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.

Lehman Brothers bet big on Las Vegas
Lehman Brothers collapsed 10 years ago, helping send the country into the Great Recession.
Fremont9 opens downtown
Fremont9 apartment complex has opened in downtown Las Vegas. (Marcus Villagran/Las Vegas Review-Journal) @marcusvillagran
Ross & Snow launches in Las Vegas
Luxury shoe brand Ross & Snow has opened in Las Vegas, featuring "functional luxury" with premium shearling footwear. (Bailey Schulz/Las Vegas Review-Journal)
Remote Identification and Drones
DJI vice president of policy and public affairs discusses using remote identification on drones. (Bailey Schulz/Las Vegas Review-Journal)
Drones and public safety in Nevada
Two representatives in the drone industry discuss UAV's impact on public safety. (Bailey Schulz/Las Vegas Review-Journal)
Frontier Airlines to launch flights from Las Vegas to Mexico
Frontier, a Denver-based ultra-low-cost carrier, will become the first airline in more than a decade to offer international service to Canada and Mexico from Las Vegas when flights to Cancun and Los Cabos begin Dec. 15. (Rick Velotta/Las Vegas Review-Journal)
MGM Resorts International CEO Jim Murren addresses Oct. 1 lawsuits
MGM Resorts International Chairman and CEO Jim Murren addresses criticism his company has received for filing a lawsuit against the survivors of the Oct. 1 shooting. (K.M. Cannon/Las Vegas Review-Journal)
MGM Resorts International opens the doors on MGM Springfield
Massachusetts’ first hotel-casino opens in downtown Springfield. The $960 million MGM Springfield has 252 rooms and 125,000-square-feet of casino. (K.M. Cannon/Las Vegas Review-Journal)
MGM Resorts International prepares to open MGM Springfield
Las Vegas-based MGM Resorts International gave news media and invited guests a preview of the $960 million MGM Springfield casino in Massachusetts. The commonwealth's first resort casino will open Friday, Aug. 24. (K.M. Cannon/Las Vegas Review-Journal)
A Walk Through Circus Circus
It only takes a short walk through Circus Circus to realize it attracts a demographic like no other casino on the Strip: families with young children. (Todd Prince/Las Vegas Review-Journal)
Morphy Auctions, a vintage slot machines seller, wants gaming license
Vice president Don Grimmer talks about Morphy Auctions at the company's warehouse located at 4520 Arville Street in Las Vegas on Thursday, Aug. 16, 2018. (Rick Velotta/Las Vegas Review-Journal)
Nevada's venture capital money doesn't stay in state
Zach Miles, associate vice president for economic development for UNLV, said there’s venture money in Southern Nevada, “but trying to find the right groups to tap into for that money is different.” According to a 2017 report from the Kauffman Foundation, Las Vegas ranked number 34 out of 40 metropolitan areas for growth entrepreneurship, a metric of how much startups grow. With a lack of growing startups in Las Vegas, investment money is being sent outside of state borders. The southwest region of the U.S. received $386 million in funding in the second quarter, with about $25.2 million in Nevada. The San Francisco area alone received about $5.6 billion. (source: CB Insights)
Neon wraps can light up the night for advertising
Vinyl wrap company 5150 Wraps talks about neon wraps, a new technology that the company believes can boost advertising at night. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Nevada on the forefront of drone safety
Dr. Chris Walach, senior director of Nevada Institute for Autonomous Systems, talks to a reporter at NIAS's new Nevada Drone Center for Excellence of Public Safety, located inside the Switch Innevation Center in Las Vegas. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
Motel 8 on south Strip will become site of hotel-casino
Israeli hoteliers Asher Gabay and Benny Zerah bought Motel 8 on the south Strip for $7.4 million, records show. They plan to bulldoze the property and build a hotel-casino. Motel 8 was built in the 1960s and used to be one of several roadside inns on what's now the south Strip. But it looks out of place today, dwarfed by the towering Mandalay Bay right across the street.
Project billed as one of the world's largest marijuana dispensaries plans to open Nov. 1
Planet 13 co-CEO Larry Scheffler talks about what to expect from the new marijuana dispensary, Thursday, July 19, 2018. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Oasis Biotech opens in Las Vegas
Brock Leach, chief operating officer of Oasis Biotech, discusses the new plant factory at its grand opening on July 18. (Bailey Schulz/Las Vegas Review-Journal)
UNLV Tech Park innovation building breaks ground
Construction on the first innovation building at the UNLV Tech Park is underway. (Bailey Schulz/Las Vegas Review-Journal)
Caesars Forum Meeting Center
Caesars broke ground Monday on its $375 million Caesars Forum Meeting Center (convention center) just east of the High Roller observation wheel. (Caesars Entertainment)
Technology reshapes the pawn shop industry
Devin Battersby attaches a black-colored device to the back of her iPhone and snaps several of the inside and outside of a Louis Vuitton wallet. The device, installed with artificial intelligence capabilities, analyzes the images using a patented microscopic technology. Within a few minutes, Battersby receives an answer on her app. The designer item is authentic.
Recreational marijuana has been legal in Nevada for one year
Exhale Nevada CEO Pete Findley talks about the one year anniversary of the legalization of recreational marijuana in Nevada. (K.M. Cannon/Las Vegas Review-Journal)
Young adults aren't saving for retirement
Financial advisors talk about saving trends among young adults. (Bailey Schulz/Las Vegas Review-Journal)
News Headlines
Add Event
Home Front Page Footer Listing
You May Like

You May Like