Major shopping centers see high tenant occupancy

Centennial Center, a 900,000-square-foot retail site constructed in 2001, and its sister property, Centennial Gateway, a 350,000-square-foot site built in 2007, have emerged from the economic downturn and are almost to capacity, their landlord said.

Territory Inc. developed the projects, located near the northern juncture of U.S. Highway 95 and the Las Vegas Beltway.

The company has watched trends to gauge the health of the centers, said Jennifer Ott, leasing director with Territory Inc.

“In the trends we saw, everyone’s sales bottomed out in 2009,” she said. “In the last 24 months, everyone has trended up. We see at least 5 percent growth in sales.”

The two most recent Centennial Center leases inked were with Big Lots and Olive Garden, Ott said.

“Summer is usually really slow for us, but we’ve been really busy,” she said.

Ott said the company tries to attract and sign complementary companies that won’t “cannibalize” each other. Retailers such as Walmart, Ross Dress for Less and Home Depot serve as anchor stores in Centennial Center, she said.

Maximum Comics is scheduled to open in the shopping center – its third site in the valley – by the end of October.

The company has locations in southwest Las Vegas and Henderson.

“We’re excited to open the new shop,” Maximum Comics owner Jay Bosworth said. “It’s because of the shopping center’s success.”

Bosworth said the center fits his formula for selecting locations, which takes into account established businesses in the area, which serve as anchor stores, and their compatibility with his company.

“We only open where there is already a Walmart and a GameStop,” Bosworth said. “This area is ripe for potential.”

He added that Centennial Center is community oriented and he has plans for cross-promoting.

Territory Inc. earned a big coup for business when Sportsmans Warehouse reopened at Centennial Gateway after a bankruptcy.

The company filed in March 2009, closed its store the same month and reopened in March 2012, Ott said.

“There was a lot of work on that one, but we’re glad to have them back,” she said.

Centennial Gateway is at about 75 percent capacity and is adding tenants, Ott said. Centennial Center, meanwhile, is at more than 95 percent capacity. Six leases have been signed this year at each center, she added.

“We’re already ahead of projects,” she said. “Things are great.”

Contact Paradise/Downtown View reporter Nolan Lister at nlister@viewnews.com or 383-0492. Maggie Lillis contributed to this report.

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