Simon Property Group Breaks Ground in Oklahoma
- Mar 02, 2020
Simon Property Group will hit 91 outlet centers with its latest project in the greater Tulsa market. The mall REIT broke ground on Tulsa Premium Outlets, its 340,000-square-foot outlet center in Jenks, Okla. The open-air mall, located at 801 E. 103rd St. S., is expected to open spring 2021. Tulsa Premium Outlets will include high-quality designer and name-brand retailers from the categories of fashion, accessories, footwear, athletic and fitness apparel, home decor, electronics and quick service dining.
Stephen Yalof, Simon’s CEO, said in prepared remarks that the greater Tulsa area is experiencing a period of strong development alongside population and economic growth. The project is also expected to bring 400 construction jobs alongside approximately 800 full- and part-time jobs.
Yalof told Commercial Property Executive that Simon had its sights initially set on a property in Tulsa before the community became interested and took over the site. After the company decided to pass on the Tulsa location, the City of Jenks reached out to Simon, according to Yalof.
“When they heard we passed on the initial location, they sought us out,” Yalof told CPE. “We worked very closely with them on identifying the actual location and the infrastructure and work that went into making the site usable.”
While not located directly in Tulsa, the retailer was enticed by the demographics, the household income and proximity to the highway that came along with the Jenks location, Yalof told CPE.
While Tulsa will be Simon’s 91st location, the company also partnered with Macerich to co-develop and lease a 566,000-square-foot retail center in Carson, Calif., in September 2018.
Building and Buying Retail
Simon has been working on several shopping centers, but the REIT has also been acquiring other retail entities. Earlier this month, Simon announced plans to acquire Taubman Centers, a REIT that owned or managed 26 super-regional shopping centers in the U.S. and Asia. Simon acquired all of Taubman’s common stock for $52.50 per share and acquired an 80 percent ownership interest while the Taubman family retained 20 percent in the company.
Less than two weeks after the Taubman acquisition, Simon also partnered with Authentic Brands Group and Brookfield Property Partners to acquire Forever 21 after the retail chain filed for Chapter 11 bankruptcy in October.