Indianapolis -- Simon Property Group and Institutional Mall Investors (the co-investment venture owned by an affiliate of Miller Capital Advisory and The California Public Employees' Retirement System [CalPERS]), on Thursday announced that they have formed a joint venture to own and operate The Shops at Mission Viejo in the Los Angeles suburb of Mission Viejo, Calif., and Woodfield Mall in the Chicago suburb of Schaumburg, Ill.
Simon and IMI will each own 50% of Woodfield. Simon will own 51% of Mission Viejo and IMI will own the remaining 49%. Simon is providing management and leasing services to the joint venture.
Prior to formation of the joint venture, Simon owned 100% of The Shops at Mission Viejo and IMI owned 100% of Woodfield Mall. The Shops at Mission Viejo is a 1.2 million sq. ft. center anchored by Nordstrom and Macy's. Woodfield Mall is a 2.2 million sq. ft. center anchored by Nordstrom, Macy's, Lord & Taylor, J.C. Penney and Sears.