Jump to content

Prizm Outlets

Edit links
Coordinates: 35°36′28″N 115°23′17″W / 35.60779°N 115.38807°W / 35.60779; -115.38807
From Wikipedia, the free encyclopedia

This is an old revision of this page, as edited by Toohool (talk | contribs) at 17:23, 5 March 2022 (Undid revision 1075403754 by 2603:8001:8002:6809:4D6B:4AF8:3DC3:DFDD (talk) unsourced and poorly written). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Prizm Outlets
Mall entrance in 2018
Map
LocationPrimm, Nevada, United States
Coordinates35°36′28″N 115°23′17″W / 35.60779°N 115.38807°W / 35.60779; -115.38807
Address32100 South Las Vegas Boulevard
Opening dateJuly 16, 1998; 26 years ago (1998-07-16)
DeveloperTrizecHahn & Gordon Group
OwnerKohan Retail Investment Group
No. of stores and services58[1]
Total retail floor area371,000 sq ft (34,500 m2)
Parking2,000
Websiteprizmoutlets.com

Prizm Outlets, formerly the Fashion Outlets of Las Vegas, is a 371,000-square-foot (34,500 m2) outlet shopping center in Primm, Nevada, located just off Interstate 15 at the California state line, approximately 40 miles (64 km) southwest of Las Vegas. It is owned by Rialto Capital Management, on land leased from the Primm family.[2][3][4]

The mall has 58 stores and restaurants, with some of its largest shops being outlets of Polo Ralph Lauren, Williams Sonoma, Banana Republic, and Coach.[1][5] The mall is divided into two themed courts: the Urban Court and the South Beach Court. The Fashion Outlets are connected to the Primm Valley Resort.

History

Plans for the mall were announced in September 1995.[6][7] Construction began in May 1997.[6][8] It began as a joint project between two shopping center developers, the Gordon Group and TrizecHahn.[6] The mall opened on July 16, 1998, at a cost of $75 million.[9] TrizecHahn was set to sell its interests in the mall to The Rouse Company, but the sale did not materialize.[10][11] Talisman Cos., a Florida-based real estate developer focused on turning around underperforming shopping centers, acquired a stake in the property in 2000, and by the following year, was reported to be seeking full ownership.[12][2][11][13]

Talisman announced in 2007 that it had obtained a $141 million loan to finance an expansion of the mall from 371,000 square feet (34,500 m2) to 521,000 square feet (48,400 m2).[14] In 2012, the mall took out a $73-million mortgage, along with a $32-million loan from Brookfield Asset Management.[2] Brookfield foreclosed in 2016, taking ownership of the mall.[2] By late 2017, the mall's mortgage was reportedly in default.[2] The mortgageholder, Miami-based real estate firm Rialto Capital Management, repossessed the property in 2018.[4] By December 2019, more than $2 million had been spent on upgrades for the mall.[15] Rialto changed the mall's name to Prizm Outlets.[15] In 2021, the outlets at auction was purchased by the Kohan Retail Investment Group for $1.525 million. The loan on the mall suffered a loss of 120% or $74 million dollars.[16]

References

  1. ^ a b "Directory". Fashion Outlets of Las Vegas. Retrieved 2017-12-22.
  2. ^ a b c d e Eli Segall (December 21, 2017). "Primm's Fashion Outlets of Las Vegas faces business and financial woes". Las Vegas Review-Journal. Retrieved 2017-12-22.
  3. ^ "Taxable value for Primm mall owners lowered $3.9 million". Las Vegas Sun. February 28, 2002. Retrieved 2017-12-22.
  4. ^ a b Eli Segall (November 5, 2018). "Lenders foreclosed on Primm's Fashion Outlets of Las Vegas". Las Vegas Review-Journal. Retrieved 2018-11-10.
  5. ^ "Mall directory" (PDF). Fashion Outlets of Las Vegas. Retrieved 2017-12-22.
  6. ^ a b c Monica Caruso (May 6, 1997). "Construction to begin on Primm outlet mall". Las Vegas Review-Journal – via NewsBank.
  7. ^ Form 10-K: Annual Report (Report). Primadonna Resorts. March 27, 1997. p. 24 – via EDGAR.
  8. ^ Monica Caruso (May 19, 1997). "More visitors shopping in Vegas". Las Vegas Review-Journal – via NewsBank.
  9. ^ Monica Caruso; Doug Puppel (July 17, 1998). "Open season". Las Vegas Review-Journal – via NewsBank.
  10. ^ "Upscale-looking outlet mall opens today in Primm". Las Vegas Sun. July 16, 1998 – via NewsBank.
  11. ^ a b Hubble Smith (February 17, 2001). "Fashion Outlet of Las Vegas termed among tops in nation". Las Vegas Review-Journal – via NewsBank.
  12. ^ Elaine Walker (April 9, 2007). "Perfect partnership". Miami Herald – via NewsBank.
  13. ^ "Scuttlebutt". Las Vegas Business Press. March 9, 2001 – via NewsBank.
  14. ^ Benjamin Spillman (April 4, 2007). "Primm mall set to add space". Las Vegas Review-Journal – via NewsBank.
  15. ^ a b Hudson, Subrina (December 5, 2019). "Primm's Fashion Outlets getting new name, direction". Las Vegas Review-Journal. Retrieved December 26, 2019.
  16. ^ Tempkin, Adam (May 26, 2021). "A 120% Loss on Vegas Mall Triggers Payday for Icahn's Big Short". Bloomberg. Retrieved 13 August 2021.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Prizm_Outlets&oldid=1075417563"