Current Ownership Structure of The Grove
The Grove is a retail and entertainment complex located at 189 The Grove Drive in Los Angeles. The property is currently owned by a joint venture between the real estate investment firm Macerich and the Canada Pension Plan Investment Board (CPPIB). This ownership structure has remained stable since the major acquisition completed in 2016, when Macerich took full control of the property from its original developer, The Caruso Company. The mall operates as a high-end open-air shopping center with a focus on luxury brands, dining, and entertainment, including a live music venue and a farmers market. The property is managed by Macerich, which handles leasing, operations, and tenant relations. For detailed ownership data, see the official property profile on the Macerich website The Grove property details.
Key Ownership Entities and Investors
The primary owner is Macerich, a publicly traded real estate investment trust (REIT) listed on the NYSE under the ticker MAC. CPPIB, the investment arm of the Canada Pension Plan, holds a significant minority stake through a joint venture structure. The original developer, The Caruso Company, founded by Rick Caruso, no longer holds an ownership stake after the 2016 transaction. The property is not publicly traded as a standalone entity; it is part of Macerich's broader portfolio of 51 properties across the United States. The total valuation of The Grove is not publicly disclosed, but the transaction value for the acquisition was reported at approximately $765 million at the time of the deal. The property is classified as a super-regional shopping center with a gross leasable area of approximately 575,000 square feet.
Historical Ownership and Development Timeline
The Grove was developed by The Caruso Company and opened its doors to the public in 2002. The original development was a joint venture between Caruso and a subsidiary of the New York State Teachers' Retirement System. The project was designed by the architectural firm EYRC Architects and built on the site of the former Farmers Market adjacent to the original Grove location. The original construction cost was estimated at $150 million. In 2016, Macerich acquired the remaining minority interests to become the sole owner of the property, consolidating the investment under one REIT. The acquisition was part of a broader strategy by Macerich to expand its presence in the high-growth Los Angeles retail market. The transition from a private developer-led project to a publicly traded REIT ownership model marked a significant shift in the property's financial structure.
Key Milestones in Property History
The Farmers Market at The Grove, which predates the mall, originally opened in 1934 and was integrated into the development plan from the outset. The 2002 opening of the main mall introduced a new retail format combining open-air walkways, a central amphitheater, and a tram transportation system connecting the mall to the adjacent Farmers Market. In 2015, the property underwent a significant renovation to modernize the common areas and improve tenant mix. The property has consistently ranked among the top-performing shopping centers in the United States by sales per square foot. The management of the property has remained with Macerich since the 2016 acquisition, with no changes to the operational leadership team during that period. For historical financial performance data, see the official SEC filing for Macerich's annual report Macerich SEC filings.
Current Tenants and Property Performance
The Grove features a mix of luxury