Sky Real Estate, an investor focused on commercial properties across multiple sectors, has acquired Osage Beach Outlet Marketplace in Osage Beach, Missouri, from a subsidiary of Simon Property Group Inc. (NYSE: SPG).
The 391,000-square-foot shopping center is located on a 60-acre parcel along Osage Beach Parkway, with tenants that include Polo Ralph Lauren, Under Armour, Bath & Body Works, and LOFT.
The financial aspects of the sale were not disclosed. The municipal government in Osage Beach had begun legal action against Simon Property Group for alleged health and safety code violations at the property, but it has ended the litigation following the sale to the new owner.
“The City is encouraged by Sky Real Estate’s commitment to improving the property and looks forward to its revitalization for residents and visitors,” said the local government’s statement. “Over the past few months, the City and Sky Real Estate worked together to formulate an action plan for the mall that prioritizes life-safety issues. The City’s code violation case against Simon is now resolved and no further action is expected.”
Photo courtesy of Simon Property Group
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