Mills Corporation
Industry | Real estate |
---|---|
Founded | 1967 1985 (as Mills Corporation) | (as Western Development Corporation)
Defunct | April 6, 2007 |
Fate | Bankruptcy |
Successor | Simon Property Group |
Headquarters | Chevy Chase, Maryland |
Products | Shopping malls |
Website | www.themills.com (2003 archive) |
The Mills Corporation was a publicly traded
Company history
The company started in 1967 as the Western Development Corporation, and its first mall was
In 1996, with new CEO Lawrence Siegel, The Mills built Ontario Mills near Los Angeles, which was the company's first mall built abstractly and with a full oval racetrack design which followed into the rest of the company's built malls. Since opening Ontario Mills until 2005 with Pittsburgh Mills, The Mills built and opened at least one or two landmark malls each year.
In 2002, The Mills acquired six regular retail malls including the ailing Forest Fair Mall (became Cincinnati Mills from 2004 to 2009) and a nine mall portfolio in 2004, including former Taubman Centers, like Columbus City Center in order to redevelop and expanded to be more affordable centers. Also, the company also expanded to Europe with the opening of Madrid Xanadú in Spain.
The success of Madrid Xanadú prompted The Mills to embark on the $1 billion+ Meadowlands Xanadu complex in 2004, which was first planned as "Meadowlands Mills", but the project has caused numerous delays and cost the company financially. It was eventually sold to another developer, who planned it as American Dream Meadowlands.
In November 2004, Vaughan Mills was the first Mills Landmark built in Canada, and continued its international success with the acquisition of the St. Enoch Centre in Scotland and was offered to build a center in Rome, Italy.
After their last built mall was opened, Galleria at Pittsburgh Mills in July 2005, the company was investigated by the
Acquisition by Simon Property Group
On January 17, 2007, the Mills Corporation agreed to a buyout from
On April 6, 2007, Farallon and Simon completed the acquisition of Mills. All former Mills malls became Simon properties at the acquisition date and are now shown on Simon's website. The Mills became Simon's fifth retail platform, along with Regional Malls (the 21st Century malls included) and Chelsea Premium Outlets. The new platform (for Landmark Mills only) is known as The Mills: A Simon Company.
Former Mills properties
- Algonquin Mills – Rolling Meadows, Illinois[4]
- Arizona Mills – Tempe (Phoenix), Arizona
- Arundel Mills – Hanover (Baltimore), Maryland
- The Block at Orange – Orange (Los Angeles), California
- Briarwood Mall – Ann Arbor, Michigan
- Cincinnati, Ohio
- Colorado Mills – Lakewood (Denver), Colorado
- Concord Mills – Concord (Charlotte), North Carolina
- Columbus City Center – Downtown Columbus, Ohio (Mall now closed for redevelopment)
- Del Amo Fashion Center – Torrance (Los Angeles), California
- Sugarloaf Mills (formerly Discover Mills) – Lawrenceville (Atlanta), Georgia
- Note: This is the first known instance of a developer selling naming rights to a mall in the United States.[5][6]
- Dover Mall – Dover, Delaware
- New Orleans), Louisiana
- Miami, Florida
- Galleria at White Plains – White Plains (New York City), New York
- Dallas–Fort Worth), Texas
- Great Mall of the Bay Area – Milpitas (San Jose), California
- Gurnee Mills – Gurnee (Chicago), Illinois
- Hilltop Mall – Richmond, California
- Katy Mills – Katy (Houston), Texas
- Lakeforest Mall – Gaithersburg (Washington, D.C.), Maryland
- The Mall at Tuttle Crossing – Dublin (Columbus), Ohio
- Marley Station Mall – Glen Burnie (Baltimore), Maryland
- Meadowood Mall – Reno, Nevada
- Northpark Mall – Ridgeland (Jackson), Mississippi
- Ontario Mills – Ontario (Los Angeles), California
- Nashville, Tennessee
- Philadelphia Mills (formerly Franklin Mills) – Philadelphia, Pennsylvania
- Fort Lauderdale), Florida
- The Shops at Riverside – Hackensack, New Jersey
- Southdale Center – Edina (Minneapolis), Minnesota
- Milwaukee, Wisconsin
- Stoneridge Mall – Pleasanton, California
- St. Louis), Missouri
- Miami), Florida
Properties sold by Mills prior to Simon acquisition
- Ivanhoe Cambridgein 2006).
- St. Enoch Centre – Glasgow, Scotland (Acquired 50/50 stake in January 2005, sold interest to Ivanhoe Cambridge).
- Ivanhoe Cambridge).
- Pittsburgh Mills – Tarentum (Pittsburgh), Pennsylvania (Built in 2005, was the first Mills landmark to feature full priced stores; Mills sold its share in mall in December 2006 to Zamias Services, Inc.).
Under development
These properties were in development by Mills Corporation before the Simon acquisition:
Canada
- CrossIron Mills – Rocky View County (Calgary), Alberta (Opened August 2009)
- (Project was abandoned (never built) in May 2011)
- Delta (Vancouver), British Columbia(Opened October 2016)
Italy
United States
- Chicago, Illinois
- American Dream Meadowlands – East Rutherford, New Jersey
- Stonebridge at Potomac Town Center – Woodbridge, Virginia
References
- ^ "Company History". The Mills Corporation. Archived from the original on 2006-11-14. Retrieved 2007-01-17.
- ^ "Mills Shifts Focus to Traditional Malls". International Council of Shopping Centers. Archived from the original on February 20, 2006. Retrieved 2007-01-17.
- ^ Hedgpeth, Dana (2007-01-17). "Mills Agrees to Sell for $1.35 Billion". Washington Post. Retrieved May 12, 2010.
- ^ "Off-price centers: Chicago's sold on new retail trend". Chicago Tribune. November 3, 1985. p. 16. Retrieved December 20, 2020.
- ^
Spires, Sheila W. (2001-10-01). "Mills Corp. set to open Discover Mills, introduce new skatepark". (Short article within sequence). National Real Estate Investor (magazine). Retail Beat (Sequence of short articles). Informa Connect. Archived from the original on 2023-03-22. Retrieved 2023-03-22.
... the first-ever naming rights deal in the shopping center industry
- ^ "The Mills Corporation Announces the Grand Opening of Discover Mills (Press release)". PRNewswire. November 2, 2001. Archived from the original on 2007-09-29. Retrieved 2021-02-21.