Location, Control Key for Arroyo Market Square

LAS VEGAS-Arroyo Market Square is running at nearly full steam these days. All of the major tenants are up and running at the new 945,000-sf regional power center here and the small shop tenants are finishing their build-out and preparing to open. This is happening despite the present economy because the bulk of the leasing work was completed two years ago, shortly before construction began.

Arroyo Market Square is the first phase of Arroyo, a 450-acre mixed-use development along Interstate 205 on the south side of the Las Vegas Valley, between Henderson and Summerlin. The overall project includes about 1.5 million sf of retail—including the new power center and several small neighborhood centers—along with 1.15 million sf of industrial space and 1.75 million of office space. The project is a joint venture development by Laurich Properties, EJM Development Co. and Clark County. EJM inked a 50-year ground lease with the county and will split income with the county.

Arroyo Market Square is a 30-building development that includes big-box retailers, junior anchors, multi-tenant pads, stand-alone restaurant pads and inline space. EJM regional director Kirk Boylston told GlobeSt.com in May 2006, a month or two before construction began, that Arroyo Market Square was 95% preleased. Nine big box tenants, including Wal-Mart, Home Depot, Sam’s Club and Best Buy, opened in the first quarter of 2008 to the public. Several other merchants are set to open throughout the second quarter.