Wal-Mart, Sam's Club, and Home Depot anchor the 633,000-sf center. Newmark did not name the owner, which is locally based retail developer Territory Inc. According to Territory's Web site, the development is a joint venture with Olympia land Corp. and Developers of Nevada.
Newmark managing principal Peter Welsh declined to reveal the rate on the loan but did say the new loan paid off existing debt that was maturing. There was some defeasance involved, he says, but the associated cost was offset by better loan terms.
Territory president John Sullivan says he locked the rate in March when it was in the mid 4% range. "We consolidated three loans which we used to develop the center over time," he says.
Territory is an active developer in Nevada. In the Las Vegas Valley, it has several projects under construction. The largest of the lot are Centennial Gateway, a 350,000-sf center at US-95 and Ann Road. The first phase of the development began opening late last year and phase II is about to get underway. The company also is about to break ground for the in-line space at Cannery Corner, another 350,000-sf development in North Las Vegas at the northeast corner of Craig and Losee roads that will be anchored by Sam's Club and Lowe's, which are already under construction.
Already under construction are the second phase of its 190,000-sf center at the entrance to the Southern Highlands master planned residential development; Commerce Commons, a 150,000-sf grocery-anchored center at the southeast corner of Centennial and Commerce in North Las Vegas; and a Lowe's-anchored center at West Craig Road and North Jones Boulevard.
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