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Town Square retail center foreclosed upon by lenders

Town Square entertainment and retail center on Las Vegas Boulevard has been foreclosed upon by lenders and leasing activity will be managed by Forest City Enterprises.

The $500 million development, a joint venture of Las Vegas-based Centra Properties and Florida-based Turnberry Associates, opened in late 2007 and went into default last year. Primary lenders are Bank of Nova Scotia and Deutsche Bank.

Deutsche Bank, through the Ballard Spahr law firm in Las Vegas, filed a notice of default and election to sell under deed of trust in June with the Clark County Recorder.

While Town Square’s retail tenants and restaurants appeard to be doing strong business, the 300,000-square-foot office component of the mixed-use development suffered from extremely low vacancy. The largest office user is the Las Vegas Chamber of Commerce, which occupies about 25,000 square feet.

The developers had been negotiating with lenders to stave off foreclosure, but Bank of Nova Scotia filed a motion in January to proceed with foreclosure.

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