Dubai investor sells Las Vegas mall for $1.1b
Simon Property Group and its undisclosed partner are in contract to purchase the Shops at Crystals in Las Vegas for $1.13 billion, according to Real Capital Analytics. The sellers were MGM Resorts International and Dubai World. An official statement has not been released.
Located on the Las Vegas Strip, the three-story Crystals is a high-end shopping mall and entertainment district, spanning an area of more than 500,000 square feet.
Simon Property currently owns 325 properties across the United States, comprising more than 241 million square feet. In July 2015, the REIT paid $27.9 million for a 50 percent stake in 3200 S. Las Vegas Blvd. The seller was Hudson’s Bay Co.
After years of recession followed by years of tepid recovery, Southern Nevada’s economy finally seemed to break out of its shell in 2015, according to Colliers International. Led by