REAL ESTATE

Macerich and Simon team up on L.A. luxury outlet center

BY Al Urbanski

Two of the biggest names in malls are getting together on a Los Angeles outlet center that they hope will attract “the most affluent” locals and tourists.

Macerich and Simon will partner 50-50 on Los Angeles Premium Outlets in Carson, which lies north of Long Beach and east of Torrance. The location was attractive, said the partners, because of its proximity to both the I-5 corridor and the I-10 freeway.

First to rise on the site will be a 400,000-sq.-ft. center slated to open in fall 2021. A 166,000-sq.-ft. second phase is in the blueprints, though no timing was announced for the planned expansion. Neither were any tenant-signings announced by either company.

In a joint statement, Macerich president Ed Coppola and Simon CEO David Simon called the outlet center a one-of-a-kind project on great real estate in one of the nation’s most attractive markets.

Carson mayor Albert Robles said he was thrilled to have “two of the country’s biggest and best names in retail real estate” favor his town with their joint venture.

“This…will add value to our community for many years to come, attracting locals and tourists from all over the world,” Robles said.

Los Angeles Premium Outlets will do business just a short drive from City of Champions Stadium, future home of the Rams, Chargers, and diverse entertainment options.

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A Sears closes and a new idea takes shape at a Massachusetts mall

BY Al Urbanski

The day after the Sears closed at Eastfield Mall in Springfield, Massachusetts, the owners hired Cushman and Wakefield to open a new chapter for the 87-acre property that was the town’s first enclosed mall when it opened in 1967.

What Cushman and owner Mountain Development have in mind for Eastfield is a mixed-use renovation blending retail with residential in a “main street” lifestyle center setting. It’s become a common scenario in an over-malled retail industry struggling to find its place in 21st Century America.

“This is truly a distinctive opportunity given the many factors that support a successful repurposing,” said Cushman’s Brian Whitmer.

Mountain Development bought the 777,000-sq.-ft. mall in 2013 for $3.5 million and purchased the J.C. Penney and Macy’s buildings on the property after those stores closed. Three-quarters Eastfield remains rented to tenants that include Cinemark, Old Navy, Hannoush Jewelers, Ninety-Nine Restaurant & Pub, and a flea market.

The Jersey-based developer intends to hold on to Eastfield, but is looking for a partner in the redevelopment.

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Ala Moana Center to open 11 new stores this fall

BY Jennifer Setteducato

The world’s largest open-air shopping center is adding more tenants to its already robust lineup.

Honolulu’s massive Ala Moana Center, which has 2.4 million sq. ft. of retail space, will open 11 new stores this fall with the signings of Aloha Confectionary, Beard Papa’s Totti Candy Factory, DIOR, Ike’s Love & Sandwiches, Mama Pho, Mark & Lona, MyGoCenter (a 2,700-sq.-ft. co-working space), Seoul Mix 2.0, Shabuya, Uniqlo, and MyGoKids — a 3,000-sq.-ft. “children’s paradise” complete with indoor playground, arcade, and rock climbing wall that will provide hourly childcare to shoppers.

The center recently opened the following retailers and restaurants: Moomin Shop Hawaii, Premier Barbershop Hawaii, The Eye Gallery, Uniqlo Pop-up, and XTreme 7D Dark Rides, a 3D interactive experience.

Ala Moana Center is owned and managed by Chicago-based GGP Inc. and attracts 48 million visitors per year. The center took the top spot as the nation’s most valuable shopping mall in a January 2018 ranking by boutique research firm Boenning & Scattergood, with a total asset value of $5.74 billion.

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