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Land Purchase Complete for Nearly 8M-SF World Market Center

LAS VEGAS-Los Angeles-based Furniture Mart Enterprises LLC closes on its final land acquisition for the future phases of World Market Center, a six-phase wholesale furniture marketplace development slated to comprise 7.5 million sf upon completion. The 1.3-million-sf first phase is fully leased.

By Brian K. Miller | Updated on October 27, 2004

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LAS VEGAS-Los Angeles-based Furniture Mart Enterprises LLC, headed by Jack Kashani, has closed on the final land acquisition here from Union Pacific related to World Market Center, an eventual 7.5-million-sf wholesale furniture marketplace that is being developed within Parkway Center, located off Grand Center Parkway near the Las Vegas Premium Outlets shopping center.In the final purchase, Furniture Mart paid Union Pacific $17.2 million for a 20.8-acre parcel known as Lot 3 of Parkway Center. The acquisition adds to the 36.1 acres already purchased from Union Pacific and marks the conclusion of a four-year, multiple-phase purchase, says Perry Muscelli with Cushman & Wakefield of Nevada Inc. Muscelli has the listing for Parkway Center, which is owned by Union Pacific. World Market Center is a massive wholesale furniture marketplace providing furniture retailers the opportunity to view design lines from a wide variety of manufacturers. Furniture Mart acquired the land for the 1.3-million-sf first phase back in 2001, and that phase is now fully leased. Phase Two will include 1.6 million sf in a 14-story structure. Upon completion, World Market Center will include three towers, a convention center, a 1.5-million-sf World Trade Fair catering to submarkets of the home furnishings industry, and a resort hotel. The economic impact of the development could start at $2.4 million and grow to $300 million in 2010, according to a study by the Center for Business and Economic Research at the University of Nevada-Las Vegas.

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