Local real estate professionals state that the smart money in Las Vegas currently lies in resort real estate. A testament to this is the sale of a prominent strip mall in the area. Although the sale price was not disclosed, it has been confirmed by Boulevard Invest LLC, the previous owners of the Miracle Mile Shops located in the Planet Hollywood area, that the mall in question was sold to Institutional Mall Investors LLC. Originally opened in 2000 as Desert Passage, the 500,000 square foot commercial space houses over 200 retail spaces, restaurants, and entertainment hot spots. Among the crowning jewels in this retail complex is the Axis Theater, currently home to residential performers like Jennifer Lopez, and Brittany Spears.
Large investors are less tentative when it comes to betting on Las Vegas properties as they have in previous years, according to Sun Commercial Real Estate VP of hospitality, Josh Smith.
As a record volume of visitors continues to pass through the area, there is a diverse demographic that incentivises companies to continue to invest and develop because they know there’s a market there. Such is the case with the Miracle Mile Shops. A variety of products and experiences makes it particularly successful.
Now pension groups like CalPERS are trying their hand in the Las Vegas Real Estate scene because it has a strong potential for a good payout. They are managing peoples’ retirement options, so they scrutinize every investment. Smith explains how strip shopping malls like Miracle Mile shop are exceptional investments given the diversity of shops.
There has been a tremendous resurgence of excitement given to commercial real estate in the area. There is a significant amount of optimism that surrounds the housing market in Las Vegas right now, and it shows as more and more companies gamble their odds in this prospective investment trend.
There has been a huge resurgence of interest given to commercial real estate in the area. There is a significant amount of optimism that surrounds the Las Vegas condos and real estate market right now, and it shows as more and more companies gamble their odds in this prospective investment trend.