Find in the news:
BY COUNTRY

Institutional Mall Investors Acquires the Miracle Mile Shops



Institutional Mall Investors LLC has bought the indoor mall located in the Planet Hollywood Resort.
Institutional Mall Investors LLC is an investment partnership that is jointly owned by the California Public Employees’ Retirement System (CalPERS) and Miller Capital Advisory Inc. of Skokie. CalPERS is an agency that manages health and pension benefits for over 1.6 million public retirees and employees in California.

The formal announcement of the acquisition was expected to be given on Monday. Although it is not yet clear how much the co-investment venture company is paying for the shops, it is believed to be close to $1.1 billion. 

The mall has been among the most dynamic in the country since 2004 when RFR Holdings and Tristar Capital acquired them. The success has been propelled by the fact that the mall gives direct access to 2,567 guest rooms and Planet Hollywood Resort & Casino, which covers 100,000 square feet. Others include 13 restaurants, the famous Axis Theater and three other live entertainment theaters.

The mall has such popular tenants as Buffalo Wild Wings, Cabo Wabo Cantina, PBR Rock Bar & Grill, MAC Cosmetics, Sin City Brewing Co., Flight 23 at Footaction, Garrett Popcorn Shops, French Connection, Nacho Daddy, Club Tattoo, H&M, Sephora and Guess.

The Miracle Mile Shops

PBR Rock Bar & Grill features a Strip-side location where people enjoy bull riding in addition to wonderful food and drinks. Cabo Wabo Cantina features bar and restaurant covering 15,000 square feet while Club Tatoo features some of the country’s best tattoo artists.

Trizec Properties built the mall that covered 475,000 square feet in the redesigned Aladdin. It was officially opened in August 2000 under the name Desert Passage. However, it was renamed Miracle Mile Shops seven years later after Aladdin’s name was changed to Planet Hollywood Resort.

The purchase comes after MGM Resorts International announced in April that the purchase of the Shops at Crystals mall had closed. Simon Property Group and Invesco Real Estate had offered to buy the Shops, which are also located on the Strip, from CityCenter Holdings, LLC for $1.1 billion. 

Infinity World Development Corp., a subsidiary of Dubai World, and MGM Resorts jointly own CityCenter Holdings. The joint venture had announced the sale in March. 

According to David Simon, the CEO and chairman of Simon Property Group, the purchase gave them a great opportunity to get high-quality asset in a marketplace with wonderful growth potential. 

The name Miracle Mile Shops comes from the fact that the mall covers over a mile featuring live entertainment venues, restaurants and 200 shops within the famous Las Vegas Strip.

Related shopping malls and stores:

More about shopping malls in the USA



YESTERDAY, USA:
The new Nike Live store opened in Oregon, becoming the fourth location in the new format after stores in Los Angeles, Tokyo, and New York.
YESTERDAY, Netherlands:
Mass protests were held in 10 cities in the Netherlands.
YESTERDAY, United Kingdom:
The online retailer of fashionable clothes, ASOS, is considered the most probable applicant for the takeover of famous clothing brand Topshop.
YESTERDAY, United Kingdom:
The remaining stores of the British chain will most likely be closed as a result of the deal, and the brand itself will become an online retailer's property.
Jan 22, 2021, Austria:
The crystal jewelry maker will focus on fewer stores with more space.
Jan 22, 2021, Germany:
The sale of the famous worldwide brand with a 250-year history is estimated at $4.8 billion.
Friend
and Follow
Charlotte Premium Outlets GLA:400 000 SF
ADDRESS: 5404 New Fashion Way Suite 100, Charlotte, NC 28278
USA . Charlotte
Charlotte Premium Outlets
Mall of Qatar GLA:1 743 753 SF
Qatar . Doha
Mall of Qatar
Optimum Outlet GLA:421 127 SF
ADDRESS: ve Eglence Merkezi | Istiklal Sokak No.2/B Yenisahra/Atasehir
Turkey . Istanbul
Optimum Outlet
Designer Outlet Provence GLA:269 098 SF
ADDRESS: Mas de la Peronne, Miramas, France
France . Miramas
Designer Outlet Provence


Edit text

Dear visitor!
If You wish to add appropriate information to this description, please make changes in the text below and they will take effect after being verified by Malls.com administrator.

SAVE CHANGES
ADD PHOTO

Dear visitor!
If you desire to add more photos to this description, please upload them and they will appear on the page after being verified by Malls.com administrator.

CHOOSE PHOTOS
SAVE CHANGES
Sign in Malls.com
Sign in please, if you already have an account

Registration



Error filling
Error filling
Error filling
Error filling
Thank you!
You will receive e-mail with registration data shortly. In email you'll find link, confirm your account by clicking on it, please.

Malls.com Team
Thank you for message!
In the near future you will be contacted the manager
for further details.

Malls.com Team
Good mall, bro!
In the near future you will be contacted the manager
for further details.

Malls.com Team
We are dissatisfied with you :-(
In the near future you will be contacted the manager
for further details.

Malls.com Team

Write to us