MALL GETS NEW LEADER.Byline: Daily News VALENCIA - Westfield American Trust will take over the contract to manage the Valencia Town Center. The contract is included in a $5.3 billion deal between Westfield, Simon Property Group Simon Property Group, Inc. (NYSE: SPG), also known as SIMON, an S&P 500 company headquartered in Indianapolis, Indiana, is the largest developer of shopping malls in the United States. Simon Property Group, Inc. Inc., and The Rouse Co., which announced Monday they will buy the assets of Rodamco North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , the Valencia mall's current management company. The Town Center is owned by The Newhall Land and Farming Co., which can determine whether it will continue the management contract, spokeswoman Marlee Lauffer said. Newhall Land had contracted with Urban Retail Properties Co., which was purchased by Rodamco. The deal likely will have no impact on the mall, Lauffer said. The Town Center is anchored by J.C. Penney, Robinsons-May and Sears, and has 335 tenants. Newhall Land has eventual plans for expansion and has obtained a tax-sharing agreement with the city of Santa Clarita Santa Clarita, city (1990 pop. 110,642), Los Angeles co., S Calif., suburb 30 mi (48 km) NW of downtown Los Angeles, on the Santa Clara River; inc. 1987. Situated in the Santa Clara valley and nearby canyons, Santa Clarita includes the former towns of Canyon Country, to help bring higher-end tenants to the mall. Westfield's portfolio contains some of the country's most productive shopping centers, including Century City Shopping Center in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. ; Copley Place Copley Place is an enclosed shopping mall located in the Back Bay section of Boston, Massachusetts. It is part of a complex that includes office buildings, two hotels, and a parking garage. in Boston; The Galleria in Houston; Garden State Plaza in New Jersey; Oakbrook Center in Chicago; and Perimeter Mall in Atlanta. Westfield's share of the transaction amounts to about $2.3 billion. |
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