LAS VEGAS-Weingarten Realty, a retail and industrial REIT, has landed an anchor for Decatur 215, a 388,000-sf center it is developing at North Decatur Boulevard and West Tropical Parkway in North Las Vegas. Target has acquired 11 acres of the 36.5-acre development for a 132,000-sf store that will abut Interstate 215. Mass grading for the 18-building development is set to begin in May, and the project is expected to open late summer 2009.

Weingarten paid about $1 million per acre for the property at the end of 2007 and then flipped 11 acres to Target at the same price point. The development cost of the project is just under $80 million, net of expected proceeds not yet received from anchor and pad sales, according to SEC filings. Weingarten, which has a 50% stake in the project, expects the center to be stabilized in 2010, after which it will look to sell the development.

Lance Sherwood, Weingarten’s western region development manager, tells that construction financing is not a problem because the company finances its project from within once it has an anchor tenant and strong indications of interest from junior anchors. As of February, the company had $184 million available to it under its $575-million revolving credit facility with a syndicate of banks. “We have been able to partner with developers and bring horsepower and financing to the deal,” he says.

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