Shopping Center Business

MAY 2016

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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Page 353 of 358

LAS VEGAS RETAIL May 2016 • SHOPPING CENTER BUSINESS • 349 she told the crowd. "Operators today are creating outdoor spaces and transition corridors that encourage social interac- tion and exploration. In addition to the economic impact T-Mobile Arena will have, it will create buzz that will catalyze more development and investment. It represents the future of Las Vegas. Just imagine what Las Vegas Boulevard South will look like in five, 10 years. It really is limitless. Las Vegas has reinvented itself time and time again." HIGH-PROFILE DEALINGS MGM Resorts has been busy outside its new entertainment district as well. City- Center Holdings LLC, a joint venture between the company and Infinity World Development Corp., recently divested part of The Shops at Crystals within its neighboring CityCenter mixed-use proj- ect. The new joint venture, which consists of CityCenter Holdings LLC, Invesco Real Estate and Simon Property Group, purchased the 355,000-square-foot, up- scale shopping center for $1.1 billion in March. The transaction is expected to close in the second quarter of this year. "The acquisition of The Shops at Crys- tals provides us with an extraordinary op- portunity to obtain a high-quality asset in a growing marketplace," says David Simon, chairman and CEO of Simon Property Group. The Shops at Crystals maintains 10 luxury flagship stores, including Louis Vuitton, Gucci, Dolce & Gabbana, Tom Ford, Prada, Fendi and Tiffany & Co. The center also features 30 unique-to-market luxury retailers, such as Celine, Saint Lau- rent and Richard Mille. Its dedicated tram station connects to both the Bellagio and the Monte Carlo resort-casinos. Michael Zietsman, a director at JLL who represented CityCenter in this trans- action, believed retail would continue to be the focal point up and down the Strip for years to come. "Las Vegas has experienced significant economic growth over the past few years, with a record number of visitors in 2015 and an increasing international clientele," he says. "Visitors now spend more than half their travel budget on non-gaming ex- penditures. A sale like this has never made more sense." Sake Rok is a new addition to Las Vegas, thanks to The Park. CLASSIFIED ARCHITECTURE/DESIGN MALL COMPACTORS PROFESSIONAL SERVICES ACCOUNTING, AUDITS Retail Tenant Sales • Compliance • Restaurant • Specialty Examinations United States • Canada • Caribbean Phone 985.626.9979 • 800.999.LAMY • Fax 985.626.9943 E-mail: NO COST TO MALL DEVELOPERS FAIR SHARE DIRECT TENANT BILLING For Rubbish Removal A 20 year history of serving • • • • • • • • MALLS• • • • • • • • OLYMPIC MALL SERVICES A division of Olympic Compactor Rentals, Inc. Chip Panciocco 1-800-722-5371 For Classified Advertising in Shopping Center Business contact Barbara Sherer:

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