Prizm Outlets, formerly the Fashion Outlets of Las Vegas, is a outlet shopping center in

Primm, Nevada Primm (formerly known as State Line) is an unincorporated community in Clark County, Nevada, United States, primarily notable for its position straddling Interstate 15 where it crosses the state border between California and Nevada. It sits on ...

, located just off

Interstate 15 Interstate 15 (I-15) is a major Interstate Highway in the western United States, running through Southern California and the Intermountain West. I-15 begins near the Mexican border in San Diego County and stretches north to Alberta, Cana ...

at the

California California is a state in the Western United States, located along the Pacific Coast. With nearly 39.2million residents across a total area of approximately , it is the most populous U.S. state and the 3rd largest by area. It is also the ...

state line, approximately southwest of

Las Vegas Las Vegas (; Spanish language, Spanish for "The Meadows"), often known simply as Vegas, is the List of United States cities by population, 25th-most populous city in the United States, the most populous city in the U.S. state, state of Neva ...

. It is owned by Rialto Capital Management, on land leased from the Primm family. The mall has 58 stores and restaurants, with some of its largest shops being outlets of Polo Ralph Lauren, Williams Sonoma,

Banana Republic In political science, the term banana republic describes a politically unstable country with an economy dependent upon the export of natural resources. In 1904, the American author O. Henry coined the term to describe Honduras and neighboring ...

, and

Coach Coach may refer to: Guidance/instruction * Coach (sport), a director of athletes' training and activities * Coaching, the practice of guiding an individual through a process ** Acting coach, a teacher who trains performers Transportation * Co ...

. The mall is divided into two themed courts: the Urban Court and the

South Beach South Beach, also nicknamed colloquially as SoBe, is a neighborhood in Miami Beach, Florida. It is located east of Miami between Biscayne Bay and the Atlantic Ocean. The area encompasses Miami Beach south of Dade Boulevard. This area was the fi ...

Court. The Fashion Outlets are connected to the Primm Valley Resort.

History

Plans for the mall were announced in September 1995. Construction began in May 1997. It began as a joint project between two shopping center developers, the Gordon Group and TrizecHahn. The mall opened on July 16, 1998, at a cost of $75 million. TrizecHahn was set to sell its interests in the mall to The Rouse Company, but the sale did not materialize. 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. Talisman announced in 2007 that it had obtained a $141 million loan to finance an expansion of the mall from to . In 2012, the mall took out a $73-million mortgage, along with a $32-million loan from

Brookfield Asset Management Brookfield Asset Management Inc. is a Canadian Multinational corporation, multinational company that is one of the world's largest alternative investment management companies, with over US$725 billion of assets under management in 2022. It ...

. Brookfield foreclosed in 2016, taking ownership of the mall. By late 2017, the mall's mortgage was reportedly in default. The mortgageholder, Miami-based real estate firm Rialto Capital Management, repossessed the property in 2018. By December 2019, more than $2 million had been spent on upgrades for the mall. Rialto changed the mall's name to Prizm Outlets. In 2021, the outlets at auction was purchased by the Kohan Retail Investment Group for $1.525 million. The loan on the mall suffered a loss of 120% or $74 million dollars.

References

External links

* {{Shopping malls in Nevada Buildings and structures in Primm, Nevada Shopping malls established in 1998 Shopping malls in Nevada Outlet malls in the United States Kohan Retail Investment Group