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LAS VEGAS-Juliet Cos. is developing a $75-million, 325,000-sf power center called Deer Springs Crossing in North Las Vegas in partnership with the landowner. The 35-acre, 25-building complex at North Fifth Street and Deer Springs Way will be anchored by a 90,000-sf Kohl's department store.
The department store, a 5,000-sf pub and another standalone restaurant pad will be constructed during the initial construction phase. The remaining 22 buildings will go up in a second phase and will include several junior anchors ranging in size from 15,000 sf to 30,000 sf and several in-line multi-tenant buildings ranging from 7,000 sf to 10,000 sf.
When fully built out in late 2008, Deer Springs Crossing is expected to contain approximately 45 shops, restaurants and entertainment venues. Asking rents for space in the development range from $2.75 to $3.50 per sf per month. ROI Commercial Real Estate broker Mike Gleason has the listing assignment.
The landowner is Rome's Golden 40 LLC. J&F Construction is the general contractor. RSJ architecture is the designer. Juliet Cos. did not return phone calls seeking additional detail on the project.
North Las Vegas has 2.8 million sf of retail with an additional one million sf under construction, according to the local research and advisory firm Applied Analysis. Vacancy at the end of 2006 was 2.9%, up from 0.8% at the end of 2005. Average asking rents as of last month were $2.53 per sf per month--the highest in the region--up from $1.67 one year ago.
Juliet Cos. also is gearing up to develop Lake Mead Crossing, a 725,000-sf power center in Henderson, 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 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.
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