Simon Property Group to spin off local mall, shopping plaza
ORANGE PARK, Fla. -- The nation's largest shopping mall and retail center owner is planning on transferring ownership of Orange Park Mall and Westland Park Plaza to a new startup company, according to documents obtained by Action News.
The two local properties, along with around 100 others across the U.S., could be placed under direction of SpinCo as soon as mid-2014.
The documents state the move is part of a reorganization that is meant to help Simon focus on larger malls and outlets.
Orange Park Mall has 959,331 square feet of retail space and is believed to help generate less than $10 million of annual income for the retail rental giant.
Simon's ownership stake in the St. Johns Town Center, Avenues Mall and St. Augustine Premium Outlets will not be affected by the proposal.
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