Illinois investment firm buys Henderson power retail center

An Illinois investment firm has returned to the Southern Nevada market with its purchase of a power retail center in Henderson.

GK Development of suburban Chicago said Tuesday that it has acquired Lake Mead Crossing for $42.75 million.

The 407,000-square-foot center is on 73 acres at the northwest corner of Water Street and Lake Mead Parkway. It's about 85 percent leased with tenants such as Target, Ross Dress for Less, Big Lots, Petsmart, Marshalls and Staples.

GK executives said they bought the shopping center because it's "poised to capitalize" on growing population in the surrounding area. The 2,200-acre, 13,250-home Cadence master plan is under construction nearby.

President Garo Kholamian said GK plans to boost occupancy by attracting tenants who don't yet have stores in the market.

"Lake Mead Crossing appeals to national retailers because of its visibility, superior location and Henderson's status as Nevada's second-largest city and one of the fastest growing cities in the U. S.," Kholamian said.

GK owned the Atrium Business Center at 333 N. Rancho Drive before selling it to the city of Las Vegas in 2007. The city houses its development services center in the building.

GK has been looking to re-enter the Las Vegas market ever since, and Lake Mead Crossing finally fit its strategic plan.

The firm owns commercial properties in eight other states, including Colorado, Florida, Montana, Michigan and Texas.

Las Vegas-based Juliet Realty will manage and lease the center on behalf of GK.

Eastdil Secured represented seller Lake Mead Crossing LLC in the deal. Financing came from Nevada State Bank and Wintrust Community Bank of Barrington, Ill.

Contact Jennifer Robison at jrobison@reviewjournal.com. Find her on Twitter: @_JRobison