As Retail Struggles Continue, a Henderson Duo Thrives
- Feb 09, 2012
The Las Vegas retail market remains a troubled corner of the economic landscape. Vacancy hit 10.6 percent during the fourth quarter of 2011, more than three times the 3.2 percent rate recorded at the market’s peak in 2006. Overall, a significant number of centers are struggling to stay above water, and some owners are being forced to turn over properties to lenders. VEGAS INC recently cited Town Square Las Vegas and the District at Green Valley Ranch as examples, and the list is likely to grow.
However, there are some welcome exceptions. Two Target-anchored retail centers in Henderson are recording growth, Vegas INC magazine recently pointed out. Situated at Green Valley Parkway and Horizon Ridge Parkway, Juliet Companies’ 260,000-square-foot Green Valley Crossing is anchored by a 140,000-square-foot Target and features additional national brands like Staples, Petco and Chase.
Near Downtown Henderson, Lake Mead Crossing—a 700,000-square-foot, Target-anchored property also owned by Juliet Companies—is maintaining a strong tenant base. Despite the closing of its Sportsman’s Warehouse, Lake Mead Crossing has attracted a variety of national chain stores, including Ross, Staples, Marshalls and PetSmart.