Miracle Mile sold

http://vegasinc.com/news/2016/oct/17/miracle-mile-sale-points-to-bull-strip-real-estate/?__utma=1.2058928819.1476764560.1476764560.1476764560.1&__utmb=1.0.10.1476764560&__utmc=1&__utmx=-&__utmz=1.1476764560.1.1.utmcsr%3D%28direct%29%7Cutmccn%3D%28direct%29%7Cutmcmd%3D%28none%29&__utmv=-&__utmk=2074929

No word on sale price.

 

In reading that article it does not appear that any sweeping changes are imminent.

 

According to Las Vegas Adviser......just below $1.1 B.

 

I feel like that's too much, but good for them.

 

Is the Axis part of the miracle mile or does that belong to the hotel even if you have to go across the mall to get there

 

its in the mall

I'm sure its owned by the mall with a lease out to livenation.

 

Crystals was sold for 1.1B, and 50% stake of Fashion Show Mall was sold for 1.3B so it seems like the going rate for strip malls is around 1B. The MM has revenue from the live venues so that may help justify the price. I wish they were investing in casinos.

 

FSM is nearly 4 times the size of the Miracle Mile Shops, but the store mix is closer. Crystals is about the same size, but the store mix is much better quality. It seems to me that the prices are close in premiums to the top of the market back in the late 2000s. It will be interesting to see if we see other movement here.

 

Love the miracle mile shops. Things are actually affordable for the everyday joe and tourist unlike the other malls with louis vuitton stores selling $400 sandals.

 

$400. LOL. They're more than that.

 

That's a problem since the past ownership never fully converted from Desert Passage.

 

Maybe a couple of mid upscale restaurants non chain would be nice.

 

Wonder how long it will take them to tear it down and build a boutique cvs/ walgreens super store?