Macerich, Simon JV to Develop Major Outlet Center in LA Suburb
Macerich of Santa Monica, CA and Indianapolis-based Simon in a 50-50 joint venture will co-develop and jointly lease the new outlet center that is designed to open with 400,000 square feet, followed by an additional 166,000 square feet in its second phase.
CARSON, CA—Retail heavyweights Macerich and Simon Property Group have formed a joint venture to develop a 566,000-square-foot Los Angeles Premium Outlets here that is scheduled to open in three years.
Macerich of Santa Monica, CA and Indianapolis-based Simon in a 50-50 joint venture will co-develop and jointly lease the new outlet center that is designed to open with 400,000 square feet, followed by an additional 166,000 square feet in its second phase.
Los Angeles Premium Outlets will be located in Los Angeles County west of the I-5 corridor and south of the I-10 Freeway. Site work for the elevated shopping destination with parking below is expected to begin immediately, with an opening planned for fall 2021, the companies announced.
No development cost for the project was disclosed.
Ed Coppola, president of Macerich, and David Simon, CEO and chairman of Simon, say in a joint statement, “We are very pleased to partner in the development of this one-of-a-kind outlet project on great, well-positioned real estate to serve one of the nation’s most attractive markets. We look forward to creating the ultimate outlet destination of choice for both local residents and international visitors to Los Angeles.”
The two partners stress the strong demographics of the surrounding region. Los Angeles Premium Outlets will have 2,500 lineal feet of frontage on the I-405 Freeway, with 300,000 cars passing each day. Additionally, 215,000 cars pass the site daily on the I-110 Freeway. ‘
The project will also benefit from the region’s high density of 2.5 million residents within 10 miles and its location just 11 miles from LAX, that serves 81 million passengers annually. In addition, Los Angeles Premium Outlets will be a short drive from City of Champions Stadium, the future home of National Football League franchises the Los Angeles Rams and Los Angeles Chargers.
City of Carson Mayor Albert Robles says of the new retail development, “We see this high-quality outlet project as one that will add value to our community for many years to come, attracting locals and tourists from all over the world.”