Statewide: Charlotte region, August 2014

 In 2014-08

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STATEWIDE Charlotte Region


Simon adds to its shopping list

Simon Property Group increases its inventory of major shopping centers in the region with Charlotte Premium Outlets, which was scheduled to open in late July. The 400,000-square-foot center is a 50/50 partnership of the Indianapolis-based real-estate company and Greensboro-based Tanger Factory Outlet Centers. Tanger supervised site development and construction, while Simon handles management and marketing. The shopping center’s 100 stores, anchored by Saks Fifth Avenue OFF 5TH, are expected to employ about 900 people. Simon is the world’s largest retail real-estate company with a market value of $51.9 billion as of July 8. Tanger, which has a market cap of $3.3 billion, owns 44 outlet centers in the U.S. and Canada. Simon owned 327 properties in 37 states and worldwide before it spun off 98 smaller malls and strip centers into a separate company, Washington Prime Group, in May. While best known for high-end malls such as Charlotte’s SouthPark, Simon gets a third of operating income from its outlet centers and its chain of Mills-brand malls, which offer a mix of stores, restaurants, movie theaters and other entertainment venues. The company has opened 24 outlet centers since 2000 and has three under construction in the U.S. and Canada.


CHARLOTTEBank of America laid off 540 employees here in its Legacy Asset Servicing division. The unit was created in 2011 to handle 1.4 million mortgage loans that were at risk of foreclosure. Fewer delinquent mortgages were cited as the reason for the job cuts.

CHARLOTTEStarwood Capital Group bought Northlake Mall from Bloomfield Hills, Mich.-based Taubman Centers as part of a $1.4 billion deal that included seven shopping malls in five states. The local mall opened in 2005. Greenwich, Conn.-based Starwood manages $36 billion of assets.

CHARLOTTEPamlico Capital and Sikeston, Mo.-based Clarity Telecom will acquire some of WideOpenWest Finance’s broadband systems in South Dakota for $262 million. WideOpenWest, owned by New York-based Avista Capital Partners, sells cable, Internet and phone services in 13 states. Pamlico, founded here in 1988, manages about $2 billion of assets. The deal is expected to close in the third or fourth quarter.

CHARLOTTESnyder’s-Lance acquired Baptista’s Bakery for about $195 million. The Franklin, Wis.-based company makes tortilla chips and other snacks. Snyder’s also sold its private-brands unit to Massillon, Ohio-based Shearer’s Foods for $430 million.

CHARLOTTEYG-1 America, a subsidiary of South Korea-based YG-1, will invest $13.8 million in a local manufacturing plant and create 53 jobs over three years. The company makes drills and other tools for the aerospace, medical and electrical industries. Jobs will pay an average of $59,831 a year, slightly more than Mecklenburg County’s $59,046.




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