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LAS VEGAS, NV-The Walnut Creek office of Colliers International recently secured the property management and leasing contract for Lowe’s Buffalo Center, a 187,000-sf retail development in Las Vegas.

“We have demonstrated growth over the past two years to more than 9 million sf under management and this contract adds to that success,” says Mike Strle, vice president and managing partner of The Real Estate Management Services Group at Colliers. REMS Walnut Creek office provides leasing, property management, asset management, management practices and lease administration for more than 8.8 million sf in Northern California, Reno, NV, Las Vegas and Austin, TX.

According to Colliers latest report, the overall retail vacancy rate in the Las Vegas market remained stable at 2.1% for the first quarter of 2001 and showed a drop of 0.7% points from the first quarter of 2000. Buffalo Center is defined as a power center, which is a shopping center dominated by several large anchors including discount department stores, off-price stores and warehouse clubs. Power centers actually saw a decrease in their overall vacancy rate to 0.9% in the first quarter of 2001 from 1.8% in the fourth quarter of 2000.

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