CalPERS acquires Las Vegas mall for $1.1b

A joint venture led by the $304 billion California Public Employees’ Retirement System has acquired The Miracle Mile Shops, a 200-store, 475,000-square-foot indoor shopping mall within the Planet Hollywood Resort on the Las Vegas Strip.

Terms of the deal were not announced, but news sources report the purchase price was just under $1.1 billion.

CalPERS purchased the mall through Institutional Mall Investors LLC, the retirement system’s jointventure with Miller Capital Advisory. The sellers were Tristar Capital and RFP Holdings. 

In the third quarter, Las Vegas had one of its best quarters for retail property fundamentals in many years, according to Colliers International’s third quarter 2016 Research and Forecast Report: Las Vegas Retail .

Since 2012, Southern Nevada has experienced only three quarters of negative