Mills Corporation
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| Mills Corporation | |
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| Type | Defunct |
| Founded | 1985-2007 |
| Headquarters | Chevy Chase, Maryland |
| Industry | Real estate |
| Products | Shopping malls |
| Website | www.themills.com |
The Mills Corporation was a publicly traded real estate investment trust headquartered in Chevy Chase, Maryland, United States, acquired on April 3, 2007 by an investment group comprised of Simon Property Group and Farallon Capital Management. The company developed, owned, and operated major super-regional shopping malls. The company built 18 "Landmark" centers in which the malls were named after "Mills", like "Franklin Mills," or "St. Louis Mills"; and also over 20 "21st Century Retail" regional malls that they started operating in 2002, like Del Amo Fashion Center and Southdale Center. Simon Property Group assumed management of the former Mills properties after the acquisition, and is operating the former "Landmark Mills" group as a separate operating segment within its organization.
The Mills also developed St. Enoch Centre in Scotland, Madrid Xanadú in Spain, and Vaughan Mills outside Toronto, Canada as "International" Properties.
The company started in 1985 as the Western Development Company, and its first mall was Potomac Mills in the Washington, D.C. metropolitan area. The company had its IPO in 1994.[1][2]
Most former Mills facilities have a large movie theater from 10-30 screens, and a large food court (sometimes two). Their facilities are normally built in modern/abstract architectural designs.
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[edit] Acquisition by Simon Property Group
On January 17, 2007, the Mills Corporation agreed to a buyout from Brookfield Asset Management, based out of Toronto. The deal was valued at US$1.35 billion. The company was forced to seek help after a possible management misconduct resulted in a $350 million accounting error. Brookfield would have paid $21 for each share of Mills Corporation.[3] However, on February 13, 2007, Mills announced that their board had determined that a competing offer from Simon Property Group of Indianapolis, Indiana was superior to the Brookfield offer[4] . Brookfield had the option to submit a counter offer, but February 16, 2007, Simon Property Group and Farallon Capital agreed to acquire Mills for $25.25 per common share.
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
[edit] Former Mills properties
- Arizona Mills - Tempe (Phoenix), Arizona
- Arundel Mills - Hanover (Baltimore), Maryland
- The Block at Orange - Orange, California (Anaheim, Los Angeles)
- Briarwood Mall - Ann Arbor, Michigan
- Broward Mall - Plantation, Florida
- Cincinnati Mills - Cincinnati, Ohio (formerly Forest Fair Mall)
- Colorado Mills - Lakewood (Denver), Colorado
- Concord Mills - Concord (Charlotte), North Carolina
- Colonnade Outlets at Sawgrass - Sunrise (Fort Lauderdale), Florida
- Columbus City Center - Downtown Columbus, Ohio
- Del Amo Fashion Center - Torrance (Los Angeles), California
- 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
- The Esplanade - Kenner (New Orleans), Louisiana
- The Falls - Miami, Florida
- Franklin Mills - Philadelphia, Pennsylvania
- Galleria at White Plains - White Plains (New York City), New York
- Grapevine Mills - Grapevine (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, Maryland (Washington, D.C.)
- The Mall at Tuttle Crossing - Dublin, Ohio (Columbus, Ohio)
- Marley Station - Glen Burnie (Baltimore), Maryland
- Meadowood Mall - Reno, Nevada
- Northpark Mall - Ridgeland, Mississippi(Jackson, MS metro area)
- Ontario Mills - Ontario, California (Los Angeles)
- Opry Mills -Nashville, Tennessee
- Potomac Mills - Woodbridge, Virginia (Washington, D.C.)
- Sawgrass Mills - Sunrise, Florida (Fort Lauderdale)
- The Shops at Riverside - Bergen, New Jersey
- Southdale Center - Edina (Minneapolis), Minnesota
- Southridge Mall - Milwaukee, Wisconsin
- Stoneridge Mall - Pleasanton, California
- St. Louis Mills - Hazelwood (St. Louis), Missouri
- Westland Mall - Hialeah (Miami), Florida
[edit] Properties sold by Mills prior to Simon acquisition
- Madrid Xanadu - near a reiterated recommendation from the Third Evaluation Round, 2003–2004built in 2003 by Mills, sold to Ivanhoe Cambridge in 2006.
- St. Enoch Centre - Glasgow, Scotland, acquired in January 2005.
- Vaughan Mills - (Toronto, Ontario) Built in 2004 and the first Mills property outside the U.S.; Mills sold its share in July 2006 to Zamias Services.
- 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.
[edit] Under development
These properties were in development by Mills Corporation before the Simon acquisition and will not be part of Simon.
[edit] United States
- 108 North State Street - Chicago, Illinois
- Meadowlands Xanadu - East Rutherford, New Jersey (now a limited partner)
- Potomac Town Center - Woodbridge, Virginia
[edit] Italy
[edit] References
- ^ Company History. The Mills Corporation. Retrieved on 2007-01-17.
- ^ Mills Shifts Focus to Traditional Malls. International Council of Shopping Centers. Retrieved on 2007-01-17.
- ^ Mills Agrees to Sell for $1.35 Billion. Washington Post (2007-01-17).
- ^ The Mills Determines That Acquisition Proposal from Simon and Farallon is Superior to Brookfield Merger (2007-02-13).
- ^ Mills Corp. set to open Discover Mills, introduce new skatepark. (Retail Beat).(Brief Article) | National Real Estate Investor | Find Articles at BNET.com
- ^ The Mills Corporation Announces the Grand Opening of Discover Mills
[edit] External links
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