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Las Vegas mall
Real Estate Alert, April 14, 2004
General Growth Properties has emerged as the winning bidder for Grand Canal Shoppes, a mall at the Venetian Casino Resort in Las Vegas. The Chicago REIT will pay about $516 million for the property--a price that translates into an historically low initial yield of roughly 5%. Simon Property and a joint venture between Vornado Realty and Mills Corp.
were runners-up for the property, which hit the market in January but underwent several changes along the way. As part of the deal, General Growth will also pay at least $250 million for a development called Palazzo--the second phase of the Venetian that is scheduled for completion in 2006. The price will be determined in part on the Palazzo's net operating income during its first 30 months. The second phase will connect the existing casino hotel with the Sands Expo and Convention Center. The seller is developer Sheldon Adelson. Adelson is being represented by Goldman Sachs.
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