August 31, 2016
Teachers Insurance and Annuity Association of America (TIAA) Global Asset Management entered into a joint venture with Chicago-based General Growth Properties for 50% of the latter’s Fashion Show Mall property on the Las Vegas’ strip. The $1.25 billion retail property is assessed at approximately $2.5 billion, meaning TIAA of New York paid approximately $1.25 billion for its stake.
Fashion Show Mall, at 3200 S. Las Vegas Blvd., was developed in 1981, and has undergone several renovations since opening.
TIAA senior director Mike Fisk handled the transaction, and indicated that new developments planned for the area north of the mall – which will include more hotel rooms and casinos – will help boost traffic flow.
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