Simon boosts its position in Meadowood

Simon Property Group has taken a larger ownership stake in Meadowood Mall in Reno.

The company headquartered in Indianapolis said last week it will own a 50 percent interest in the 876,847-square-foot center after it closes a deal with Farallon Capital Management LLC.

Farallon Capital Management was a joint venture partner with Simon Property Group in partial ownership of 26 shopping centers across the United States.

Simon will buy out that interest in a transaction valued at $1.5 billion. The value of Meadowood Mall wasn't broken out separately.

Simon Property Group will continue as manager of Meadowood Mall.