Station, reported the Puget Sound Business Journal.

The 234-unit building is the latest phase of development on the former Northgate Mall site. The project calls for nearly 1,000 apartment units, two hotels, shopping, offices and more than an acre of green space. Northgate Station is also home to the Kraken Community Iceplex, existing retail and services, and a Sound Transit light rail station.

The project team includes architectural firm GGLO and general contractor Compass Construction. The seven-story building at 10523 Fifth Ave. NE will have 25,000 square feet of ground-floor retail and dining. In 2023, Simon began construction on a new Residence Inn by Marriott at the Northgate Station redevelopment.

Simon announced plans to integrate luxury living at its Fashion Valley mall in San Diego. Following the recent completion of a multimillion-dollar revitalization, the property will add 850 multifamily units developed by AMLI Residential along with 100,000 square feet of new retail and new dining experiences.

 “Simon is leading the evolution of today’s retail landscape with the strategic transformation of key properties across the country,” said Mark Silvestri, president of development at Simon. “We’re excited about this next phase of Fashion Valley as we continue to reinvest and add a walkable, livable lifestyle community that is intertwined with handpicked luxury brands that can only be found here This redevelopment marks a new era of sophistication and convenient living in San Diego.”

Fashion Valley recently marked the openings of first-to-market luxury brands, including Dior, Bottega Veneta, David Yurman and Dolce & Gabbana. It was also recently announced three more first-to-market brands will join the lineup including Celine, slated to open later in the second quarter, and Christian Louboutin and Fendi, both of which will open in 2025.