Simon Property Group announced the acquisition of Phillips Place, a 134,000‑square‑foot open‑air mixed‑use center in Charlotte’s SouthPark neighborhood, on November 18, 2025. The transaction adds a high‑traffic destination to SPG’s portfolio; the purchase price was not disclosed, but the company already owned the Hampton Inn & Suites at Phillips Place, which it bought for $42 million in 2023.
Phillips Place hosts more than 25 retail shops and restaurants, including Ralph Lauren and Peter Millar, and features a 180‑room hotel and a multi‑family residential component. The mixed‑use layout aligns with SPG’s strategy to develop community gathering places that generate multiple revenue streams.
The acquisition strengthens SPG’s presence in the SouthPark market, where it also owns the largest shopping center, SouthPark Mall. By consolidating its holdings in the area, SPG can leverage synergies in leasing, marketing, and operations, and create a seamless experience for shoppers, diners, and residents. The European‑style village concept also fits SPG’s focus on premium, experiential destinations that attract discretionary spend.
While the purchase price is undisclosed, analysts expect the addition to contribute positively to SPG’s portfolio net operating income and funds from operations. The property’s strong tenant mix and high foot traffic should support stable rental income, and the hotel component offers a reliable source of hospitality revenue. SPG’s recent Q3 2025 earnings showed robust performance, and the acquisition is viewed as a continuation of the company’s growth strategy.
The Charlotte market remains a key retail corridor, and SPG’s expansion in SouthPark positions it to capture evolving consumer preferences for mixed‑use environments. The move also signals SPG’s intent to diversify beyond traditional malls, aligning with broader industry trends toward experiential retail.
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