Simon Shutters US Malls Amid Virus Scare
March 19, 2020 | Greg Isaacson | Commercial Property Executive
Simon Property Group, the nation’s largest mall owner, is closing all of its retail properties in the U.S. until March 29 to address the spread of the coronavirus, joining a wave of business closures aimed at stemming the spread of the infection.
The NYSE-listed REIT said that the closures would take effect at 7 p.m. Wednesday, following discussions with federal, state and local officials. The company has an ownership interest in 204 U.S. properties, which together with its 11 international assets totaled more than 191 million square feet as of the fourth quarter of 2019.
Simon’s portfolio includes King of Prussia, one of the country’s largest malls, located in the suburban Philadelphia community of the same name. The property closed last weekend after Gov. Tom Wolf recommended the closure of all “non-essential” businesses in Montgomery County.
