The developer of the upcoming shopping center has already signed pre-leases with national tenants, and plans to re-sell or develop the remaining square footage.
An entity controlled by CAI Investments has acquired $15.2 million in senior debt for the development of a new shopping center in Las Vegas. Calmwater Capital originated the funds, with the credit facility comprising a senior secured loan and a delayed draw term loan for future expenditures. The loan has a 24-month term with the possibility for two six-month extensions.
The 27,000-square-foot retail development will be situated at the southwestern corner of South Valley View Boulevard and West Flamingo Road, on a former condo site. The 8.7-acre site is adjacent to the Palms Casino Resort and minutes away from the Strip. The area features high concentrations of daily traffic, as it is near the Las Vegas Freeway and multiple apartment communities.
“We are looking forward to bringing this center to fruition as a prominent and accessible mixed-use retail destination for both visitors to Las Vegas and local residents. It has been particularly beneficial to work alongside Calmwater Capital, as they have been instrumental in making our business plan a reality,” said Christopher Beavor, founder & manager at CAI Investments, in a prepared statement.
CAI plans to execute a repositioning strategy which includes the signing of several pre-leases with national tenants. Five pad sites are planned for the mixed-use retail center, while the remaining parcels will be either sold or developed. Leases which have already been fully executed include names such as Walgreens, Denny’s, Del Taco, Dunkin’ Donuts and Wahoo’s Fish Tacos.
“We are excited to work with the CAI Investments team as they execute on the repositioning of this former condo site into a mixed-use retail project. CAI’s alternative plan for the site has already been validated with significant pre-leasing to national tenants, which confirms their approach and strategy are fitting for the market,” said Larry Grantham, co-founder & senior portfolio manager at Calmwater, in prepared remarks.