![]() ![]() Fashion Outlets of Las Vegas was established in 2015 boasted “100 designer outlets,”Included Coach, Hugo Boss, and Banana Republic. The property was reported to be 99 percent leased in 2007 and was among the top 10 outlets centers nationally according to sales. Primm’s outlet mall debuted in 1998 to an opening-day crowd of around 10,000 people, and it was 85 percent leased with a roster of stores that included Versace, Calvin Klein and Kenneth Cole, the Review-Journal reported at the time. Mike Kohan, founder of Kohan Retail, was not available for comment about Prizm. “troubled” shopping malls.įollow us on Twitter or Pinterest or Google News: Read the latest content, follow us and get notified when the new article is being published. Also, some kiosks had items such as cellphone cases, hats and sunglasses, and the Viva Vegas souvenir shop was stocked with merchandise but wasn’t open.Īttempts to sell Prizm in January 2021 resulted in a final bid of just $1.5 million, but the deal failed to close, according to Icahn’s complaint, which doesn’t identify the bidder.Īccording to the lawsuit, Kohan Retail Investment Group purchased the mall in April 2021 for $400,000, as the New York-based firm specializes in buying. Only five stores inside the mall were open that day: Bath & Body Works, Polo Ralph Lauren, Levi’s, Michael Kors and Sanithrift. POLICE WILL BE CALLED! RESTROOMS CLOSED!”An attached sign to the food-court warning tape. The food court was also empty and covered with yellow caution tape. The corridors were filled with empty shops, while stretches of the mall were empty. The enclosed mall, which spans over 370,000 square feet, is single-story and is mostly empty.Ī Review-Journal reporter visited the mall a few weeks back. The mall is positioned to lure people who are driving between Las Vegas and Southern California - a heavily traveled route - and want to stop in to shop for bargains. Prizm, previously Fashion Outlets of Las Vegas was located just off Interstate 15 and is linked to Primm Valley Resort. Rialto didn’t respond to our requests for comment.Īccording to court records, Jake Greenberg, an attorney at Miami law firm Bilzin Sumberg Baena Price & Axelrod LLP representing Rialto, was unable to be reached for comment. ![]() New York law firm Kasowitz Benson Torres LLP, representing Icahn’s funds in the case, issued a news release in June saying it had filed the lawsuit. ![]() But Rialto allegedly “schemed to deny control”Those investors “while running Prizm Outlets into the proverbial ground.” According to the complaint, funds and other bondholders should be granted certain control rights. Icahn’s funds were investors in a pool of commercial real estate mortgages that included one tied to Prizm, and Rialto serviced the soured loans in that pool, the lawsuit indicates. “promptly”It can be sold.Īccording to the complaint, the mall was valued at $125 million a decade back and was sold for $400,000 last year. “manipulated appraisals”After it closed the mall in 2018, it embarked upon a “quixotic”Instead of repositioning the property, plan to do so. Rialto Capital Advisors was sued by Clark County District Court last month by funds managed and controlled billionaire Carl Icahn. “exemplifies the death of the American mall in under-serviced areas.” It was sold for just a fraction of its original value and a lawsuit has been filed against Prizm. It faced increased vacant homes and foreclosure proceedings right before the pandemic. Prizm was located about 40 miles from the Strip on California’s border.
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