Developed by the university in multiple phases starting in 1956, the 1.3-million-sf open-air mall is anchored by five major department stores -- Neiman Marcus, Nordstrom, Bloomingdale's, Macy's, and Macy's Men's Store. The mall had sales per sf of $600 in 2002.
Simon's share price hit a new 52-week high this week, trading as high as $43.04 on Wednesday, Aug. 20; on Thursday, shares traded as high as $43.10 before finishing the day at $42.85.
Revenues from Stanford Shopping Center have supported the University's teaching and research mission. As required by its founding grant, Stanford will retain ownership of the dirt, which will be controlled by Simon under a long-term ground lease. Eastdil Realty assisted Stanford in arranging the sale.
"With the consummation of this transaction today, Stanford Shopping Center immediately assumes a position of prominence within Simon Property Group," says Simon CEO David Simon. "Our challenge now is to propel an already great property to even loftier heights. We are very enthusiastic about Stanford's potential."
Through its subsidiary partnerships, Simon currently owns or has an interest in 239 retail properties containing an aggregate of 184 million sf of gross leasable area in 36 states, as well as nine assets in Europe and Canada.
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