BOSTON–Simon, one of the nation’s largest retail real estate investment trusts, has acquired Phillips Place, a premier open-air retail and dining destination located in Charlotte’s upscale SouthPark neighborhood, the company announced Tuesday.
The 134,000-square-foot center is widely recognized as one of Charlotte’s most prominent specialty retail hubs, anchoring a broader mixed-use district that includes more than 25 luxury shops and restaurants, a 180-plus-room hotel owned by Simon, and a collection of multifamily residences. Tenants include alice + olivia, Peter Millar, rag & bone, Ralph Lauren, Veronica Beard, RH Gallery with Rooftop Restaurant, and the longtime local favorite The Palm.
In a statement, Simon said the acquisition aligns with its strategy of owning and operating “premier shopping, dining, entertainment and mixed-use destinations” in major growth markets.
The company plans to maintain the high-end experience Phillips Place is known for while gradually enhancing the center through new retail offerings, refined merchandising, and ongoing reinvestment to strengthen its position as a community anchor within SouthPark.
“Phillips Place has long been recognized as one of Charlotte’s most distinctive retail environments,” the company said. “We look forward to elevating the guest experience and contributing to the continued vibrancy of the SouthPark district.”
The acquisition deepens Simon’s presence in the Charlotte market, where strong demographics, retail spending, and sustained population growth continue to attract national retailers and institutional investors.
Financial terms of the transaction were not disclosed.
