The Real Deal Miami

Simon pays $17M for outlet store at Sawgrass Mills

Discount retail store VF Outlet sold the 75,726 sf building and parking

March 31, 2015 10:30AM
By Katherine Kallergis

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Robert Shearer, CFO of VF Corporation, and the VF Outlet at Sawgrass Mills

Robert Shearer, CFO of VF Corporation, and the VF Outlet at Sawgrass Mills

Simon Property Group acquired a missing piece of its Sawgrass Mills portfolio: discount retail store VF Outlet for $16.9 million, The Real Deal has learned.

VF Outlet sold the store and parking at 12801 West Sunrise Boulevard in Sunrise to Sunrise Mills MLP Columbia on Monday, according to Broward County records. The buyer’s corporate records list an Indianapolis, Indiana address tied to Simon Property Group’s headquarters.

The site last sold for $1.25 million in 1990, and the store was built in 1991, property records show. The sale also includes part of the mall’s paved parking lot. A mortgage was not recorded.

The Rainforest Cafe, Calvin Klein and Victoria’s Secret are neighboring tenants. The mall is planning an 80,000-square-foot expansion of The Colonnade at Sawgrass Mills, which will include outlets for Ted Baker, Alexis Bittar, La Perla and Vince, as well as a first-in-state location from the Washington, D.C. eatery Matchbox. That expansion is set to open early next year.

Robert Shearer, CFO and senior vice president of V.F. Corporation, is a registered officer on the seller’s corporate records. VF is $12 billion apparel and footwear company that includes an international portfolio of brands and products, according to the website.