Vegas Mall That Lost 95% of Value Might Be Just the Beginning

The Prizm Outlets mall, about a 40-minute drive south of Las Vegas on the California border, lost 95% of its value in six months. It may not be the last mall to do so.

Formerly known as the Fashion Outlets of Las Vegas, the Primm, Nevada mall was auctioned off on Wednesday at a final price of $1.525 million, compared with a $28.2 million appraisal in July, according to a person with knowledge of the results on commercial real estate auction site Ten-X. The buyer wasn’t disclosed.

It’s the first auction of a property linked to the so-called CMBX 6 ...