Simon, Invesco to Secure $750M for Vegas Retail Property
The shopping center has the highest concentration of luxury tenants on the Strip.
A joint venture between affiliates of Simon Property Group and Invesco Advisers is on track to obtain a $750 million CMBS loan for The Shops at Crystals, a 291,196-square-foot retail property in Las Vegas, according to an S&P Global presale report.
Wells Fargo, Bank of America and Goldman Sachs will originate and sell the interest-only, fixed-rate, 5.20 percent note due to mature in 2031.
Proceeds will retire a previous $550 million CMBS loan issued by JP Morgan in 2016, the same year Simon and Invesco acquired the asset for $1.1 billion from MGM Resorts International and Infinity World Development Corp. The loan will also pay off $10 million in closing costs and return $190 million of equity to Simon and Invesco.
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Completed in 2009, the property rises three stories and features the highest concentration of luxury tenants on the Las Vegas Strip. It is 90.3 percent leased to 49 unique tenants, including Louis Vuitton, Gucci, Prada and Hermes.
The Shops at Crystals is located at 3720 S. Las Vegas Blvd., roughly 3 miles from the Harry Reid International Airport and less than 1 mile from Interstate 15, which connects to downtown Vegas within approximately 8 miles.
The shopping center is part of the 67-acre Aria Campus, formerly known as CityCenter, an 18 million-square-foot hospitality, entertainment, retail and residential master-planned development located between Blackstone’s Bellagio and VICI’s Park MGM, formerly Monte Carlo. This $8.5 billion project is among the biggest privately funded construction endeavors in U.S. history.
The Shops at Crystals wrapped up 2025 with $702.5 million in retail sales, marking a whopping 75 percent growth compared to the 2019 pre-pandemic revenues. Yet, year-over-year consumer spending growth was modest, with the volume increasing from $702.2 million to $702.5 million.
Vegas variance drives a slight slump
As approximately 90 to 95 percent of the property’s sales are fueled by tourists visiting Vegas, the modest increase of last year can be attributed to fewer visitors. In 2024, some 41.7 million people visited Vegas as it hosted the Super Bowl, while 2025 witnessed just 38.5 million visits.
Market fundamentals showed mixed signals, with retail vacancy ticking up 40 basis points year-over-year to 4.3 percent at the end of 2025 and triple-net lease asking rates increasing from $1.70 to $1.90 per square foot during the same period, according to a Colliers report.
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