Simon Property Group sells Circle Center Mall in Indianapolis

Simon Property Group is no longer an owner of Circle Center Mall in downtown Indianapolis, selling its share in a deal that’s launching a conversation about how to redevelop the mall.

Adam Collins, counsel for the mall’s owner, Circle Center Development Co, confirmed to IndyStar Friday morning that Simon sold its minority ownership interest — of approximately 15% — in the mall to the remaining majority owners.

Circle Center Development Co. is a limited partnership of 17 business and corporate investors, and the mall’s original investors. IndyStar has reached out to Simon for a comment.

“As it relates to the initiation (sale), it was relative to this ongoing conversation between the parties about what was best for the asset,” said Collins, a partner at the Indianapolis law firm Wallack Somers & Haas.

The deal was finalized Dec. 30.

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