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Regency Grading for 700,000-SF Power Center

NORTH LAS VEGAS-The $124-million, 62-acre development here will be anchored by Home Depot, Target and a host of junior anchors.

By Brian K. Miller | Updated on February 26, 2008

NORTH LAS VEGAS-Regency Centers is under construction with mass grading for Deer Springs Town Center, a 700,000-sf power center at North 5th Street and the I-215 Beltway in North Las Vegas. The $124-million, 62-acre development will be anchored by Home Depot, Target, Babies R Us and a host of junior anchors such as Staples, PetSmart and Ross that are expected to be open for business in March 2009. A formal ground-breaking ceremony is scheduled for early next month.

The Target store will come in at around 132,000 sf, Home Depot at 106,000 sf and Babies R Us at 65,000 sf. The mid-box stores will total another 200,000 sf while in-line shop space and pads will make up the remainder. Regency Centers’ vice president of investments Mike Leonard tells GlobeSt.com that asking rates for the shop space will range from $40- to $48 per sf per year.

Across the street from Deer Springs Town Center is Deer Springs Crossing, a 35-acre, 25-building, 325,000-sf retail center by the Vegas-based Juliet Cos. The anchor tenant, a 90,000-sf Kohl’s department store opened for the 2007 holiday shopping season. The remaining 22 buildings are under construction and slated to open in late 2008.

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