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Macerich, Simon Property team up to develop Calif. outlet center

Retail real estate investment trusts Macerich Co. and Simon Property Group Inc. have formed a 50/50 joint venture to develop a Premium Outlet center in Carson, Calif.

The REITs will jointly lease the new center, dubbed the Los Angeles Premium Outlets, which will open with an initial 400,000 square feet of space, followed by an additional 166,000 square feet in the second phase of the project. Work on the development is expected to commence immediately, with an opening scheduled for the fall of 2021, according to a release.