The short bet soured for a few years as malls were able to survive.īut fortunes reversed amid the pandemic’s lockdown orders last year. Series 6 of the CMBX index, linked to debt issued in 2012, has outsized exposure to shopping malls, making it appealing to traders who want to bet against retail space. In 2017, firms including Deutsche Bank AG and Morgan Stanley recommended betting against commercial real estate, and in particular malls and shopping centres, using indexes of commercial mortgage bonds, in a trade that became popular. Miami-based Rialto foreclosed on the mall in 2018 and invested in upgrades and kept it open, according to servicer filings and the Las Vegas Review-Journal. While the AAA-rated parts of the transaction have kept their grades so far, all rating tiers AA and below were downgraded several times by credit ratings firms, including a series of cuts by Moody’s Investors Service in July. That year, the property was valued at $125 million. A call to the mall’s marketing agent wasn’t returned, while a representative for Ten-X confirmed the auction was completed and declined further comment.Ī loan on the property with an original balance of $73 million was bundled into a commercial mortgage-backed security called COMM 2012-CR4 in October 2012, one of 48 loans packaged into the multi-loan transaction known as a conduit, according to data compiled by Bloomberg. Representatives from Prizm Outlets and Rialto Capital Management, the seller and servicer, both declined comment. The mall was closed on March 17 due to the Covid-19 pandemic and re-opened on June 1. Retrieved 13 August 2021.The property is currently 57.5% occupied with anchors H&M, Nike and Williams Sonoma, according to a report this month from its servicer, which collects payments from the mall for bondholders. "A 120% Loss on Vegas Mall Triggers Payday for Icahn's Big Short". "Primm's Fashion Outlets getting new name, direction". ^ a b Hudson, Subrina (December 5, 2019)."Fashion Outlet of Las Vegas termed among tops in nation". ^ a b Hubble Smith (February 17, 2001).^ "Upscale-looking outlet mall opens today in Primm".^ Monica Caruso Doug Puppel (July 17, 1998)."Construction to begin on Primm outlet mall". "Lenders foreclosed on Primm's Fashion Outlets of Las Vegas". ^ "Taxable value for Primm mall owners lowered $3.9 million"."Primm's Fashion Outlets of Las Vegas faces business and financial woes". ^ a b c d e Eli Segall (December 21, 2017).The loan on the mall suffered a loss of 120% or $74 million dollars. In 2021, the outlets at auction was purchased by the Kohan Retail Investment Group for $1.525 million. Rialto changed the mall's name to Prizm Outlets. By December 2019, more than $2 million had been spent on upgrades for the mall. The mortgageholder, Miami-based real estate firm Rialto Capital Management, repossessed the property in 2018. By late 2017, the mall's mortgage was reportedly in default. Brookfield foreclosed in 2016, taking ownership of the mall. In 2012, the mall took out a $73-million mortgage, along with a $32-million loan from Brookfield Asset Management. 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 m 2) to 521,000 square feet (48,400 m 2). 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. TrizecHahn was set to sell its interests in the mall to The Rouse Company, but the sale did not materialize. The mall opened on July 16, 1998, at a cost of $75 million. It began as a joint project between two shopping center developers, the Gordon Group and TrizecHahn. Plans for the mall were announced in September 1995. The Fashion Outlets are connected to the Primm Valley Resort. The mall is divided into two themed courts: the Urban Court and the South Beach Court. 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. It is owned by Rialto Capital Management, on land leased from the Primm family. Prizm Outlets, formerly the Fashion Outlets of Las Vegas, is a 371,000-square-foot (34,500 m 2) 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.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |