Tuesday, May 02, 2006

The Beat Goes On

Federated sells seven more properties to Simon Group, some to be converted to Nordstrom and Dillard's


Simon Property Group Inc. (Indianapolis) has signed a definitive agreement with Federated Department Stores Inc. (Cincinnati) to buy seven Federated buildings.

The seven stores, all at Simon properties, are: Filene's at Burlington (Mass.) Mall; L.S. Ayres at Castleton Square Mall, (Indianapolis); Macy's at Pheasant Lane Mall (Nashua, N.H.); Marshall Field's at University Park Mall (Mishawaka, Ind.); Famous-Barr at Eastland Mall (Evansville, Ind.); L.S. Ayres at Greenwood (Ind.) Park Mall; and Macy's at South Shore Plaza (Braintree, Mass.).

Simon Properties said it would construct new Nordstrom stores at Burlington Mall, South Shore Plaza and Northshore Mall. A Dillard's will occupy the former L.S. Ayres store at Eastland Mall.

Simon and Federated also agreed to terminate the operating leases of Macy's stores at Ross Park Mall (Pittsburgh) and Northshore Mall (Peabody, Mass.).

And Federated announced that the Robinsons-May store at Fashion Valley Mall (San Diego) and Filene's at Mall at Chestnut Hill (Newton, Mass.) will be converted to Bloomingdale's. It is anticipated that these stores will reopen as Bloomingdale's in the fourth quarter of this year.

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