Laughlin Mall Under New Ownership
October 9, 2014
LAUGHLIN — The Laughlin Outlet Mall has a new owner.
On Oct. 9, Priceless Outlets of Las Vegas at Laughlin, LLC, a member of the Moonbeam Capital
Investments group of companies, purchased the mall on South Casino Drive.
The mall, previously known as Horizon Outlet Center of Laughlin and Preferred Outlets at Laughlin, houses about 45 retail stores. The building had been up for auction in August; it isn’t known if Moonbeam Capital purchased the center through auction.
“The Laughlin Outlet Center is in a prime location and has a lot of potential,” said Steven Maksin, CEO of Moonbeam Capital Investments. “Moonbeam will be deploying its in-house expertise and resources in management, leasing and marketing to assist in turning the property around.
“We will evaluate the needs of the community, tourists and tenants and develop the right strategy to make this once again one of the main shopping destinations of Las Vegas. To start, we will re-brand the center as the Priceless Outlets of Las Vegas at Laughlin.”
Las Vegas-based Moonbeam Capital Investments is one of the fastest growing, unleveraged, private equity funds in the country. Moonbeam specializes in acquiring delinquent commercial real estate loans and underperforming assets and focuses on stabilizing and enhancing its properties as long-term investments. Over the last few years, Moonbeam has acquired more than 50 properties totaling more than 13 million square feet of gross leasable area, including enclosed malls, shopping centers, office buildings, an apartment building and a hotel.
Moonbeam has already had several notable success stories. At the Greeley Mall in Greeley, Colo., sales have been trending up every year and are now at a pre-recession high. At Spectrum Plaza near Houston, physical and economic occupancy increased from 30 percent to over 87 percent in the first few months of ownership.
Contributed (2014, October 9). Mohave Daily News, Laughlin Mall Under New Ownership (October 22, 2014) http://www.mohavedailynews.com/business/laughlin-mall-under-new-ownership/article_fb8a00ca-5767-11e4-85c5-9b34577431f2.html