Miracle Mile Shops Sale Tops $1B
- Oct 17, 2016
By Sanyu Kyeyune
Las Vegas –Situated on 501,522 square feet along the notorious Las Vegas Strip, the Miracle Mile Shops have traded for an approximate $1.1 billion, according to a report by the Las Vegas Review-Journal. Miller Capital Advisory and CalPERS acquired the property via a co-investment venture.
Miller Capital specializes in mixed-use and fashion retail, with approximately $7.9 billion in assets under management. CalPERS manages the nation’s largest public pension fund, with roughly $300.3 billion in assets as of 2015. Both affiliates of Institutional Mall Investors LLC, the two groups purchased the property from Tristar Capital and RFR Holdings, which took ownership in 2004.
Since 2004, the Miracle Mile Shops has bloomed into a trophy asset, due in part to foot traffic toward prominent anchors such as Axis Theater, where Britney Spears and Jennifer Lopez are performers-in-residence. In addition, the retail complex features three live entertainment venues, 15 eateries, 184 shops, 2,567 guest rooms and direct access to Planet Hollywood’s 100,000-square-foot casino.
“We’re extremely proud of the job our entire team has done over the last decade, weathering Las Vegas’ economic downturn and rebounding to make Miracle Mile Shops one of the 10 busiest malls in the country,” said Tristar President David Edelstein in a prepared release. “With its location, tenant mix and Las Vegas’ continued growth, we believe Miracle Mile Shops is ideally poised to continue its upward trajectory, and we’re confident that Miller Capital Advisory Inc., is the right company to take the center to the next level.”
HFF advised the sellers in the transaction, which was preceded by a $580 million refinance in 2013. The investment play marks the second blockbuster deal on the famed Las Vegas Strip. In March of this year, Invesco and Simon inked the $1.1 billion purchase of the Shops at Crystals mall from a joint venture between MGM Resorts and Infinity World Development Corp.
Miller Capital President & CEO Andrew Miller added, “Las Vegas continues to set record visitor numbers, and that is certainly reflected in the traffic we see at Miracle Mile Shops.”
Image courtesy of HFF