by Stephen Garner

The Shops at Crystals CityCenterCityCenter Holdings, LLC, a venture between MGM Resorts International and Infinity World Development Corp, has entered into a definitive agreement to sell The Shops at Crystals in Las Vegas to Invesco Real Estate and Simon Property Group for approximately $1.1 billion. The transaction is expected to close in the second quarter of 2016, subject to customary closing conditions.

Located at the entryway of CityCenter in the heart of the Las Vegas Strip, the Shops at Crystals boast over 324,000 square feet of space, and is currently anchored by ten luxury flagship stores, including Louis Vuitton, Gucci, Dolce & Gabbana, Tom Ford, Prada, Fendi and Tiffany & Co., as well as 30 unique-to-market luxury retailers including Celine, Saint Laurent and Richard Mille.

“This transaction demonstrates the strength in Las Vegas as a premier destination for visitors around the world,” said Jim Murren, chairman and CEO of MGM Resorts International. “The Shops at Crystals provides the preeminent luxury retail experience. 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.”

Added David Simon, Chairman and CEO of Simon Property Group, “The acquisition of The Shops at Crystals provides us with an extraordinary opportunity to obtain a high-quality asset in a growing marketplace. We look forward to perpetuating and building upon the successful foundation that CityCenter has created to further distinguish The Shops at Crystals as a leading retail destination.”