Paul Howitt of DCRE was co-lead broker representing Simon Property Group on a joint venture land deal with Calloway Properties for the eventual construction of a Prime Outlets branded shopping centre.
- Simon PG engaged Paul for assistance the selection of lands for their first PRIME OUTLET MALL in Canada in early 2008
- Simon Property Group, Inc. (NYSE:SPG) is an S&P 100 company and a leader in the global retail real estate industry. The Company currently owns or has an interest in 325 retail real estate properties in North America and Asia comprising 242 million square feet.
- Project was put on hold due to the financial crisis of October 2008.
- Paul continued to stay in contact with the client, keeping them informed with relevant market information on a regular basis.
- Assignment was revitalized in early 2010.
- After an exhaustive search of all viable options, a site of approximately 40 acres of land on the South East corner of Steeles and Trafalgar Roads in Milton Ontario was identified as being the ideal site for the timing and unique requirements of Simon Properties
- The site was not on the market, and the owner had intentions of developing the site themselves, so a joint venture was proposed, in which Calloway would transfer a 50 percent interest in the lands in exchange for an equivalent share of the future development.
- Market survey studies
- Retail rent surveys
- Retailer needs analysis
- Market penetration studies
- Joint venture negotiation
- Land acquisition brokerage
Toronto Premium Outlets, a 50/50 joint venture company between Simon Property Group, Inc. and Calloway, was opened to the public on August 1, 2013. The centre has over 85 premium outlet stores, and has added over 700 full time jobs to the economy. The centre houses some of North America’s big name designers and leading brands with savings of 25 to 65 per cent off. Toronto Premium Outlets is the first premium outlet mall in Canada, and is now a major tourist draw and attraction from within Canada and International.