Simon Property Group, Invesco Complete $1.1B Purchase of The Shops at Crystals in Las Vegas
LAS VEGAS — Simon Property Group and Invesco Real Estate have completed the acquisition of The Shops at Crystals in Las Vegas for $1.1 billion. The two companies are 50-50 joint venture partners in this acquisition.
The Shops at Crystals is a 324,000-square-foot retail complex anchored by 10 luxury flagship stores, including Louis Vuitton, Gucci, Dolce & Gabbana, Tom Ford, Prada, Fendi and Tiffany & Co. It also contains 30 unique-to-market luxury retailers like Céline, Saint Laurent and Richard Mille.
The asset features a dedicated tram station that connects to the Bellagio Resort & Casino, Aria Resort & Casino and Monte Carlo Resort & Casino.
The Shops at Crystals is situated within City Center, a mixed-use development that includes Aria Resort & Casino, a 4,004-room casino resort; Mandarin Oriental Las Vegas, a 392-room boutique hotel with 225 luxury condominium residences; Vdara Hotel and Spa, a 1,495-room luxury hotel-condominium; and Veer Towers, which contain 669 luxury condominium residences.