Simon Property Group agrees to buy Seattle’s University Village shopping centre
Simon Property Group has agreed to buy University Village, a large open-air shopping centre in Seattle, in a deal announced on Friday, 30 October 2026. A subsidiary of the US retail giant has signed an agreement to take over the centre, which sits north of downtown Seattle near the University of Washington.
University Village is nearly 600,000 square feet in size and is home to more than 100 shops, restaurants and other businesses. Its tenants include Apple, Crate & Barrel, Lululemon and Din Tai Fung, alongside local boutiques and restaurants. The centre first opened in 1956 and has been owned since 1993 by Stuart Sloan, a businessman and former owner and chairman of the QFC grocery chain.
The price of the deal has not been disclosed. Simon said the purchase is expected to close in the final three months of 2026, once the usual closing conditions are met. Simon’s chief executive, Eli Simon, called University Village “an exceptional retail destination” and said the deal fits the company’s focus on “owning distinctive, high-quality assets in strong markets”.
Simon, based in Indianapolis, is a real estate investment trust that owns about 200 shopping, dining and entertainment properties across North America, Europe and Asia. It already owns five other retail properties in Washington state, including Tacoma Mall, Seattle Premium Outlets and The District at Northgate in Seattle.
Why it matters
The deal is a sign that big investors are again willing to spend on strong shopping centres. In October alone, Federal Realty bought a large open-air centre in Birmingham, Alabama, for $508 million, while two other investors launched a $790 million joint venture in the same kind of property. University Village is one of Seattle’s busiest shopping spots, so owning it gives Simon a well-known destination in a wealthy market.
What happens next
The deal still needs to clear its closing conditions before it is final, with completion expected before the end of the year. Shoppers are unlikely to see big changes at first, as Simon said it plans to build on the centre’s success rather than start again. More detail, including the price, may follow when the deal closes.
This article is for general information and education only. It is not legal or financial advice.
Sources
- https://chainstoreage.com/simon-subsidiary-acquire-university-village-seattle (Chain Store Age, 30 October 2026)
- https://dealroom.co/news/168370-simon-strikes-deal-for-seattles-university-village-open-air-center/ (Dealroom, 30 October 2026)
