A subsidiary of Simon has entered into an agreement to acquire University Village, an open-air retail center located in Seattle, Washington. The property, known locally as University Village, has long served as a community hub and is situated north of downtown Seattle near the University of Washington.
University Village opened in the 1950s and has evolved over several decades into a significant shopping and dining destination for the surrounding area. The center today features more than 100 businesses and services, offering a mix of retailers, dining options, and other commercial users. Its merchandising lineup combines national brands with local boutiques and restaurants.
The curated tenant mix at University Village includes a number of well-known national and international brands. Among the retailers and restaurants cited at the property are Apple, RH Gallery, Crate & Barrel, Room & Board, Sézane, Lululemon, Aritzia, Vuori, and Din Tai Fung. This combination of lifestyle, fashion, technology, home furnishings, and dining concepts underscores the center’s positioning as a regional destination for both everyday needs and discretionary spending.
Commenting on the property’s evolution, Susie Plummer, Partner and General Manager of University Village, noted that the asset originally opened as an approximately 300,000-square-foot property. She emphasized that from the outset it was intended to be more than just a collection of buildings, with an emphasis on delivering a strong customer experience. Over time, according to Plummer, the property has expanded significantly beyond its initial footprint, and she indicated that it has grown to nearly 600,000 square feet.
The acquisition by the Simon subsidiary is expected to close in the fourth quarter of 2026, subject to the usual closing conditions associated with such transactions. No additional financial terms, valuation metrics, or changes to operations were disclosed in the announcement. The transaction adds a long-established open-air retail center with a broad tenant roster and a multi-decade operating history to the Simon platform.
With this planned acquisition, University Village is poised to transition to new ownership while maintaining its role as a key retail and dining destination north of downtown Seattle and adjacent to the University of Washington. The combination of established brands, locally focused retailers, and a large-scale open-air format remains central to the property’s identity as described in the announcement.
