CityCenter enters into agreement to sell The Shops at Crystals in Las Vegas

Las Vegas -- CityCenter Holding -- a venture between MGM Resorts International and Infinity World Development Corp. -- announced that it has entered into an agreement with a venture led by Invesco Real Estate and Simon Property Group to acquire The Shops at Crystals in Las Vegas, for a purchase price of approximately $1.1 billion.



Located at the entryway of CityCenter and in the heart of the Las Vegas Strip, the stunning retail asset boasts over 324,000 square feet of luxury shopping space. The transaction is expected to close in the second quarter of 2016, subject to customary closing conditions.



“This transaction demonstrates the strength in Las Vegas as a premier destination for visitors around the world. A staple of CityCenter and ideally located on the Las Vegas Strip, The Shops at Crystals provides the preeminent luxury retail experience,” said Jim Murren, chairman and CEO of MGM Resorts International. “We believe that Invesco Real Estate and Simon Property Group are the ideal stewards to maintain the high quality of the asset and usher in a new era of success.”



“The acquisition of The Shops at Crystals provides us with an extraordinary opportunity to obtain a unique high-quality asset in a growing marketplace,” added David Simon, chairman and CEO of Simon Property Group. “We look forward to perpetuating and building upon the successful foundation that CityCenter has created to further distinguish The Shops at Crystals as a leading retail destination.”



The Shops at Crystals is anchored by 10 luxury flagship stores, including Louis Vuitton, Gucci, Dolce & Gabbana, Tom Ford, Prada, Fendi and Tiffany & Co., as well as 30 unique-to-market luxury retailers including Celine, Saint Laurent and Richard Mille.



The property features a dedicated tram station, connecting to the Bellagio Resort & Casino and Monte Carlo Resort & Casino and is in close proximity to several luxury resorts totalling approximately 16,000 rooms. It is also the most pedestrian accessible and centrally located retail property on the Las Vegas Strip.



CityCenter was represented by JLL, who brokered the sale.