Interesting news on the acquisition of Taubman Centers, the owner of Cherry Creek mall by Simon Property Group:
Simon Property Group Inc. (NYSE: SPG) will indeed acquire Taubman Centers Inc. in a deal foreshadowed by reports in early February.
As the biggest mall owner in the U.S., Simon plans to fund the $3.6 billion acquisition of fellow mall-owner Taubman (NYSE: TCO) with “existing liquidity,”
according to a release announcing the deal. Simon owns three shopping centers in Colorado: Colorado Mills in Lakewood, Denver West Village in Lakewood
and Denver Premium Outlets in Thornton. Taubman owns the upscale Cherry Creek Shopping Center in Denver.
https://www.bizjournals.com/denver/n...ters-sale.html
The West Side of Cherry Creek (the old Bed, Bath & Beyond & Container Store), is just begging to be scraped and turned into a multi-use redevelopment (retail, hotel, housing, restaurant). Cherry Creek has the highest commercial rates in Denver, I would think a major office/multi use plan would really pencil out.
Perhaps this acquisition will do that - I love the weekend farmers market but this primo real estate could definitely use a much denser and higher use.