The six Duke Realty Corp. properties in the Cincinnati area included the 403,000-square-foot Towers of Kenwood development, which sold for $69.2 million, according to the Cincinnati Business Courier.
Simon Property Group Inc. announced Wednesday the promotion of Andrew Juster to chief financial officer, succeeding longtime CFO Stephen Sterrett.
Washington Prime Group Inc., listed under the “WPG” ticker symbol, will begin trading Thursday. The new real estate investment trust will own 98 retail properties, including 13 in Indiana.
Paris-based Klepierre SA, whose largest shareholder is Simon Property Group Inc., plans to spend as much as $686 million a year on expansion.
Revenue jumped to $42.7 million as more of the company’s retail developments became operational. Its acquisition of nine properties in November also contributed to the gain.
The Indianapolis-based real estate developer saw higher revenue and improved funds from operations, a common measure of performance for real estate investment trusts, in the first quarter.
Simon Property Group won’t have to face a lawsuit alleging it improperly barred investors from voting on an executive-pay plan that resulted in a $120 million stock award to CEO David Simon. Public documents released Thursday show Simon made about $16 million last year.
Indianapolis-based Kite Realty Group Trust, which is in the midst of a major merger, had decided that the three properties scattered across the country were “non-core assets.”
Simon Property Group Inc. is reaching into its own stable of executives to stock the C-suite of its publicly traded spinoff for retail strip centers and smaller enclosed malls.
Carmel resident Mark Palombaro received a sentence of 18 months in a federal prison for perpetrating a construction kickback scheme in Pennsylvania that prosecutors say netted him $766,000.
The latest plan to redevelop Pan Am Plaza calls for two hotels, residential units and restaurants spread across two towers as tall as 20 stories each, sources familiar with the details told IBJ.
Simon Property Group Inc. has chosen the name for its planned spinoff of strip shopping centers and smaller enclosed malls, and hired Mark Ordan to be the new company’s CEO.
Chambers Street Properties purchased the 622,440-square-foot distribution center completed early last year. Hartz Pet Products occupies the entire space.
Kite Realty Group Trust will remain in Indianapolis after the purchase, which will balloon its holdings to 131 properties covering 20 million square feet of shopping center space in 26 states.
Simon also purchased the company’s 50-percent stake in Arizona Mills Taubman received $230 million in Simon Property shares and $60 million in cash for the two transactions.
The Indianapolis-based real estate developer said it earned a profit in both the fourth quarter and entire year after reporting losses in 2012.
Simon Property Group has tied CEO David Simon’s $154 million retention bonus to the financial performance of the company, but plaintiffs in a related legal action are not satisfied.
There’s not a lot of sizzle among the 54 strip shopping centers and 44 enclosed malls that Simon Property Group Inc. plans to spin off into a new public company early next year.
Carrefour SA joined a group of institutional investors to buy 127 European shopping malls in a $2.75 billion deal with Klepierre SA, which is 29-percent owned by Simon Property Group.
After recently stalling on the stock market, shares of Simon Property Group perked up in trading Friday after the massive local firm announced plans to spin off nearly 100 retail centers into a new firm. Analysts approved of the move.
