{"id":1004155809,"date":"2016-10-17T13:57:19","date_gmt":"2016-10-17T21:57:19","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004155809"},"modified":"2020-05-14T05:23:05","modified_gmt":"2020-05-14T13:23:05","slug":"miracle-mile-shops-sale-tops-1b","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/miracle-mile-shops-sale-tops-1b\/","title":{"rendered":"Miracle Mile Shops Sale Tops $1B"},"content":{"rendered":"<p>By Sanyu Kyeyune<\/p>\n<div id=\"attachment_1004155816\" style=\"width: 510px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004155816\" data-attachment-id=\"1004155816\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/miracle-mile-shops-sale-tops-1b\/miracle-mile-shops-email\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Miracle-Mile-Shops-Email.jpg\" data-orig-size=\"500,334\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;8&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS 5D Mark II&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1358359938&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;17&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;1.5&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Miracle Mile Shops Email\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;The Miracle Mile Shops on the Las Vegas Strip.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Miracle-Mile-Shops-Email.jpg?w=500\" class=\"size-full wp-image-1004155816\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Miracle-Mile-Shops-Email.jpg\" alt=\"The Miracle Mile Shops on the Las Vegas Strip.\" width=\"500\" height=\"334\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Miracle-Mile-Shops-Email.jpg 500w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Miracle-Mile-Shops-Email.jpg?resize=300,200 300w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><p id=\"caption-attachment-1004155816\" class=\"wp-caption-text\">The Miracle Mile Shops on the Las Vegas Strip<\/p><\/div>\n<p><strong>Las Vegas<\/strong> \u2013Situated on 501,522 square feet along the notorious Las Vegas Strip, the <a href=\"https:\/\/rfr.com\/properties\/property\/miracle-mile-shops\/\" rel=\"nofollow\" target=\"_blank\">Miracle Mile Shops<\/a> have traded for an approximate $1.1 billion, according to a report by the <a href=\"https:\/\/www.reviewjournal.com\/business\/miracle-mile-shops-las-vegas-strip-sold-investment-partnership\" rel=\"nofollow\" target=\"_blank\">Las Vegas Review-Journal<\/a>. Miller Capital Advisory and CalPERS acquired the property via a co-investment venture.<\/p>\n<p>Miller Capital specializes in mixed-use and fashion retail, with approximately <a href=\"https:\/\/www.miller-capital.com\/about-us\/overview\" rel=\"nofollow\" target=\"_blank\">$7.9 billion in assets<\/a> under management. CalPERS manages the nation&#8217;s largest public pension fund, with roughly <a href=\"https:\/\/www.calpers.ca.gov\/docs\/forms-publications\/facts-at-a-glance.pdf\" target=\"_blank\">$300.3 billion in assets<\/a> as of 2015. Both affiliates of Institutional Mall Investors LLC, the two groups purchased the property from Tristar Capital and RFR Holdings, which took ownership in 2004.<\/p>\n<p>Since 2004, the Miracle Mile Shops has bloomed into a trophy asset, due in part to foot traffic toward prominent anchors such as Axis Theater, where Britney Spears and Jennifer Lopez are performers-in-residence. In addition, the retail complex features three live entertainment venues, 15 eateries, 184 shops, 2,567 guest rooms and direct access to Planet Hollywood&#8217;s 100,000-square-foot casino.<\/p>\n<p>\u201cWe&#8217;re extremely proud of the job our entire team has done over the last decade, weathering  Las Vegas&#8217; economic downturn and rebounding to make Miracle Mile Shops one of the 10 busiest malls in the country,&#8221; said Tristar President David Edelstein in a prepared release. &#8220;With its location, tenant mix and Las Vegas&#8217; continued growth, we believe Miracle Mile Shops is ideally poised to continue its upward trajectory, and we&#8217;re confident that Miller Capital Advisory Inc., is the right company to take the center to the next level.&#8221;<\/p>\n<p><a href=\"https:\/\/www.hfflp.com\/\" rel=\"nofollow\" target=\"_blank\">HFF<\/a> advised the sellers in the transaction, which was preceded by a <a href=\"https:\/\/www.hfflp.com\/media-center\/press-releases\/60380\/580-million-refinancing-of-miracle-mile-shops-on-las-vegas-strip-arranged-by-hff.aspx\" rel=\"nofollow\" target=\"_blank\">$580 million refinance<\/a> in 2013. The investment play marks the second blockbuster deal on the famed Las Vegas Strip. In March of this year, Invesco and Simon inked the <a href=\"https:\/\/www.commercialsearch.com\/news\/invesco-simon-add-to-trophy-case\/\" target=\"_blank\">$1.1 billion purchase of the Shops at Crystals<\/a> mall from a joint venture between MGM Resorts and Infinity World Development Corp.<\/p>\n<p>Miller Capital President &amp; CEO Andrew Miller added, &#8220;Las Vegas continues to set record visitor numbers, and that is certainly reflected in the traffic we see at Miracle Mile Shops.&#8221;<\/p>\n<p><em>Image courtesy of HFF<\/em><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A joint venture of Miller Capital Advisory and CalPERS has acquired the Vegas retail giantess.<\/p>\n","protected":false},"author":1245,"featured_media":1004155816,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,1593,21752,21742,21749,15],"tags":[],"class_list":["post-1004155809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-las-vegas","category-mixed-use","category-latest","category-retail","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Miracle Mile Shops Sale Tops $1B - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/miracle-mile-shops-sale-tops-1b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Miracle Mile Shops Sale Tops $1B\" \/>\n<meta property=\"og:description\" content=\"A joint venture of Miller Capital Advisory and CalPERS has acquired the Vegas retail giantess.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/miracle-mile-shops-sale-tops-1b\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-10-17T21:57:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-14T13:23:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Miracle-Mile-Shops-Email.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"334\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sanyu Kyeyune\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/miracle-mile-shops-sale-tops-1b\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/miracle-mile-shops-sale-tops-1b\/\",\"name\":\"Miracle Mile Shops Sale Tops $1B - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/miracle-mile-shops-sale-tops-1b\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/miracle-mile-shops-sale-tops-1b\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Miracle-Mile-Shops-Email.jpg\",\"datePublished\":\"2016-10-17T21:57:19+00:00\",\"dateModified\":\"2020-05-14T13:23:05+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/e7b65e0bddb12f2406dadf35eb67c6a1\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/miracle-mile-shops-sale-tops-1b\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/miracle-mile-shops-sale-tops-1b\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/miracle-mile-shops-sale-tops-1b\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Miracle-Mile-Shops-Email.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Miracle-Mile-Shops-Email.jpg\",\"width\":500,\"height\":334,\"caption\":\"The Miracle Mile Shops on the Las Vegas Strip.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/miracle-mile-shops-sale-tops-1b\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Miracle Mile Shops Sale Tops $1B\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/e7b65e0bddb12f2406dadf35eb67c6a1\",\"name\":\"Sanyu Kyeyune\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/797379d6c9d8d994c21bf93f70e8931856c68310c11c7210c9a028cec55d0ced?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/797379d6c9d8d994c21bf93f70e8931856c68310c11c7210c9a028cec55d0ced?s=96&d=mm&r=g\",\"caption\":\"Sanyu Kyeyune\"},\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/sanyukyeyune\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Miracle Mile Shops Sale Tops $1B - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/miracle-mile-shops-sale-tops-1b\/","og_locale":"en_US","og_type":"article","og_title":"Miracle Mile Shops Sale Tops $1B","og_description":"A joint venture of Miller Capital Advisory and CalPERS has acquired the Vegas retail giantess.","og_url":"https:\/\/www.commercialsearch.com\/news\/miracle-mile-shops-sale-tops-1b\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2016-10-17T21:57:19+00:00","article_modified_time":"2020-05-14T13:23:05+00:00","og_image":[{"width":500,"height":334,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Miracle-Mile-Shops-Email.jpg","type":"image\/jpeg"}],"author":"Sanyu Kyeyune","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/miracle-mile-shops-sale-tops-1b\/","url":"https:\/\/www.commercialsearch.com\/news\/miracle-mile-shops-sale-tops-1b\/","name":"Miracle Mile Shops Sale Tops $1B - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/miracle-mile-shops-sale-tops-1b\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/miracle-mile-shops-sale-tops-1b\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Miracle-Mile-Shops-Email.jpg","datePublished":"2016-10-17T21:57:19+00:00","dateModified":"2020-05-14T13:23:05+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/e7b65e0bddb12f2406dadf35eb67c6a1"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/miracle-mile-shops-sale-tops-1b\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/miracle-mile-shops-sale-tops-1b\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/miracle-mile-shops-sale-tops-1b\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Miracle-Mile-Shops-Email.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Miracle-Mile-Shops-Email.jpg","width":500,"height":334,"caption":"The Miracle Mile Shops on the Las Vegas Strip."},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/miracle-mile-shops-sale-tops-1b\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Miracle Mile Shops Sale Tops $1B"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/e7b65e0bddb12f2406dadf35eb67c6a1","name":"Sanyu Kyeyune","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/797379d6c9d8d994c21bf93f70e8931856c68310c11c7210c9a028cec55d0ced?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/797379d6c9d8d994c21bf93f70e8931856c68310c11c7210c9a028cec55d0ced?s=96&d=mm&r=g","caption":"Sanyu Kyeyune"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/sanyukyeyune\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/Miracle-Mile-Shops-Email.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004155809","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/1245"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004155809"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004155809\/revisions"}],"predecessor-version":[{"id":1004441683,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004155809\/revisions\/1004441683"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004155816"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004155809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004155809"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004155809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}