Famous Location Spurs Sale of Showcase Mall III, Las Vegas
Cushman & Wakefield, as exclusive advisor, offered for sale Showcase Mall III, a landmark Las Vegas retail center anchored by Ross Stores, Hard Rock Café, ABC Stores, and Denny's. Situated at a famous corner on the Las Vegas "strip" in front of the MGM Grand and across from the $8.7-billion CityCenter development, the property enjoys one of the highest-profile retail locations in the world.
Showcase Mall III is an iconic retail asset with one of the most recognized facades on Las Vegas Boulevard and provides an irreplaceable marketing and branding opportunity for tenants. The property has stable cash flow with long-term credit tenants, with an average lease term of 12 years. Strong retail demand generated by revitalized visitor traffic on Las Vegas Boulevard is projected to increase retail sales by 11.5% through 2014.
Cushman & Wakefield sold the Showcase Mall III to a buyer group based in Chicago, Illinois, and Beverly Hills, California.