SANTA MONICA, Calif. and
INDIANAPOLIS, Sept. 11, 2018 /PRNewswire/ -- Macerich
(NYSE:MAC), one of the nation's leading owners, operators and
developers of major retail properties in top markets, and Simon
(NYSE:SPG), a global leader in premier shopping, dining,
entertainment, and mixed-use destinations, today announced the
formation of a 50/50 joint venture to create Los Angeles Premium
Outlets, a state-of-the-art Premium Outlet center.
Macerich and Simon will co-develop and jointly lease LA's newest
outlet, 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 Carson in LA County and take advantage of its
positioning west of the I-5 corridor and south of the I-10 Freeway.
Site work for the uniquely situated, elevated shopping destination
with parking below is expected to begin immediately, with an
opening planned for fall 2021.
Destined to attract the most affluent local residents and
international tourists, Los Angeles Premium Outlets will have 2,500
lineal feet of frontage on the high-traffic I-405 Freeway, with
300,000 cars passing each day. Additionally, 215,000 cars pass the
site daily on the I-110 Freeway. The high-profile 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, the
nation's second-busiest airport serving 81 million passengers
annually. In addition, Los Angeles Premium Outlets will be just a
short drive from City of Champions Stadium, the future home of the
Rams, Chargers, and world-class entertainment options.
Said Ed Coppola, President of
Macerich, and David Simon, CEO and
Chairman of Simon: "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."
"Our city is thrilled that this exciting project is moving
forward, led by Macerich and Simon, two of the country's biggest
and best names in retail real estate," said Mayor Albert Robles, City of
Carson. "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."
About Simon
Simon is a global leader in the ownership of premier shopping,
dining, entertainment and mixed-use destinations and an S&P 100
company (Simon Property Group, NYSE:SPG). Our properties across
North America, Europe and Asia provide community gathering places for
millions of people every day and generate billions in annual sales.
For more information, visit simon.com.
About Macerich
Macerich, an S&P 500 company, is a fully integrated,
self-managed and self-administered real estate investment trust,
which focuses on the acquisition, leasing, management, development
and redevelopment of regional malls throughout the United States. Macerich currently owns 52
million square feet of real estate consisting primarily of
interests in 48 regional shopping centers. Macerich specializes in
successful retail properties in many of the country's most
attractive, densely populated markets with significant presence in
the Pacific Rim, Arizona, Chicago and the Metro New York to Washington, DC corridor.
A recognized leader in sustainability, Macerich has earned
NAREIT's prestigious "Leader in the Light" award every year from
2014-2017. For the third straight year in 2017 Macerich achieved
the #1 GRESB ranking in the North American Retail Sector, among
many other environmental accomplishments. Additional information
about Macerich can be obtained from the Company's website at
www.macerich.com.
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SOURCE Macerich Company