LAS VEGAS, NV--(Marketwired - Oct 17, 2016) - Boulevard Invest LLC., owners of Miracle Mile Shops on the famed Las Vegas Strip, have completed the sale of the center to an affiliate of Institutional Mall Investors LLC, a co-investment venture owned by Miller Capital Advisory, Inc. and CalPERS.
The sale price was not announced.
"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 David Edelstein of Tristar Capital, which along with RFR Holdings makes up the partnership behind Boulevard Invest LLC. "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 Institutional Mall Investors LLC is the right company to take the center to the next level."
Tristar Capital and RFR Holdings took ownership of the mall in 2004. Since that time, Miracle Mile Shops has become one of the most dynamic malls in the country, anchored by the Axis Theatre, which is home to residency performers Britney Spears and Jennifer Lopez, 13 restaurants, three additional live entertainment theatres and direct access to Planet Hollywood Resort & Casino's 100,000-square-foot casino and 2,567 guest rooms.
Andrew Miller, President and CEO of Miller Capital Advisory, said the company is excited for the future of Miracle Mile Shops and Las Vegas.
"Las Vegas continues to set record visitor numbers and that is certainly reflected in the traffic we see at Miracle Mile Shops," said Miller. "The world-class mix of tenants appeals to a broad demographic and we expect to continue to build on the mall's current success."
Holliday Fenoglio Fowler, L.P. (HFF) served as the advisor to the ownership group for this transaction as part of a capitalization advisory strategy that included a refinancing of Miracle Mile Shops in 2013.
About Miracle Mile Shops:
Miracle Mile Shops at Planet Hollywood Resort & Casino features more than a mile of 200 shops, tempting restaurants and live entertainment venues at the heart of the famed Las Vegas Strip. The center is home to PBR Rock Bar & Grill, boasting a Strip-side location with excellent food, drinks and bull riding; Buffalo Wild Wings; M·A·C Cosmetics, a leading brand of professional cosmetics; H&M; UK-based global retailer French Connection; Sephora; Chicago popcorn legend Garrett Popcorn Shops' only Las Vegas location; GUESS; Nacho Daddy, home of the world-famous Scorpion Shot; BCBGMAXAZRIA; 15,000-square-foot bar and restaurant Cabo Wabo® Cantina; Las Vegas' very own Sin City Brewing Co.; Club Tattoo, featuring some of the best tattoo artists and body piercers in the nation; Flight 23 at Footaction, one of only three in the country; as well as a multi-million dollar fountain show.
Miracle Mile Shops is open 10 a.m. - 11 p.m. Sunday - Thursday and 10 a.m. - midnight Friday - Saturday. For more information, call (888) 800-8284 or visit www.miraclemileshopslv.com. Keep up with the latest Miracle Mile Shops news via Facebook, Twitter, Instagram and YouTube.
About Institutional Mall Investors:
Institutional Mall Investors ("IMI") is a co-investment venture owned by an affiliate of Miller Capital Advisory Inc. ("MCA") and CalPERS, the nation's largest public pension fund. MCA serves as investment manager for IMI.
IMI is a core-oriented investment platform focused on high quality, market dominant, fashion-oriented retail properties. The IMI portfolio features some of the most dominant regional and super regional shopping centers in the United States. As of September 2016, the portfolio included 19.6 million square feet of retail GLA and over 1.1 million square feet of prime office space. IMI also seeks to invest in productive lifestyle, mixed use and development opportunities as circumstances warrant.
About Miller Capital Advisory:
MCA specializes in fashion-oriented retail and mixed use properties. Headquartered in Skokie, IL, a suburb of Chicago, the firm also operates a regional office in Austin, TX. The firm manages property investments throughout the entire United States. Real estate investments under management totaled approximately 8.3 billion as of September 30, 2016.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets advisory services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform. For more information please visit hfflp.com or follow HFF on Twitter @HFF.