Nell Codding died in 1990. The buyout of Simon is triggering a reorganization at Codding Enterprises, which until recently was headed by Brad Baker, Connie Codding’s son from a previous marriage.

Codding Enterprises is run by granddaughters Lisa and Lois Codding, who also run Codding Construction. “It is more of an estate-planning exercise between different family members,” Baker said ...