Miracle Mile Shops3663 Las Vegas Blvd South
Miracle Mile Shops is a 501, 522-square-foot elite retail mall with more than 200 stores and 13 eateries, anchored by the Axis Theater with residency performers Britney Spears, Jennifer Lopez and The Backstreet Boys.
Property HighlightsIn late 2016 Tricap sold Miracle Mile Shops in Las Vegas for $1.08 billion (approximately $2,173 per square foot) to Calpers, as advised by Miller Capital Advisory. Tricap along with RFR Holdings had acquired Miracle Mile Shops for $250 million in 2004 and aggressively repositioned the property and maintained strong cash flow over the holding period.
"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 the 10 busiest malls in the country," said David Edelstein after the sale. "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 Miller Capital Advisory, Inc., is the right company to take the center to the next level."
Las Vegas, Nevada