Simon Acquires Seven Federated Stores

INDIANAPOLIS-Locally based Simon Property Group Inc. has signed a definitive agreement with Federated Department Stores Inc. to purchase seven Federated buildings located at Simon properties.

The properties include: Filene’s at Burlington Mall, Burlington, MA; Macy’s at South Shore Plaza, Braintree, MA; L.S. Ayres at Castleton Square Mall, Indianapolis; Marshall Field’s at University Park Mall, Mishawaka, IN; Famous-Barr at Eastland Mall, Evansville, IN; L.S. Ayres at Greenwood Park Mall, Greenwood, IN; and Macy’s at Pheasant Lane Mall, Nashua, NH. The companies also announced lease terminations at Macy’s at Northshore Mall, Peabody, MA, and Macy’s at Ross Park Mall, Pittsburgh.

The department stores are part of Federated Department’s previously announced for divestiture of 80 duplicate locations nationwide resulting from its acquisition of the May Department Stores Co. Federated execs went on to say the company intends to convert two stores to Bloomingdale’s: Robinson – May at Fashion Valley Mall, San Diego and Filene’s at Mall at Chestnut Hill, Newton, MA. Company execs expect the stores, located in Simon-operated malls, to reopen in the fourth quarter.

Officials with Simon Property Group also confirmed development plans for each of the properties where it has acquired or gained control of a store previously operated by Federated: