HFF Advises Tristar Capital and RFR Holding in the Sale of Miracle Mile Shops to an Affiliate of Institutional Mall Investors
October 17 2016 - 4:19PM
Business Wire
Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has
advised the ownership group on the sale of the Miracle Mile Shops
at the Planet Hollywood Resort & Casino, a 501,522-square-foot
retail destination mall with street-level retail fronting the famed
Las Vegas Strip in Las Vegas, Nevada. HFF’s capitalization advisory
included a refinancing of Miracle Mile Shops in 2013.
The ownership group comprises Tristar Capital and RFR Holding.
The buyer is an affiliate of Institutional Mall Investors LLC, a
co-investment venture co-owned by Miller Capital Advisory, Inc. and
CalPERS. The sale price was not announced.
“We're extremely proud of the job our entire team has done over
the last decade, weathering Las Vegas' economic downturn and
rebounding to make Miracle Mile Shops one the 10 busiest malls in
the country," said David Edelstein of Tristar Capital. "With its
location, tenant mix and Las Vegas' continued growth, we believe
Miracle Mile Shops is ideally poised to continue its upward
trajectory and we're confident that Miller Capital Advisory, Inc.,
is the right company to take the center to the next level."
Tristar Capital and RFR Holding took ownership of the mall in
2004. Since that time, Miracle Mile Shops has become one of the
most dynamic malls in the country and is anchored by the Axis
Theatre, which is home to residency performers Britney Spears and
Jennifer Lopez, 13 restaurants, three additional live entertainment
theaters and direct access to Planet Hollywood Resort &
Casino's 100,000-square-foot casino and 2,567 guest rooms.
Andrew Miller, president and CEO of Miller Capital Advisory,
said the company is excited for the future of Miracle Mile Shops
and Las Vegas.
"Las Vegas continues to set record visitor numbers, and that is
certainly reflected in the traffic we see at Miracle Mile Shops,"
Miller said. "The world-class mix of tenants appeals to a broad
demographic, and we expect to continue to build on the mall's
current success."
About Miracle Mile Shops
Miracle Mile Shops at Planet Hollywood Resort & Casino
features more than a mile of 200 shops, tempting restaurants and
live entertainment venues at the heart of the famed Las Vegas
Strip. The center is home to PBR Rock Bar & Grill, boasting a
Strip-side location with excellent food, drinks and bull riding;
Buffalo Wild Wings; M·A·C Cosmetics, a leading brand of
professional cosmetics; H&M; UK-based global retailer French
Connection; Sephora; Chicago popcorn legend Garrett Popcorn Shops’
only Las Vegas location; GUESS; Nacho Daddy, home of the
world-famous Scorpion Shot; BCBGMAXAZRIA; 15,000-square-foot bar
and restaurant Cabo Wabo® Cantina; Las Vegas’ very own Sin City
Brewing Co.; Club Tattoo, featuring some of the best tattoo artists
and body piercers in the nation; Flight 23 at Footaction, one of
only three in the country; as well as a multi-million dollar
fountain show. Miracle Mile Shops is open 10 a.m. - 11 p.m. Sunday
– Thursday and 10 a.m. – midnight Friday – Saturday. For more
information, call (888) 800-8284 or visit
www.miraclemileshopslv.com. Keep up with the latest Miracle Mile
Shops news via Facebook, Twitter, Instagram and YouTube.
About Institutional Mall
Investors
Institutional Mall Investors (“IMI”) is a co-investment venture
owned by an affiliate of Miller Capital Advisory, Inc. (“MCA”) and
CalPERS, the nation’s largest public pension fund. MCA serves as
investment manager for IMI. IMI is a core-oriented investment
platform focused on high quality, market dominant, fashion-oriented
retail properties. The IMI portfolio features some of the most
dominant regional and super regional shopping centers in the United
States. As of March 2016, the portfolio included 19.7 million
square feet of retail GLA and over 1.3 million square feet of prime
office space. IMI also seeks to invest in productive lifestyle,
mixed use and development opportunities as circumstances
warrant.
About Miller Capital
Advisory
Miller Capital Advisory specializes in fashion-oriented retail
and mixed use properties. Headquartered in Skokie, IL, a suburb of
Chicago, the firm also operates a regional office in Austin, TX.
The firm manages property investments throughout the entire United
States. Real estate investments under management totaled
approximately $7.9 billion as of March 31, 2016. Miller Capital
specializes in fashion-oriented retail and mixed use
properties.
About RFR Holding LLC
RFR Holding LLC (RFR) is a Manhattan-based, privately controlled
real estate investment, development and management company founded
in 1991 by Aby Rosen and Michael Fuchs. The two partners took their
childhood friendship and family backgrounds in real estate to
thrive in the world’s most competitive real estate marketplace –
New York City. Today the firm is known for owning and managing some
of Manhattan’s most prestigious signature office properties,
including 375 Park Avenue (The Seagram Building) and 390 Park
Avenue (Lever House). The RFR team expertise leads the industry in
operating, developing, leasing and managing world-class properties.
Learn more at http://rfr.com.
About Tristar Capital
Tristar Capital is a leading New York City-based real estate
firm that builds and invests in both commercial and residential
properties. Operating in the New York metropolitan region for the
past 25 years, Tristar has expanded into vibrant markets including
South Florida where they were early investors in the Lincoln Road
pedestrian mall and built and own the W South Beach Hotel along
with RFR.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE:
HF). HFF operates out of 23 offices nationwide and is a leading
provider of commercial real estate and capital markets services to
the U.S. commercial real estate industry. HFF together with its
affiliate HFFS offer clients a fully integrated national capital
markets platform including debt placement, investment sales, equity
placement, advisory services, loan sales and commercial loan
servicing. For more information please visit hfflp.com or follow
HFF on Twitter @HFF.
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version on businesswire.com: http://www.businesswire.com/news/home/20161017006450/en/
HFFMANUEL DE ZÁRRAGA, (305) 448-1333HFF Executive
Managing Directormdezarraga@hfflp.comorBARRY BROWN, (214)
265-0880HFF Senior Managing Directorbbrown@hfflp.comorKRISTEN
MURPHY, (617) 338-0990HFF Director,
Marketingkrmurphy@hfflp.com
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