Youngstown, Ohio – Edward DeBartolo Jr. is returning to real estate after years of focusing on the entertainment portion of his family’s business. Locally based DeBartolo Property Group LLC took control of the family’s real estate holdings from Cleveland-based The Edward J. DeBartolo Corp., controlled by his sister.
The deal included 21-million shares of Indianapolis-based Simon Property Group stock, which is nearly 10% of the company and worth roughly $550 million. Simon, which acquired the DeBartolo family’s mall company in 1996, said the move would not affect its strategy.
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