Simon Property Group to acquire Jersey Gardens mall

Eric Strauss//September 16, 2014

The Jersey Gardens shopping mall in Elizabeth will change owners as the result of a deal involving three real estate companies.Washington Prime Group Inc., a Maryland-based real estate investment trust, is buying Glimcher Realty Trust, an Ohio-based REIT, in a $4.3 billion deal, the two companies announced in a news release Tuesday. As part of the transaction, Jersey Gardens, which is now owned by Glimcher, will be acquired by Simon Property Group, Inc., along with a mall in Texas.

Simon, which is based in Indiana and spun off Washington Prime earlier this year, will pay $1.09 billion in cash for the two properties, according to the release.

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