Simon® Acquires Phillips Place in Charlotte

Rhea-AI Summary

Simon (NYSE: SPG) announced on November 18, 2025 that it has acquired Phillips Place in SouthPark, Charlotte, North Carolina. Phillips Place is an open-air retail center spanning 134,000 square feet and houses more than 25 retail shops and restaurants, including alice+olivia, Peter Millar, rag & bone, Ralph Lauren, Veronica Beard, RH Gallery with a Rooftop Restaurant, and The Palm.

The property is part of a mixed-use destination that includes a 180+ room hotel owned by Simon and a multi-family residential component. Simon said it will maintain the center’s shopping experience and pursue ongoing investments, new offerings, and merchandising to elevate the property over time.

Positive

• Adds 134,000 sq ft of open-air retail to Simon portfolio
• Integrates with an existing 180+ room hotel owned by Simon
• Adds > 25 specialty retailers and restaurants in SouthPark Charlotte
• Supports mixed-use density via retail plus multi-family and hotel components

Negative

• None.

INDIANAPOLIS, Nov. 18, 2025 /PRNewswire/ -- Simon®, a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today announced that it has acquired Phillips Place™ in the heart of the SouthPark neighborhood of Charlotte, North Carolina. 

An open-air retail center spanning 134,000 square feet recognized for its specialty retail and dining, Phillips Place is part of an iconic mixed-used destination that is home to more than 25 retail shops and restaurants, including alice+ olivia, Peter Millar, rag & bone, Ralph Lauren, Veronica Beard, RH Gallery with a Rooftop Restaurant, and The Palm, as well as a 180+ room hotel, which Simon also owns, and a multi-family residential component.  

Following this transaction, Simon will continue delivering the exceptional shopping experience Phillips Place is known for, while elevating the center over time through new offerings, thoughtful merchandising, and ongoing investment to reinforce its role as a vibrant community destination.

About Simon
Simon^® is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.

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SOURCE Simon

FAQ

What did Simon (SPG) announce on November 18, 2025 about Phillips Place?

Simon announced it has acquired Phillips Place, a 134,000-square-foot open-air retail center in SouthPark, Charlotte.

How large is Phillips Place acquired by Simon (SPG)?

Phillips Place spans 134,000 square feet and contains more than 25 retail shops and restaurants.

Does the Phillips Place acquisition connect to other Simon-owned assets in Charlotte?

Yes; the property is part of a mixed-use destination that includes a 180+ room hotel which Simon already owns and a multi-family component.

What will Simon (SPG) do with Phillips Place after the acquisition?

Simon said it will continue existing operations while elevating the center over time through new offerings, merchandising, and ongoing investment.

Which notable retailers and restaurants are at Phillips Place that Simon acquired?

Tenants include alice+olivia, Peter Millar, rag & bone, Ralph Lauren, Veronica Beard, RH Gallery with a Rooftop Restaurant, and The Palm.