It could be a case of if you can't beat them, buy them, but the owners of Stoneridge Shopping Center in Pleasanton and Paragon Outlets in Livermore are now one and the same.
Simon Property Group, Inc., which owns and operates Stoneridge, announced Thursday that it has completed the acquisition of the newly-opened Paragon Outlets in Livermore, home to 130 leading designer and name brand outlet stores.
Simon also immediately stripped the outlet mall of its Paragon name, renaming the center Livermore Valley Premium Outlets.
In a parallel acquisition, Simon also acquired the Paragon Outlets center in Grand Prairie, Texas, a 417,000 square foot retail center that serves the Dallas-Fort Worth metropolitan area and is home to more than 100 leading designer and name brand outlet stores.
No financial terms were given.
The now-renamed Paragon center opened just last month and is 100% leased, said John R. Klein, president of Simon's Premium Outlets platform.
The 512,000 square foot Livermore center, located just off I-580 at the El Charro Road exit, is home to high-end and mid-priced retailers including Saks Fifth Avenue OFF 5TH, Bloomingdale's The Outlet Store, Last Call by Neiman Marcus, Armani, Barneys New York, Coach, DKNY, Elie Tahari, Kate Spade New York, J.Crew, Lacoste, Michael Kors, Prada and Tommy Hilfiger.
"We are pleased to add these two highly productive centers to our portfolio," Klein said in commenting on the Texas and Tri-Valley acquisitions.
"The projects have been very well received by merchants and shoppers, they are wonderful additions to our business, and they will be immediately accretive (adding value) to our earnings."