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Southwest shopping center nears completion
Nicolas Cage asking $9.95 million for Las Vegas home
August 04, 2008 -
A new $50 million, 86,000-square-foot shopping center is nearing completion in
the southwest valley, adjacent to the Southern Hills Hospital. The five-building
project is being developed by Longford Properties, a 17-year-old Las Vegas-based
commercial builder. Longford Shoppes at Southern Hills will debut in October at
Fort Apache and Sunset roads. Affordable Concepts is the general contractor,
with TRP as architect.
The 10-acre complex is anchored by Tesco's Fresh & Easy supermarket and
Walgreens drugstore, which together occupy 30,000 square feet. Other announced
tenants include Subway, Moxie Java Bistro and Planet Wings, among others. The
center is reportedly 45 percent pre-leased. Grubb & Ellis
Las Vegas' Nelson Tressler, Brandon Collins and Mike Zobrist are the listing
agents. Asking rents start at $2.85-per-square-foot, with inline space available
from 1,116 square feet.
"Despite a slowing economy, Southern Nevada's population growth continues to
create demand for grocery and neighborhood retail services," said Chris Murtagh
of Murtagh Development, which is serving as owner's project representative.
"Niche opportunities still exist for well-located, strong-branded shopping
centers. Over 50,000 vehicles a day will pass by Longford Shoppes at Southern
Hills due to its Beltway access and Southern Hills Hospital proximity."
The Las Vegas Valley had a 6 percent retail vacancy rate in the second quarter,
up 2.7 percent from a year ago, reports Applied Analysis, a local business
advisory firm. The market grew to 50 million square feet in the second quarter,
with only 306,400 square feet of net absorption year-to-date. A sluggish economy
and housing downturn have curtailed consumer confidence, affecting retail market
conditions.
"Continued softness in the residential market, elevated gas prices, and layoffs
in several key sectors have all contributed to more cautious spending by
consumers and businesses alike," said Jeremy Aguero, principal of Applied
Analysis. "Taxable retail sales reports reflect the first month in which the
prior year comparison also reported a decline, making year-over-year growth
rates relative to the newly established base."
PROJECTS
EJM Development Co. is building a $24 million, 420,000-square-foot mid-bay
industrial complex inside The Arroyo mixed-use, master-planned development at
Warm Springs Road and Tenaya Way in Las Vegas. Arroyo South Business Center
consists of seven buildings from 4,043 square feet to 20,000 square feet in
size. The 30-acre project will finish in the first quarter of 2009. LM
Construction is the contractor, with Lee & Sakahara as architect.
Rafael Construction is building an $11.1 million, 29,800-square-foot senior
center and a $14.5 million, 43,800-square-foot aquatic facility inside the
160-acre Heritage Park at Racetrack Road and Burkholder Boulevard in Henderson.
The senior center, designed by Carpenter Sellers Architects, contains dining
areas, a library and activity rooms. The aquatic facility, by SH Architecture,
consists of two indoor pools, classrooms, and spectator seating as well as other
amenities. Both projects will open by summer 2009.
Colours Inc. is designing the interior of a new 6,620-square-foot Remedy's II
bar and restaurant inside the $4.1 million, 11-acre Campus Park development at
Wagonwheel Drive and Conestoga Way in Henderson. Nigro Development is the
developer; Nigro Construction is the general contractor; and, Garapich &
Associates is the architect.
FFEW Development recently completed the seven-building, 60,160-square-foot
Cheyenne West Professional Centre at Campbell Road and Cheyenne Avenue in Las
Vegas. Sundance Builders is the general contractor, with John David Burke as
architect. The complex, on 4.13 acres, consists of four, single-story and three,
two-story office buildings from 5,000 square feet to 10,720 square feet in size.
Sale prices range from $240 to $260-per-square-foot. NAI Horizon's Ben Mills and
Mike Lyons have the listing.
Nevada General Contractors is nearing completion on a 3,500-square-foot Cafe Rio
Mexican Grill at 7575 N. Decatur Blvd. in Las Vegas. The restaurant, designed by
SR Construction, will create 40 jobs when it opens on Aug. 18. It marks the
third Cafe Rio in Southern Nevada.
LISTINGS
Actor Nicolas Cage is leaving Las Vegas. The Oscar winner is selling his
7-bedroom, 14,000-square-foot home at 511 Spanish Heights Drive in Las Vegas for
$9.95 million or $711-per-square-foot. Although the residence has been on the
market since late fall, Cage's ownership was only recently revealed. The
5-year-old home, on a 1/3-acre lot, has a 16-car garage, 5 1/2 baths, a movie
theater and an elevator. It's located inside the exclusive gated community of
Spanish Trail in the southwest valley. Cage bought the property in 2006 for $8.5
million, records show, and a smaller house nearby on the same street for $2.25
million. He sold that house last year for $2.3 million. The actor won an Oscar
for the 1995 movie "Leaving Las Vegas." Re/Max Benchmark Realty's Robert
Sibulkin has the listing. |
