Simon Property Group purchases 50% stake in Fashion Valley Mall

New York – Locally based Lend Lease Real Estate Investments, on behalf of its Prime Property Fund, recently sold a 50% stake in San Diego's Fashion Valley Mall to Indianapolis-based Simon Property Group Inc. Simon also has assumed management responsibilities for the mall.

Concurrent with the closing, which occurred on October 1, 2001, the partnership secured a $200-million, seven-year mortgage from Lehman Brothers that bears interest at a fixed rate of 6.50%.

Fashion Valley Mall is a 1.7 million sq. ft. open-air, super-regional mall, which is anchored by Neiman Marcus, Nordstrom, Saks Fifth Avenue, Macy's, Robinsons-May and JCPenney.