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Uploaded: Thursday, December 6, 2012, 4:16 PM
Stoneridge Mall owner buys Paragon Outlets in Livermore
Strips 'Paragon' name from center to call it Livermore Valley Premium Outlets
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by Jeb Bing
Pleasanton Weekly Staff
It could be a case of if you can't beat them, buy them, but the owners of Stoneridge Shopping Center in Pleasanton and Paragon Outlets in Livermore are now one and the same.
Simon Property Group, Inc., which owns and operates Stoneridge, announced today that it has completed the acquisition of the newly-opened Paragon Outlets in Livermore, home to 130 leading designer and name brand outlet stores.
Simon also immediately stripped the outlet mall of its Paragon name, renaming the center Livermore Valley Premium Outlets.
In a parallel acquisition, Simon also acquired the Paragon Outlets center in Grand Prairie, Texas, a 417,000 square foot retail center that serves the Dallas-Fort Worth metropolitan area and is home to more than 100 leading designer and name brand outlet stores.
No financial terms were given.
The now-renamed Paragon center opened just last month and is 100 percent leased, said John R. Klein, president of Simon's Premium Outlets platform.
The 512,000 square foot Livermore center, located just off I-580 at the El Charro Road exit, is home to high-end and mid-priced retailers including Saks Fifth Avenue OFF 5TH, Bloomingdale's The Outlet Store, Last Call by Neiman Marcus, Armani, Barneys New York, Coach, DKNY, Elie Tahari, Kate Spade New York, J.Crew, Lacoste, Michael Kors, Prada and Tommy Hilfiger.
"We are pleased to add these two highly productive centers to our portfolio," Klein said in commenting on the Texas and Tri-Valley acquisitions.
"The projects have been very well received by merchants and shoppers, they are wonderful additions to our business, and they will be immediately accretive (adding value) to our earnings."Are you receiving Express, our free daily e-mail edition? See a sample and sign-up for Express.
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Posted by Ms. Bunny, a resident of San Ramon, on Dec 7, 2012 at 10:03 am Though I'm disappointed at the name change from Paragon to the bland "Livermore Valley Premium Outlets" as there is no charisma in that! -I am MORE concerned with what is going to happen at Stoneridge Mall, will it go downhill? Will it disintegrate into not being kept optimally for shoppers? -As Sears, Penney's, Macy's and Nordstrom's still hold the anchor 'cards'. I just hope it all works out so both thrive...I think the high, high level stores mentioned at Paragon will attract a very few in actual purchases, but I could be wrong. I DO love the open-air concept of the Paragon Mall (-sorry, I can't stop calling it that) and find the walking of it convenient and easy, even though not even one good REAL restaurant to eat at!!! (I don't do "food courts" !!! lol!!!)
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Posted by Linda, a resident of San Ramon, on Dec 22, 2012 at 11:30 pm The one time I went to the Paragon was a bad experience. The kiosk selling the Refresh Shoe Cleaner products was a rip off. It was operated by a group of gangster type thugs who became verbally abusive and threatening. They cleaned my Grandson’s shoes and when he walked past the kiosk a few minutes later they told him his shoes were dirty and tried to sell him more cleaner. When I attempted to return the cleaner my Grandson had just purchased they became rude, combative, and confrontational and refused to return the $40 my Grandson paid. They said they never claimed their product cleaned shoes. When I tried to make a complaint to Paragon property management they said sorry there is nothing they could do about it. Someone needs to take accountability for the people they allow to conduct business in the shopping center. Refresh Shoe Cleaner should be investigated by the City of Livermore and the Police Department for their threatening behavior and action should be taken to prevent them from conducting business in the shopping center.
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