CityCenter, the Las Vegas venture jointly owned by MGM Resorts International and Infinity World Development Corp., has agreed to sell The Shops at Crystals, a high-end shopping center on the Strip that marks the entry point into the CityCenter complex. The architecturally striking clutch of stores is slated to be sold for about $1.1 billion to a venture led by Invesco Real Estate and Simon Property Group. The deal is expected to close in the second quarter of this year, subject to customary closing conditions.
The Shops at Crystals has more than 324,000 square feet of luxury retail space, in addition to restaurants by the likes of Wolfgang Puck and Todd English. Luxury flagship stores for Louis Vuitton, Gucci, Dolce & Gabbana and Prada are among those anchoring the complex.
"This transaction demonstrates the strength in Las Vegas as a premier destination for visitors around the world," said MGM Resorts chairman and CEO Jim Murren. "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 shopping center, which opened in late 2009 when CityCenter officially debuted, has its own tram station that connects it to the Bellagio and Monte Carlo resorts. It's in close proximity to CityCenter lodging as well: Vdara Hotel and Spa, Aria Resort & Casino, and Mandarin Oriental Las Vegas. Crystals also is home to a recently opened event venue, The Event Space at Crystals, a 13,000-square-foot, multilevel meeting spot.