You’ve probably walked through the sliding glass doors, felt that blast of climate-controlled air, and wondered—who actually runs this place? It’s a fair question. "Town Center" is one of the most common names for a shopping mall in America. Because of that, the answer depends entirely on which state you’re standing in.
Malls aren't just buildings anymore; they are high-stakes chess pieces for massive real estate investment trusts (REITs). Some are thriving luxury hubs. Others are struggling relics being passed around by turnaround specialists.
Honestly, the "Town Center" brand is a bit of a trick. It sounds like a public park or a government building, but it’s almost always private property. As of 2026, the ownership landscape has shifted dramatically due to a series of massive buyouts and foreclosures. Here is the breakdown of who owns the major Town Center malls across the country.
Simon Property Group: The King of the High-End
If you are at the Town Center at Boca Raton in Florida, you are standing on the crown jewel of the Simon Property Group portfolio. Simon isn’t just a mall owner; they are the largest retail real estate company in the world.
For years, there was a bit of a split in who called the shots at some of these locations. Simon used to share a big chunk of their luxury portfolio with the Taubman family. However, in a massive move that finalized in late 2025, Simon Property Group doubled down and bought out the remaining stake in the Taubman Realty Group. This was a multi-billion dollar play. It gave Simon 100% control over some of the most profitable shopping ground in the United States.
Why does this matter to you? When Simon owns a mall like the one in Boca, you see a specific vibe. They lean into "ultra-luxury." We’re talking Neiman Marcus, Saks Fifth Avenue, and high-end dining. They have the capital to keep the lights bright and the marble polished, which is a stark contrast to what's happening elsewhere in the industry.
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The Power Shift in 2025 and 2026
The 2025 buyout of the Taubman interest was a signal to the market. While some people claim the "mall is dead," Simon is betting $900 million just on the last 12% of that specific portfolio. They are focusing on "Class A" properties—the ones where people still spend money in person.
The "Distressed" Specialist: Kohan Retail Investment Group
Now, if you’re at the Town Center at Cobb in Kennesaw, Georgia, the story is completely different. And honestly, it’s a bit more dramatic.
This mall was once a Simon property, too. But the retail world is brutal. After a period of decline and a foreclosure auction where nobody even placed a bid, the mall was eventually picked up by Kohan Retail Investment Group.
You might have heard the name Mike Kohan in the news lately. His company specializes in buying "distressed" malls—properties that are on the brink of failure. They buy them cheap, often for a fraction of what they cost to build.
- The Controversy: Kohan has a reputation that is, frankly, polarizing.
- The Issues: In early 2025, the Town Center at Cobb actually made headlines because the power was reportedly cut off due to unpaid utility bills.
- The Strategy: Unlike Simon, which pours money into renovations, Kohan’s model is often seen as "holding the line." They keep the mall open as long as possible with minimal investment, hoping to find a way to make the math work.
If your local Town Center feels a bit dim or has a lot of empty storefronts, check the property records. There is a good chance a group like Kohan or Namdar is behind it. They are the "last resort" owners for many American malls.
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Pacific Retail Capital Partners: The Redevelopment Play
The Town Center at Palm Desert (now rebranded as The Shops at Palm Desert) offers a third path. It isn't just about luxury or survival; it’s about transformation.
In late 2023, Pacific Retail Capital Partners (PRCP) acquired this massive site. They aren't trying to just keep it as a 1980s-style mall. Their whole plan—which is really picking up steam in 2026—is to turn the 72-acre property into a "mixed-use destination."
What does that look like? It means they are literally tearing parts of the mall down to build apartments, green spaces, and hotels. They realize that a 1 million-square-foot box of clothes isn't enough anymore. They want people to live where they shop.
Spinoso and the Management Game
Sometimes, the "owner" isn't the one whose name is on the management office door. Take the Town Center at Aurora in Colorado.
For a while, it was a Simon property. Now, it’s under the wing of the Spinoso Real Estate Group. Spinoso is interesting because they are "mop-up" experts. They often take over properties from lenders or banks after a foreclosure. Their job is to stabilize the leasing, bring in "non-traditional" tenants (like gyms, clinics, or even government offices), and make the mall attractive enough to sell to a permanent owner.
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The "Anchor" Trap: Who Actually Owns the Floor?
Here is a secret most shoppers don't know: The mall owner usually doesn't own the whole mall.
Even at a Simon-owned mall, the big anchor stores like Macy’s or JCPenney often own the land and the building they sit in. This is why it’s so hard to redevelop a mall. If Simon wants to turn a wing into condos, they have to get permission from Macy’s, who might have a 50-year-old contract saying nothing can be built in the parking lot.
It’s a legal nightmare. In Boca Raton, there have been famous legal spats between the mall owners and the companies that own the former Sears space. When you ask who owns the mall, you’re really asking about a complex web of property lines.
Why Ownership Matters to You
You might think, "Who cares if a REIT in Indianapolis or a billionaire in New York owns the place?" But ownership dictates your experience.
- Safety and Maintenance: High-end owners like Simon invest heavily in security and "ambiance." Distressed owners often cut these costs first.
- The Store Mix: Owners with deep pockets can lure brands like Apple or Tesla. Smaller owners end up with "mom-and-pop" shops or seasonal Halloween stores.
- The Future of Your Town: If an owner like PRCP takes over, your mall might become a neighborhood with parks. If a distressed owner keeps it, it might eventually become a vacant eyesore.
Actionable Insights for the Curious
If you want to know exactly who is pulling the strings at your local Town Center, you don't have to guess.
- Check the "Leasing" Page: Go to the mall's official website and look for a link that says "Leasing" or "Partner with Us." The logo at the bottom of that page is the real owner or management firm.
- Search County Tax Records: Most counties have an online "Property Appraiser" or "Tax Collector" search. Type in the mall's address. You’ll see the holding company name (often something like "Boca Mall LLC").
- Look for the Rebrand: If a mall suddenly changes its name from "Town Center Mall" to "The Shops at [City Name]," it almost always means a new owner has stepped in with a plan to renovate or redevelop.
The era of the "standard" mall is over. By 2026, the divide has become clear: you are either in a Simon-style luxury fortress or you are in a property being reinvented for the next generation of housing and entertainment.