Prizm Outlets
Prizm Outlets is an outlet shopping center in Primm, Nevada, formerly known as the Fashion Outlets of Las Vegas.
Last updated August 26, 2026
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Overview
Prizm Outlets is an outlet shopping center in Primm, Nevada, immediately off Interstate 15 near the California state line and approximately 40 miles southwest of Las Vegas. The property is connected to the Primm Valley Resort and was developed to capture traffic traveling between Southern California and the Las Vegas area. Rather than operating as a conventional urban shopping mall, it was positioned as a highway-oriented outlet destination where travelers could stop for discounted merchandise from recognizable fashion and specialty retailers. The center opened on July 16, 1998, under the name Fashion Outlets of Las Vegas. Its original development was associated with the Gordon Group and TrizecHahn, and the project reportedly cost $75 million. At opening, the single-level center contained about 100 retailers and a ten-restaurant food court. Its architecture used two themed areas, one evoking New York City and another drawing on Miami Art Deco, an approach intended to make the roadside destination more distinctive and attractive to tourists. The mall initially employed about 1,000 people. The property did not reach the visitor levels anticipated by its developers. It received roughly 1.5 million visitors in its first year, substantially below an estimate of 10 million to 12 million. Some tenants later reported weak sales and closed, while others performed well enough to remain. Management responded with local advertising, expanded shuttle transportation from Las Vegas, radio and television promotion, and roadside billboards. Despite these challenges, the center was described as one of the five leading U.S. outlet centers by sales per square foot in 2001. Its performance also benefited temporarily from changes in travel behavior after the September 11 attacks, when fewer people flew and more traveled by car. Ownership and financing changed repeatedly. Talisman Companies acquired an interest around 2000 and was subsequently reported to be pursuing full ownership. In 2007, Talisman announced financing for a proposed expansion from approximately 371,000 square feet to 521,000 square feet. The property later took on substantial mortgage debt, including a $73 million mortgage and a $32 million loan associated with Brookfield Asset Management. Brookfield foreclosed in 2016, and Rialto Capital Management repossessed the center in 2018 after further financial distress. Rialto invested more than $2 million in upgrades by late 2019, including interior artwork produced by more than 30 muralists and street artists. The property was rebranded Prizm Outlets around 2020, with the new name intended to connect the center to Primm while presenting a more contemporary identity aimed at younger shoppers, including Generation Z. The repositioning occurred as occupancy was approximately 66 percent, but the COVID-19 lockdowns sharply reduced the property's value and visitor activity. At a 2021 auction, Kohan Retail Investment Group acquired the outlet center for a reported $1.525 million. By 2022, only a small number of stores remained and the food court had closed. The tenant base contracted further: by 2023, Bath & Body Works and Michael Kors were reported as the remaining tenants, while by July 2025 a Sanithrift outlet was described as the sole operating tenant and most of the interior was no longer open to the public. Prizm Outlets therefore remains an active but highly reduced retail property whose history illustrates the pressures facing highway outlet centers from competing outlet destinations, online shopping, changing travel patterns, and property-level financial distress.
History
Plans for the shopping center were announced in September 1995, and construction began in May 1997. The project originated as a joint development involving the Gordon Group and TrizecHahn. Its Primm location was selected for access to heavy Interstate 15 traffic and for the opportunity to sell outlet merchandise away from the higher-end stores and retail districts of Las Vegas. The center was physically connected to the Primm Valley Resort, allowing it to function as part of a broader resort and roadside-travel complex. The Fashion Outlets of Las Vegas opened on July 16, 1998. The approximately 371,000-square-foot, single-level center contained about 100 stores and a ten-restaurant food court. Its design used two themed courts, one inspired by New York City and the other by Miami Art Deco. The developers expected substantially greater traffic than the property achieved: first-year visitation was approximately 1.5 million, compared with an estimate of 10 million to 12 million. Some tenants complained of poor sales and closed, while others reported stronger results. Mall ownership pursued legal claims against certain departing tenants, although the available reference material does not provide the names of the parties or the outcomes of those cases. Management attempted to improve performance through targeted marketing and transportation. In 1999, it promoted the center to Southern Nevada residents and increased shuttle service from Las Vegas. A further campaign in 2001 used television, radio, and Interstate 15 billboards. The center was nevertheless reported among the top five U.S. outlet centers by sales per square foot in 2001. A temporary increase in automobile travel after the September 11 attacks also benefited the property because fewer people traveled by air. Before opening, TrizecHahn had agreed in principle to sell its interests to The Rouse Company, but that transaction did not proceed. Talisman Companies, a Florida real-estate developer specializing in underperforming shopping centers, acquired an interest in 2000 and was reported the following year to be seeking full ownership. In 2007, Talisman announced $141 million in financing for a proposed expansion to approximately 521,000 square feet. At that stage, tourists represented more than 80 percent of the customer base. Later financing included a $73 million mortgage in 2012 and a separate $32 million loan associated with Brookfield Asset Management. Brookfield foreclosed in 2016. By late 2017, the mall's mortgage was reportedly in default, and Rialto Capital Management repossessed the property in 2018. Rialto invested more than $2 million in improvements by December 2019. The work included interior artwork by more than 30 muralists and street artists from around the world. Around 2020, the property was renamed Prizm Outlets. The rebranding was intended to retain a connection with Primm while presenting a fresher identity for younger consumers, including Generation Z. Occupancy was approximately 66 percent in early 2020, but pandemic lockdowns and the collapse in travel caused the property to lose most of its value during the latter half of that year. Kohan Retail Investment Group acquired the outlets at auction in 2021 for a reported $1.525 million. The center continued to contract afterward. Approximately five stores remained in 2022, the food court was closed, and by 2023 only Bath & Body Works and Michael Kors were reported as tenants. By July 2025, a Sanithrift outlet was identified as the sole operating tenant, while the remainder of the mall interior was no longer open to the public. The property is therefore best understood as an active but severely diminished outlet center rather than a fully functioning regional shopping destination.
- 2025
Operations reduced to one reported tenant
[1]By July 2025, Sanithrift was reported as the sole operating tenant, with most of the mall interior closed to the public.
- 2021
Kohan acquires the center
[1]Kohan Retail Investment Group purchased the property at auction for a reported $1.525 million.
- 2020
Rebranded as Prizm Outlets
[1]The property adopted the Prizm Outlets name following upgrades and a repositioning toward younger shoppers.
- 2018
Rialto repossession
[1]Rialto Capital Management repossessed the property after mortgage distress.
- 2016
Brookfield foreclosure
[1]Brookfield Asset Management took ownership through foreclosure as occupancy and sales declined.
- 2007
Expansion financing announced
[1]Talisman announced financing for a planned expansion from approximately 371,000 to 521,000 square feet.
- 2001
Recognized among leading U.S. outlet centers
[1]The property was reported among the top five U.S. outlet centers by sales per square foot.
- 2000
Talisman acquires an interest
[1]Talisman Companies acquired a stake in the property and later pursued fuller control.
- 1998
Fashion Outlets of Las Vegas opens
[1]The center opened with approximately 100 retailers, a ten-restaurant food court, and about 371,000 square feet of retail space.
- 1997
Construction begins
[1]Construction began on the future Fashion Outlets of Las Vegas.
Products and positioning
A roadside outlet-shopping destination serving travelers between Southern California and Las Vegas, later repositioned as a more contemporary and experience-oriented retail center for younger shoppers.
Apparel retail · 1998
Outlet apparel and fashion stores
The center's core offering historically consisted of outlet stores selling discounted apparel, footwear, accessories, and other fashion merchandise from branded tenants. The original tenant roster was broad, but occupancy declined substantially over time as competition increased and online shopping reduced demand for roadside outlet trips.
Specialty retail · 1998
Beauty and specialty retail
Prizm Outlets has also housed specialty retailers, including beauty and personal-care businesses such as Bath & Body Works. These stores formed part of the center's wider outlet and travel-shopping mix, although the available reference material does not provide a complete historical tenant list.
Food service · 1998
Food court
The original Fashion Outlets of Las Vegas included a food court with approximately ten restaurants. The food court was no longer operating by 2022 as the center's tenant base contracted.
Marketing campaigns
- 2001Interstate 15 advertising campaign
United States · Interstate 15 corridor
The center used television and radio advertisements together with billboards directed at motorists traveling along Interstate 15.
Outcome. The property was reported among the top five U.S. outlet centers by sales per square foot during 2001, although the sources do not attribute that result solely to the campaign.
- 1999Southern Nevada attendance campaign
Southern Nevada · Las Vegas
Following disappointing first-year visitation, management launched marketing aimed at residents of Southern Nevada and increased shuttle service connecting Las Vegas with the center.
Outcome. The reference material does not quantify the campaign's results.
Brand decisions
2021
Acquire the property at auctionM&ABackground
The center experienced severe financial deterioration after declining occupancy, competition from other outlet destinations, online retail growth, and pandemic-related travel losses.
Action taken
Kohan Retail Investment Group purchased Prizm Outlets at auction.
Aftermath
The property continued operating with a sharply reduced tenant base, with only a handful of stores reported in 2022 and one reported operating tenant by July 2025.
Auction purchase price. $1.525 million (2021 auction)
2020
Rebrand the center as Prizm OutletsStrategyBackground
Rialto sought to refresh the property's identity after investing in upgrades and to appeal to a younger demographic as occupancy weakened.
Action taken
The center was renamed Prizm Outlets and given a more contemporary visual environment featuring extensive mural and street-art installations.
Aftermath
The rebrand coincided with the COVID-19 disruption, which severely reduced travel, occupancy, and property value.
Upgrade spending. More than $2 million (By December 2019, before the 2020 rebrand)
2007
Plan a major physical expansionStrategyBackground
Tourists accounted for more than 80 percent of the customer base, and the owner sought to increase the center's scale.
Action taken
Talisman announced financing for an expansion from approximately 371,000 square feet to 521,000 square feet.
Aftermath
The reference material does not confirm that the planned expansion was completed.
Expansion financing. 371,000 square feet → Planned 521,000 square feet (2007 plan)
1998
Launch a highway-oriented outlet destinationStrategyBackground
The developers sought to attract motorists traveling between California and Las Vegas while locating outlet stores away from higher-end Las Vegas retail districts.
Action taken
They opened a large, themed outlet center beside Interstate 15 and connected it to the Primm Valley Resort.
Aftermath
The center opened with roughly 100 retailers, but first-year visitation was far below the developers' forecast.
Development cost. $75 million (At the 1998 opening)
Recent events
- 2025
Sanithrift reported as sole operating tenant[1]
Other
By July 2025, a Sanithrift outlet was reported as the only operating tenant, with the rest of the mall interior no longer open to the public.
- 2023
Bath & Body Works and Michael Kors reported as final major tenants[1]
Other
The remaining tenant roster was reported to consist of Bath & Body Works and Michael Kors.
- 2022
Outlet center operates with only a handful of stores[1]
Other
Only approximately five stores remained, and the food court was fully closed as the center's occupancy continued to contract.
- 2021
Kohan Retail Investment Group acquires Prizm Outlets at auction[1]
M&A
Kohan Retail Investment Group purchased the outlet center at auction for a reported $1.525 million after the property experienced severe financial deterioration.
- 2020
Property receives upgrades and is renamed Prizm Outlets[1]
Other
After more than $2 million in improvements, including extensive mural and street-art installations, Rialto repositioned the center under the Prizm Outlets name.
- 2020
COVID-19 disruption severely reduces property value[1]
Other
Pandemic lockdowns and the collapse in travel caused the property's value to fall sharply during the second half of the year.
- 2018
Rialto Capital Management repossesses the mall[1]
Bankruptcy
Rialto Capital Management repossessed the center following continued mortgage distress and default-related problems.
- 2016
Brookfield forecloses on the property[1]
Bankruptcy
Brookfield Asset Management took ownership after the property experienced declining occupancy and sales amid competition from Las Vegas Premium Outlets and online retailers.
- 2007
Talisman announces proposed expansion financing[1]
Other
Talisman Companies announced a $141 million loan intended to support an expansion of the center from approximately 371,000 to 521,000 square feet.
- 2001
Interstate-focused advertising campaign launched[1]
Campaign
Management used television, radio, and Interstate 15 billboards to promote the outlet center. The property was also reported among the leading U.S. outlet centers by sales per square foot.
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