Las Vegas Strip Sees Miracle Mile Shops Sell For $1B
Tristar Capital and RFR Holding just sold more than a mile of shops fronting the world-famous Las Vegas Strip for approximately $1.1B to Miller Capital Advisory and CalPERS via a co-investment venture.
The Miracle Mile Shops include more than 200 stores and eateries totaling over 500k SF and are right across the street from Planet Hollywood’s 100k SF casino, Commercial Property Executive reports. The property has turned into a trophy asset over the last few years, thanks in part to the Axis Theater, which boasts Britney Spears and Jennifer Lopez as performers-in-residence.
HFF advised the sellers in the transaction, which included a $580M refinancing of Miracle Mile Shops in 2013. [CPE]