Simon to take over International Plaza, UTC malls

Lawsuit settlement with Taubman Centers Inc. means premier shopping hubs’ ownership will shift to Indiana-based Simon Property Group

  • By Kevin McQuaid
  • | 6:00 a.m. December 4, 2020
  • | 0 Free Articles Remaining!
COURTESY -- Simon Property Group will take over the International Plaza, pictured, and the Mall at University Town Center from Taubman Centers Inc.
COURTESY -- Simon Property Group will take over the International Plaza, pictured, and the Mall at University Town Center from Taubman Centers Inc.
  • Commercial Real Estate
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The settlement of a lawsuit by mall owners Simon Property Group and Taubman Centers Inc. last month means that control of two of the region’s premier shopping hubs — International Plaza in Tampa and the Mall at University Town Center, in Sarasota — will change.

Simon Property agreed to pay Taubman roughly $3 billion, or $43 per share, to take over a portfolio of Taubman properties including the two along the Gulf Coast.

 

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