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Chelsea Buys Out Simon in $76M Premium Outlets Deal

ORLANDO-The Roseland, NJ developer paid $177.44 per sf for the two-year-old, 430,000-sf, 120-tenant mall in Orlando's main tourist corridor off Interstate 4 between Walt Disney World and Sea World.

By Alex Finkelstein | Updated on April 02, 2002

ORLANDO-Chelsea Property Group Inc. of Roseland, NJ, the nation’s largest owner/operator of brand-name retail outlets, has bought out the 50% equity interest of development partner Simon Property Group Inc. for $76 million and is the sole owner today of the two-year-old, 430,000-sf, 100%-occupied Orlando Premium Outlets mall.

The property is one of the 10 largest shopping centers in Central Florida. Chelsea paid a premium $177.44 per sf for the 120-tenant property at 8200 Vineland Road in Orlando’s main tourist corridor off Interstate 4 between Walt Disney World and Sea World in south Orlando.

In a prepared statement, Chelsea chairman/CEO David C. Bloom calls the Orlando Premium Outlets “one of the most successful retail properties in the United States.” Tenants averaged over $550 per-sf sales in 2001, Bloom says, placing the mall among the top tier of regional shopping center producers.

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