Prizm Outlets
Mall entrance in 2018
LocationPrimm, Nevada, United States
Coordinates35°36′28″N 115°23′17″W / 35.60779°N 115.38807°W / 35.60779; -115.38807
Address32100 South Las Vegas Boulevard
Opening dateJuly 16, 1998 (1998-07-16)
DeveloperTrizecHahn & Gordon Group
OwnerKohan Retail Investment Group
No. of stores and services100 (as of 1998)
3 (as of August 2023)
Total retail floor area371,000 sq ft (34,500 m2)
Websiteprizmoutlets.com

Prizm Outlets, formerly the Fashion Outlets of Las Vegas, is a 371,000-square-foot (34,500 m2) 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. It is owned by Rialto Capital Management, on land leased from the Primm family.[1][2][3] It is connected to the Primm Valley Resort.

The Fashion Outlets of Las Vegas opened on July 16, 1998, with approximately 100 retailers. Tenant occupancy and sales decreased during the 2010s, due to competition from Las Vegas Premium Outlets as well as online retailers. By 2020, it was rebranded Prizm Outlets. As of 2022, only around a handful of stores remain open.

History

Plans for the mall were announced in September 1995.[4][5][6] Construction began in May 1997.[4][7] It began as a joint project between two shopping center developers, the Gordon Group and TrizecHahn.[4] The Fashion Outlets of Las Vegas opened on July 16, 1998, at a cost of $75 million.[8] The mall is connected to the Primm Valley Resort,[9] and was built to attract motorists along Interstate 15, traveling between Las Vegas and California.[10] Its location in Primm was chosen so outlet store tenants could avoid competing with their higher-end stores in Las Vegas.[11] The mall employed 1,000 people.[12]

Upon opening, it included approximately 100 retailers,[13][14] and a food court with 10 restaurants.[11] The single-level mall,[12] designed by MCG Architecture of Beverly Hills,[9] is divided into two themed courts: one resembling New York City and the other modeled in the style of Miami Art Deco.[12][15]

After opening, some tenants complained of poor sales and subsequently closed, prompting lawsuits from the mall.[16][17][18] Most other tenants reported strong sales. Nevertheless, the Fashion Outlets of Las Vegas received only 1.5 million visitors in its first year, far below expectations; TrizecHahn had estimated 10–12 million.[16] In 1999, the mall launched a new marketing campaign to boost attendance among Southern Nevada residents.[16][19] An existing shuttle bus service between Las Vegas and the mall was also increased.[20] In 2001, it was among the top-five outlet centers in the U.S., based on sales per square foot.[19]

Prior to the mall's opening, TrizecHahn had agreed to sell its interests to The Rouse Company,[10][12] but the sale did not materialize.[19] 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.[21][1][19][22]

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 m2) to 521,000 square feet (48,400 m2). At the time, tourists accounted for more than 80 percent of its clientele.[23] In 2012, the mall took out a $73-million mortgage, along with a $32-million loan from Brookfield Asset Management.[1] Brookfield foreclosed in 2016, taking ownership of the mall.[1] Tenant occupancy had seen a decrease, and sales were also reduced because of competition from Las Vegas Premium Outlets as well as online retailers.[1][24] By late 2017, the mall's mortgage was reportedly in default.[1] The mortgage holder, Miami-based real estate firm Rialto Capital Management, repossessed the property in 2018.[3]

By December 2019, more than $2 million had been spent on upgrades for the mall. This included interior artwork by more than 30 muralists and street artists from around the world.[25] Rialto changed the mall's name to Prizm Outlets and sought a younger demographic. Christopher Julian, a design architect who oversaw the rebranding, said, "We wanted to turn it into an evolution of the word Primm … and introduce that concept to Generation Z, so we put the 'z,' which is Prizm."[25] The mall was approximately 66-percent occupied as of early 2020.[26] Prizm Outlets lost 95 percent of its value during the final six months of the year, amid the COVID-19 lockdowns.[27] 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.[28] Only around a handful of stores remained open as of 2022, with the food court entirely shuttered.[29][30][31]

References

  1. 1 2 3 4 5 6 Eli Segall (December 21, 2017). "Primm's Fashion Outlets of Las Vegas faces business and financial woes". Las Vegas Review-Journal. Retrieved 2017-12-22.
  2. ↑ "Taxable value for Primm mall owners lowered $3.9 million". Las Vegas Sun. February 28, 2002. Retrieved 2017-12-22.
  3. 1 2 Eli Segall (November 5, 2018). "Lenders foreclosed on Primm's Fashion Outlets of Las Vegas". Las Vegas Review-Journal. Retrieved 2018-11-10.
  4. 1 2 3 Monica Caruso (May 6, 1997). "Construction to begin on Primm outlet mall". Las Vegas Review-Journal – via NewsBank.
  5. ↑ Caruso, Monica (September 27, 1995). "State Line site for major mall". Las Vegas Review-Journal. Retrieved 2023-08-02.
  6. ↑ Form 10-K: Annual Report (Report). Primadonna Resorts. March 27, 1997. p. 24 – via EDGAR.
  7. ↑ Monica Caruso (May 19, 1997). "More visitors shopping in Vegas". Las Vegas Review-Journal – via NewsBank.
  8. ↑ Monica Caruso; Doug Puppel (July 17, 1998). "Open season". Las Vegas Review-Journal – via NewsBank.
  9. 1 2 "Outlet Center Opens at State Line". Los Angeles Times. July 28, 1998. Retrieved 2023-08-02.
  10. 1 2 "Primm shopping mall sold". Las Vegas Sun. April 6, 1998. Retrieved 2023-08-02.
  11. 1 2 "Primm bets on big outlet center". Las Vegas Sun. May 18, 1998. Retrieved 2023-08-02.
  12. 1 2 3 4 "Upscale-looking outlet mall opens today in Primm". Las Vegas Sun. July 16, 1998 – via NewsBank.
  13. ↑ Caruso, Monica (April 27, 1998). "Primm mall prepares for opening". Las Vegas Review-Journal. Archived from the original on 2000-09-15.
  14. ↑ Hochman, David (June 13, 1999). "Temples of Blessed Excess". The New York Times. Retrieved 2023-08-02. The indoor mall of the Primm outlets was a manageable loop of about 100 stores, with a few cafes, including Starbucks.
  15. ↑ "Mall directory (2016)" (PDF). Fashion Outlets of Las Vegas. Retrieved 2017-12-22.
  16. 1 2 3 Caruso, Monica (July 26, 1999). "Fashion Makeover". Las Vegas Review-Journal. Archived from the original on 2000-06-06.
  17. ↑ "Primm mall sues restaurant over lease". Las Vegas Sun. May 28, 1999. Retrieved 2023-08-02.
  18. ↑ "Fashion Outlet sues defecting tenant". Las Vegas Sun. December 29, 1999. Retrieved 2023-08-02.
  19. 1 2 3 4 Hubble Smith (February 17, 2001). "Fashion Outlet of Las Vegas termed among tops in nation". Las Vegas Review-Journal – via NewsBank.
  20. ↑ Hayes, Trevor (January 21, 2000). "Fashion Outlet has new boss". Las Vegas Review-Journal. Archived from the original on 2002-06-17.
  21. ↑ Elaine Walker (April 9, 2007). "Perfect partnership". Miami Herald – via NewsBank.
  22. ↑ "Scuttlebutt". Las Vegas Business Press. March 9, 2001 – via NewsBank.
  23. ↑ Benjamin Spillman (April 4, 2007). "Primm mall set to add space". Las Vegas Review-Journal – via NewsBank.
  24. ↑ Segall, Eli (December 7, 2018). "Primm's Fashion Outlets of Las Vegas faces grim future". Las Vegas Review-Journal. Retrieved 2023-08-02.
  25. 1 2 Hudson, Subrina (December 5, 2019). "Primm's Fashion Outlets getting new name, direction". Las Vegas Review-Journal. Retrieved December 26, 2019.
  26. ↑ "Question of the Day". Las Vegas Advisor. February 13, 2020. Retrieved 2023-08-02.
  27. ↑ Tempkin, Adam (January 28, 2021). "Vegas Mall That Lost 95% of Value Might Be Just the Beginning". Bloomberg. Retrieved 2023-08-02.
  28. ↑ Tempkin, Adam (May 26, 2021). "A 120% Loss on Vegas Mall Triggers Payday for Icahn's Big Short". Bloomberg. Retrieved 13 August 2021.
  29. ↑ Segall, Eli (July 10, 2022). "Outlet mall in Primm, once filled with tenants, is largely empty". Las Vegas Review-Journal. Retrieved 2023-08-02.
  30. ↑ Diamond, Krista (September 29, 2022). "Twenty-Four Hours in Primm, Nevada". Nevada Public Radio. Retrieved 2023-08-02.
  31. ↑ Hitt, Christine (July 1, 2023). "This town on the California border once bustled. Now, it's quiet and quirky". SFGate. Retrieved 2023-08-02.
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