LAS VEGAS—The Las Vegas retail market has good fundamentals to support retail leasing and development over the next few years, according to Mark Reese, vice president at Buchanan Street Partners. Reese sat down with GlobeSt.com for an exclusive interview to discuss the growth in the Las Vegas retail market, where he explained the anticipated growth in population, employment and development. We continued the conversation about the increased presence of national retailers in the region and the recent $10.5-million acquisition loan Buchanan Street provided for the acquisition of Caroline's Court, a partially developed retail center in northwest Las Vegas.
GlobeSt.com: What about the Las Vegas retail market made the financing for Caroline's Court an attractive deal?
Mark Reese: We believe the Las Vegas retail market has good underlying fundamentals to support retail leasing and development over the next couple years. Nearly 2.4 million square feet of retail space has been absorbed since the rebound of the economy with positive net absorption for three of the last four quarters. Additionally, the Las Vegas population has been growing at a rate of at least 2% annually since 2011, and employment will likely surpass the 2007 peak within two years. These fundamentals make deals in the region very attractive.
Caroline's Court presented a growth opportunity because of the undeveloped pads and the location of the project. Development was halted on the project in 2010 leaving a strip retail center and two fast food pads complete. The incomplete portion includes six vacant retail pads and several acres of raw land. Additionally, the shopping center is located in a highly visible location at the intersection of Durango and Highway 95 in an area with increasing retail demand. The project reboot has already generated unsolicited interest from national retailers, which is a quick and dramatic turn for a market where a handful of “mom and pop shops” accounted for most of the leasing in strip centers in recent years. Caroline's Court will be able to quickly deliver retail and restaurant pads
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
