General Growth Sells Stake in Las Vegas Mall for $1.25 Billion
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Mall landlord receives proceeds of about $830 million
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Fashion Show center is home to about 250 stores on the Strip
General Growth Properties Inc. said it sold a 50 percent stake in Fashion Show, a high-end shopping mall on the Las Vegas Strip, for $1.25 billion.
The transaction, disclosed in the mall owner’s second-quarter earnings release Monday, resulted in about $830 million proceeds to the company. Chicago-based General Growth didn’t disclose the buyer in the deal, which was completed after the end of the quarter.
Fashion Show is a 1.9 million-square-foot (177,000-square-meter) property with anchors including Neiman Marcus, Macy’s and Saks Fifth Avenue. The mall, which opened in 1981 and was renovated in 2013, has about 250 stores and is within walking distance of many hotels and casinos, according to its website.
Top-tier malls are attractive to investors because they tend to have relatively high tenant sales per square foot, and new ones are rarely built. Fashion Show was 99.5 percent leased at the end of the second quarter, according to a General Growth regulatory filing.