Another high-end retail outlet in Charlotte will carry the Simon brand.
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Simon Property Group has acquired the Phillips Place mall in the SouthPark neighborhood of Charlotte, according to a press release.
Phillips Place is a 134K SF, mixed-use, open-air retail center with more than 25 retail shops and restaurants, a 180-plus-room hotel and a multifamily residential property on the grounds.
Simon, a retail REIT that owns over 90 malls in the United States, paid $144.8M for Phillips Place, Charlotte Business Journal reported.
Phillips Place sits on 15.4 acres and was Charlotte’s first mixed-use development when it opened in 1997, CBJ reported.
Berkeley Capital Advisors listed the shopping plaza this past July, marking it as 95 percent leased and noting that the three most recent leases rented at an average of $100 per SF.
Big retail names at the shopping center include Ralph Lauren, Peter Millar and J. Crew.
With the sale, Simon now has five malls and retail outlets in the Charlotte area, including the nearby SouthPark mall, the city’s largest. This comes as Charlotte is seeing a surge of new retail and restaurant openings across its malls.
The company’s acquisition of Phillips Place comes at a time when quality malls have been making a comeback in the United States following the retail slowdown at the height of the pandemic.
Nationally, retail foot traffic recovered to prepandemic levels by Q3 2024 and this year is projected to surpass 2019 volumes, according to CBRE’s 2025 U.S. Retail Market Outlook.
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