Henderson intersection reveals retailers’ mixed fortunes

Updated September 22, 2017 - 4:54 pm

If you want to see retailers’ mixed fortunes, and how they impact neighborhood shopping centers, head over to Green Valley Parkway and Sunset Road.

Three corners of the Henderson intersection have retail plazas, and all are faring differently. One is filled with tenants, another is laced with vacancies, and the other is somewhere in between.

They all have changed hands in the past year or so: two by sale, one by foreclosure.

Most recently, real estate investor Huan “Jeff” Mai bought Green Valley Town Center, off the intersection’s northeast corner, for $21.5 million from American Nevada Co. The sale closed Sept. 5.

He picked up 197,000 square feet of retail and office space, and the holdings are about 65 percent occupied, he said.


Click for a larger image

Mai said the location is “not bad” but that he could draw more tenants by improving the landscaping, lighting and courtyard. He plans to spend at least $4 million on upgrades and other work.

Current tenants include Galaxy Theatres’ Luxury+ Green Valley cinema and Barley’s Casino & Brewing Co.

“We can see the potential,” Mai said.

His consultant, John Weisler, said the plaza could have farmer’s markets, car shows and food trucks. He also noted the movie theater is planning to expand.

Galaxy Theatres President Rafe Cohen said he’s looking to turn the eight-screen, 42,000-square-foot theater into an 11-screen, 52,000-square-foot complex. He aims to finish by next summer.

When he opened the theater in 2013, the plaza had even fewer tenants than it does today, according to Cohen. The space he took had been empty for years.

‘Diminished’ relevance

Colliers International broker David Grant, who represented Mai in the purchase and used to work for American Nevada, said the plaza, developed in phases from the late 1980s through the early 2000s, used to be “the center of Green Valley.”

But residential and commercial development headed south with the opening of the 215 Beltway, and “the relevance of that intersection was diminished,” he said.

Additionally, new big-box retail plazas on Stephanie Street near Sunset — just a few miles away — siphoned off tenants and foot traffic, American Nevada President Phil Ralston said.

After the economy crashed last decade, retailers throughout the valley suffered as stores emptied and plazas went into foreclosure. But when the economy started to heal from the recession, retail outside the Beltway “came back first,” Grant said.

Almost ghostly

Green Valley Town Center still has a ways to go, but it’s faring better than its neighbor at the intersection’s northwest corner.

Green Valley Town & Country lost its anchor, an Albertsons grocery, in 2014. The space remains vacant.

Current tenants include Oasis Laundromat, In Da Cut Barber Shop and Bakery King. But lenders foreclosed on the 10.5-acre plaza last fall, and its listing broker has said the strip mall is around 67 percent empty.

An anchor tenant’s exit can crimp sales at nearby shops and make it harder for the landlord to fill empty stores, as retailers may be scared off by the lack of a supermarket or other business that can draw streams of customers every day.

Amid record U.S. store closures this year, such concerns only have increased as retailers lock their doors in Las Vegas and elsewhere.

Green Valley Plaza, at the intersection’s southeast corner, doesn’t have that problem these days.

It’s anchored by a Trader Joe’s grocery, and it seems all of its storefronts are occupied. Tenants include Mothership Coffee Roasters, Desert Art Supplies and Enzo’s Pizza & Ristorante.

Phillips Edison & Co. bought the 89,300-square-foot plaza in May 2016 for $21.6 million, property records show.

Stores there are mostly smaller and feel bunched together. As far as suburban strip malls go, it doesn’t have a bland, suburban strip mall feel, at least compared to others around the valley.

The plaza probably could use more parking, Grant said, but it’s a popular place.

“A lot of people really like that shopping center,” he said. “It just feels good to them.”

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.

ad-high_impact_4
Business
Elaine Wynn continues her fight to change Wynn Resorts board
Elaine Wynn, the largest shareholder of Wynn Resorts Ltd., is seeking to kick a friend of her ex-husband Steve Wynn off the company’s board of directors. (Todd Prince/Las Vegas Review-Journal)
Zillow is getting into house flipping in Las Vegas
Las Vegas Review-Journal real estate reporter Eli Segall says flipping houses has waned in popularity after the housing bubble burst.
Ellis Island Buys Mt. Charleston Lodge
Ellis Island, which operates a casino, brewery and hotel just off the Strip, purchased the Mt. Charleston Lodge in early April.
Casinos to be penalized for allowing drug-impaired customers to gamble
Nevada Gaming Commission Chairman Tony Alamo talks about an amendment making casinos subject to the same disciplinary standards of preventing people to gamble if impaired by drugs as they are for letting them play while intoxicated by alcohol.
Terrible Herbst to open large travel center in Southern Nevada
The 50,000-square-foot commercial travel center will include 96 fuel pumps and the third White Castle restaurant in Southern Nevada. Wade Tyler Millward reports.
Art Bell’s Top 10 Shows
A selection of radio host Art Bell’s most popular shows.
Hooters owner talks about room upgrades at his hotel-casino
George Ruff, founder and senior principal of Trinity Hotel Investors L.L.C., owner of Hooters Hotel and Casino in Las Vegas, talks about recent room upgrades at the hotel. K.M. Cannon/Las Vegas Review-Journal
Passengers Discuss Allegiant Air
Allegiant Air passengers voice their views on the airline at McCarran International Airport on April 16, 2018. (Bailey Schulz/Las Vegas Review-Journal)
Longtime Las Vegas attorney John Momot dies at age 74
Criminal defense attorney John Momot, who represented mob figures and even played himself in the movie “Casino,” has died.
Trump Slams Amazon for Not Paying Enough in Taxes
Trump Slams Amazon for Not Paying Enough in Taxes Trump tweeted his concerns about the company on Thursday. This isn't the first time Trump commented on the issues via Twitter. August 2017 December 2017 Amazon did hold back on paying state taxes in 1995, but the company has been routinely collecting state sales taxes since then. In 2016, the company's report from the Securities and Exchange Commission confirmed it paid $412 million in taxes.
David Copperfield in court after man injured during magic trick
The attorney for a British man who is suing illusionist David Copperfield said his client suffered serious injuries after being called on stage during Copperfield's show at MGM Grand.
eyecandylab CEO shows augmented reality during NAB
Robin Sho Moser, CEO and co-founder of eyecandylab gives an augmented reality demonstration at his booth during the National Association of Broadcaster Show at the Las Vegas Convention Center. K.M. Cannon/Las Vegas Review-Journal
Trends in access to capital for local black business owners
Denette Braud, owner of Braud’s Funnel Cake Cafe, talks about what owning her own business means to her.
Sir Richard Branson announces purchase of Hard Rock Hotel
Sir Richard Branson, founder of the Virgin Group, has acquired the Hard Rock Hotel with partners and plans to turn it into a Virgin-branded property by the end of 2019.
Calvary Christian Learning Academy, “There was no fair warning.”
Samantha O’Brien, whose three-year-old daughter attended the Calvary Christian Learning Academy daycare, found out Monday night when her daughter’s teacher called about the school closing.
Adobe unveils #HackTheBracket application for March Madness
Adobe unveiled their #HackTheBracket application at the Adobe Summit trade show at Sands Expo. People can use data from Adobe Analytics to make their bracket for March Madness. K.M. Cannon/Las Vegas Review-Journal
Adidas Signs Yankees' Star Aaron Judge
Adidas Signs New York Yankees Star Aaron Judge The slugger is set to don a new set of stripes this season after signing with the apparel company. Aaron Judge Terms of the deal were not disclosed. The deal includes branding on his batting gloves and wristbands. Judge, the AL's reigning Rookie of the Year, was previously under contract with Under Armour since 2014. Judge won the American League Rookie of the Year award last season after setting an MLB record for most homers in a rookie season (52).
Esports athletes are sponsored, too
Meet Red Bull-sponsored professional esports player Daryl S. Lewis, better known by his in-game name Snake Eyez. Nicole Raz Las Vegas Review-Journal.
Bettor Investments turned into a bad bet
Bettor Investments formerly operated a Nevada-licensed entity betting operation. The company promised “conservative growth, profits and stability for our investors.” Matt Stuart, who ran the fund, shut it down in late 2016 and never made good on an agreement with shareholders.
Starbucks Will Give You $10 Million for a Better Cup Design
Starbucks Will Give You $10 Million for a Better Cup Design Get your thinking caps on because the company is looking for a new cup that's easier to recycle. The $10 million grant challenge sees Starbucks partnering with investor group Closed Loop Partners for the project. According to CNN Money, Aside from the new cup design challenge, Starbucks stated it will test a cup with an inner lining made from plant fibers to prevent hot liquid from leaking. Will you join the challenge for #Bettercups?
Las Vegas bartenders who worked the Route 91 Harvest Music Festival question what they were paid
Reneé Black, left, and her husband Griffin Black talk to the Review-Journal at their home in Las Vegas, Tuesday, March 6, 2018. Reneé was a bartender at Route 91, and Griffin was a bar back. They were hired as independent contractors, but received forms months later indicating they were employees. They also were never paid their last day of tips. Nicole Raz/Las Vegas Review-Journal.
Bad-beat jackpot money will finally be awarded
People who thought they had won in Station Casinos’ “bad beat jackpot” poker promotion were unhappy. They waited months to get paid. And now the bad-beat jackpot is gone.
New developments coming to Las Vegas' Craig Road
Gina Gavan, economic and business development director for North Las Vegas, discusses new development projects on Craig Road in North Las Vegas. Art Marroquin/ Las Vegas Review-Journal
Companies bet their futures on cryptocurrency
Two Las Vegas entrepreneurs talk about finding their niche in blockchain enabled technologies and digital currency.
Solar panels reduce energy bill for CCSD
Wilbur and Theresa Faiss Middle School is one of 42 CCSD schools with solar panel installations, saving approximately $514,000 per year in energy costs.
Dallisa Hocking And A Grandmothers Psychic Gift
Dallisa Hocking’s new “boutique soul center” pays tribute to her late Grandma Ellie. (John Przybys/Las Vegas Review-Journal)
Can't pay the IRS? You do have options
There's a little more than five weeks until this year’s tax filing deadline of April 17. But many small business owners are wondering, “How am I going to pay my taxes?” When owners haven’t set aside enough money to cover what they owe the government, they have options. — The easiest and cheapest alternative may be to dip into personal savings. — If you have available credit, you may want to borrow from a lender or credit card. — Also, the IRS can work out an installment payment plan.
Amazon Offering Discounted Prime Memberships to Medicaid Recipients
Amazon Offering Discounted Prime Memberships to Medicaid Recipients Individuals with a valid Medicaid or Electronic Benefits Transfer (EBT) card The $5.99 membership can be renewed every year for up to four years. The reduced Prime membership comes with the same benefits of a standard one, including free two-day shipping, Prime Video, Prime Music and Prime Now. Last year, Amazon also joined a USDA pilot program that allows those receiving government assistance through the Supplemental Nutrition Assistance Program to buy groceries through online markets like Amazon's FreshDirect or Walmart.
Jeff Bezos New Net Worth Revealed, Still Richest Man Alive
At the end of 2017, Bezos was estimated to be worth $112 billion, earning the top spot on Forbes' world's billionaires list. According to the Bloomberg Billionaires Index, the Amazon founder's net worth is now $127 billion, which the report states is the combined wealth of 2.3 million Americans.
Dick's Sporting Goods Ends Sale of Assault Weapons Florida School Shooting
Dick's Sporting Goods Ends Sale of Assault Weapons Florida School Shooting The retailer announced the move in an open letter and an appearance by CEO Ed Stack on 'Good Morning America.' Ed Stack, (Good Morning America) Ed Stack, (Good Morning America) Dick's is also ending the sale of high-capacity magazines and sales of guns to people under 21 years old. The company ended the sale of assault weapons at Dick's-branded stores after the Newtown, Conn. school shooting in 2012. However, they were still selling them at its 35 Field & Stream locations. Nikolas Cruz, 17, shot and killed 17 students at Marjory Stoneman Douglas High School in Florida on Feb. 14.
TOP NEWS
News Headlines
ad-infeed_1
ads_infeed_2
Local Spotlight
Events
Home Front Page Footer Listing
Circular
You May Like

You May Like