(For more retail coverage, click GlobeSt.com/RETAIL.)
HENDERSON, NV-Juliet Cos. is gearing up to develop a 725,000-sf power center here in partnership with publicly held Inland Western Retail Real Estate of Oakbrook, IL. The two-phase project is slated to get under way in May.
The 73.5-acre development site is located off the northwest corner of Lake Mead Parkway and Water Street. The company recently received development approvals and acquired the site for approximately $42 million.
Named Lake Mead Crossing, the 51-building development will contain a combination of big- and mid-box retailers, stand-alone pads and in-line shops. The project includes more than a dozen restaurants and 55,000 sf of office space. The retail is slated to open in July 2008, the office in late 2009.
Mike Gleason and Dan Adamson of ROI Commercial Real Estate have the leasing assignment. Gleason tells GlobeSt.com the development will be shadow anchored by a 152,000-sf Target, which already has closed on its piece of land.
News regarding additional tenants will start being released in January, he says. Asking rents for other tenants will range from $2 to $4 per sf depending on the size of the tenant, Gleason says.
The 43.7-million-sf Las Vegas Valley retail market continued to perform well in the third quarter, with 210,000 sf of new additions offset by 188,000 sf of net absorption, keeping vacancy at 2.7%, according to a third-quarter report by Applied Analysis, a locally based business advisory.
Vacancy in the 8.5-million-sf Henderson submarket stood at 3.6% at the end of the third quarter, up from 2.6% in the same period one year earlier. During that same period, asking lease rates have risen from $1.49 per sf per month to $2.07.
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