Indianapolis, ID (April 2016) -- Simon Property Group, a global leader in retail real estate, and Invesco Real Estate announced today the closing of their acquisition of The Shops at Crystals in Las Vegas, Nevada in a 50:50 joint venture. The purchase price was approximately $1.1 billion. Simon will lease and manage The Shops at Crystals for the joint venture.
Located at the entryway of CityCenter and in the heart of the Las Vegas Strip, The Shops at Crystals is a stunning luxury retail property that boasts more than 324,000 square feet of highly sought-after retail space. It is anchored by 10 luxury flagship stores including Louis Vuitton, Gucci, Dolce & Gabbana, Tom Ford, Prada, Fendi and Tiffany & Co., as well as 30 unique-to-market luxury retailers including Céline, Saint Laurent and Richard Mille.
The asset features a dedicated tram station, connecting it to the Bellagio Resort & Casino, ARIA Resort & Casino and Monte Carlo Resort & Casino, and is in close proximity to several luxury resorts totaling approximately 16,000 rooms. It is also the most pedestrian accessible and centrally located retail property on the Las Vegas Strip.
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