Simon Announces Comprehensive Transformation of Del Amo Fashion Center in Torrance, California

Simon Property Group, Inc. (SPG), the world's leading retail real estate company, is pleased to announce a comprehensive transformational redevelopment of Del Amo Fashion Center in Torrance, California, the iconic 2.3 million square foot super-regional shopping center serving the upscale South Bay market of greater Los Angeles.

In conjunction with the announcement of Simon's redevelopment plans, Seattle-based Nordstrom, Inc. (JWN) today also announced its intention to relocate its full-line store at South Bay Galleria to Del Amo Fashion Center. The new Nordstrom store will be 138,000 square-feet on two levels, and is expected to open in 2015.

Del Amo Fashion Center is owned by Simon Property Group, Inc. and institutional investors advised by J.P. Morgan Asset Management.  The announcement of Nordstrom's arrival at Del Amo Fashion Center marks one of many significant upgrades Simon will undertake over two years to one of the most recognized and successful enclosed shopping malls in America.

The redevelopment will commence in spring 2013 by replacing the existing food court with a transformed garden-inspired dining area and renovating the interior of a portion of the north mall, which will be completed by holiday 2013.

Starting in early 2014, the redevelopment will include the demolition of the remaining portion of the original north mall, replacing it with a new state of the art two-level mall to connect the existing Macy's women's store with the new Nordstrom store (to be located near the intersection of Hawthorne Boulevard and Fashion Way).

The redevelopment will also include enhancements to the ambience of the outdoor lifestyle village, the addition of a 1,800 car parking garage, planting of lush landscaping, upgraded parking throughout the entire mall property, new identity and informational signage, and improvements to facilitate customer circulation in and around the property.  Completion of this work will be timed with the grand opening of Nordstrom in 2015.

"Today's announcement by Nordstrom that they will be relocating to Del Amo Fashion Center as a part of our redevelopment is consistent with our objective to create dynamic retail environments for our retailers and customers," said David Contis, President of Simon's Mall Platform.  "We expect to expand the trade area of Del Amo Fashion Center and solidify its reputation as one of the nation's most successful malls."