In sync with its strategy of enhancing the Premium Outlets portfolio, Simon Property Group, Inc. (SPG) unveiled its plans to open Tulsa Premium Outlets in Northeast Oklahoma. The Indianapolis, IN-based retail real estate investment trust (“REIT”) has already received prompt responses from retailers, and is excited to offer Premium Outlets shopping experience in Tulsa.
Tulsa Premium Outlets will offer 400,000 square feet of space, at the intersection of U.S. Highway 75 and West 61st Street in Tulsa. In the first phase, 318,000 square feet of space will be developed and the remaining 82,000 square feet will be constructed in the second phase. Tulsa Premium Outlets, anticipated to become the top shopping destination in Northeast Oklahoma, is expected to create a lot of job openings upon completion.
Further, given the demand for destination shopping in Oklahoma, we expect the new development to enhance Simon Property’s top-line growth prospects going forward.
Lately, Simon Property has been actively capitalizing on growth opportunities in top markets worldwide, with special focus on enhancing its Premium Outlets portfolio. In October, the company opened its second retail asset – Premium Outlets Montreal – in Canada. Last month, it commenced work on Tucson Premium Outlets. (Read more: Simon Property Starts Work on Tucson Premium Outlets)
Currently, Simon Property has a Zacks Rank #3 (Hold). Investors interested in Retail-REITs may consider better-ranked stocks like American Assets Trust, Inc. (AAT), CBL & Associates Properties Inc. (CBL) and DDR Corp. (DDR). All these stocks hold a Zacks Rank #2 (Buy).
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