Two Henderson office buildings will be transformed into retail space after selling for $17.25 million.
The new owners of Green Valley Corporate Center South plan to convert the existing single-story office buildings into a “lifestyle retail center,” with such potential tenants as restaurants, entertainment venues and health and wellness businesses, according to a news release.
Los Angeles-based Partners Capital Inc. and Las Vegas-based CNR Retail purchased the buildings, which total 91,742 square feet. JMA Ventures LLC and Blue Vista Capital Management LLC were the sellers.
“There will be outdoor spaces featuring art installations, greenery, walkability, and seating areas that will serve as meeting spaces for the community,” Partners Capital President Bobby Khorshidi said in a statement regarding the upgrades that will take place at the property. “The conversion of office to retail is unprecedented in the ongoing discourse of addressing the surplus of office space. We are excited to be on the forefront of re-imagining this property and bringing it to life in a way that will redefine the way people experience it for years to come.”
The vacancy rate for retail space across the valley decreased to 4.1 percent in the second quarter of 2023, according to the latest market report from Colliers International. It is the lowest retail vacancy rate recorded in Southern Nevada since before the Great Recession.
The buildings, at 2500 and 2550 Paseo Verde Parkway just northeast of the Bruce Woodbury Beltway, were built in 2000 and 2002 and are part of an eight-building office portfolio located in the master-planned Green Valley corridor within the Henderson submarket.
The buildings are currently 80 percent leased, according to a news release. It’s unclear if the tenants will remain or will move out as part of the renovations. Representatives from the property didn’t immediately respond to a request for comment.
The sellers were represented in the deal by CBRE Group Inc. The buyers were represented by Chris Clifford, Steve Neiger and Brett Rather of Colliers International.
Clifford said in an email to the Las Vegas Review-Journal that construction on the project could start soon.
“We plan to begin the transformation in one year or less,” he said. “It is a massive facade remodel but not ground up so it cuts down on the time for getting shovels in the dirt.”
Tyler Ecklund, one of the CBRE brokers on the deal, said the buildings are located in one of the most desirable areas of the region.
“The lack of vacant land in the area provides protection from future competition and offers a unique advantage for the buyer to redevelop this site,” he said.
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