Located at Blue Diamond Road and Valley View Boulevard, thecenter is anchored by Target, which owns its own property, as wellas Kohls, Ross, Petco, Cost Plus and Office Depot. The loancommitment included forward rate lock and earn-out fundingprovisions to address the need for permanent financing on thecenter's final phase of shops and pads currently under development,according to Newmark.

The financing was arranged by Newmark principals Peter Welsh andBraden Turnbull, as well as VP Chris Funai; Funai, who was closestto the deal, could not be reached Monday afternoon for comment. Theretail center is a key component of the 110-acre Blue DiamondBusiness Center, which has been master planned for 1.5 million sfof retail, industrial and office space.

The project sits on a 50-year ground lease from Clark CountyAviation Department that was signed in 2004. Juliet Cos. completedthe 400,000-sf first phase of the retail center in April 2007 andimmediately began pulling permits for the 120,000-sf second phase.The project has benefitted from the Nevada Department ofTransportation project to widen Blue Diamond Road to eightlanes.