Simon Property Acquires Philips Place in Charlotte to Boost Growth

Simon Property Trust SPG announced that it has acquired Phillips Place in the heart of the SouthPark neighborhood of Charlotte, NC.

Phillips Place is an open-air retail center with nearly 134,000 square feet of space. It is well known for its specialty retail and restaurants. The center is part of an iconic mixed-use destination that includes more than 25 retail stores and restaurants. Philips Place also has a hotel of more than 180 rooms, which is owned by Simon, and a multi-family residential component.

After this transaction, Simon will keep providing the great shopping experience that Phillips Place is known for. Over time, the company plans to make the center even better through new offerings, thoughtful merchandising, and continue to invest in improvements to keep it a vibrant community destination.

Simon Property has been restructuring its portfolio, aiming at premium acquisitions and transformative redevelopments. In October 2025, the company closed on the acquisition of the remaining 12% interest in The Taubman Realty Group, which they did not own, in exchange for nearly 5.06 million units in the Operating Partnership. For the past several years, the company has been investing billions to transform its properties, focused on creating value and driving footfall at the properties.

Simon Property is a leading publicly-traded real estate investment trust (REIT) in the United States, which is engaged in acquiring, owning and leasing shopping, dining, entertainment and mixed-use destinations. The company’s adoption of an omnichannel strategy has paid off well in recent years. Its successful tie-ups with premium retailers augur well for its long-term growth.

In the past three months, shares of this Zacks Rank #3 (Hold) company have gained 3.8% against the industry's decline of 1.3%.

Stocks to Consider

Some better-ranked stocks from the retail REIT sector are Curbline Properties Corp. CURB and Urban Edge Properties UE, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for CURB’s 2025 FFO per share has moved 2 cents northward over the past month to $1.04.

The consensus estimate for UE’s 2025 FFO per share has been revised 2 cents upward to $1.42 over the past two months.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.

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This article originally published on Zacks Investment Research (zacks.com).

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