LAS VEGAS-Locally based retail developer Juliet Cos. has paid off the interim construction loan for its 650,000-sf Blue Diamond Crossing retail development here with a $69.5-million loan from TIAA-CREF, according to Newmark Realty Capital, which arranged the loan.
Located at Blue Diamond Road and Valley View Boulevard, the center is anchored by Target, which owns its own property, as well as Kohls, Ross, Petco, Cost Plus and Office Depot. The loan commitment included forward rate lock and earn-out funding provisions to address the need for permanent financing on the center’s final phase of shops and pads currently under development, according to Newmark.
The financing was arranged by Newmark principals Peter Welsh and Braden Turnbull, as well as VP Chris Funai; Funai, who was closest to the deal, could not be reached Monday afternoon for comment. The retail center is a key component of the 110-acre Blue Diamond Business Center, which has been master planned for 1.5 million sf of retail, industrial and office space.
The project sits on a 50-year ground lease from Clark County Aviation Department that was signed in 2004. Juliet Cos. completed the 400,000-sf first phase of the retail center in April 2007 and immediately began pulling permits for the 120,000-sf second phase. The project has benefitted from the Nevada Department of Transportation project to widen Blue Diamond Road to eight lanes.
In January, Juliet Cos. formally launched a joint venture with Western Real Estate Trust. The two entered into a $500-million agreement to develop multi-tenant retail properties located in major MSAs throughout the Western US. Juliet Companies. Juliet is an existing joint venture partner with Inland Western in Lake Mead Crossing, a 770,000-sf Target-anchored power center development located in Henderson.