The Showcase Mall located on the Strip, was sold to a new ownership group in late may. The sale is rarity for Strip properties, as most owners tend to hold on to their properties forever, due to their great value and constant foot traffic.
An ownership group from New York bought 190,000 square feet of the property for 145 million dollars. The ownership group includes the Nakash family, who owns the Jordache jeans line. Though the family, and their partner Eli Gindi do not own the entirety of the property, they are majority owners of the land now. There are two other owners who have significantly less property control than the new group.
The family was not only attracted by the location and price of the property, but it was also attracted to the tenants of the property, which include Coca-Cola and M&M’s. One of the malls most iconic features is a giant Coke bottle that sits out front. The new owners plan to renovate the bottle, keeping its size, but making its presence more exciting. They are hoping that it will look something like the giant LED Coke bottle in Times Square.
People’s preferences are moving towards malls and retail centers on the strip, rather than casinos, and as this trend continues the Showcase will thrive.