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HENDERSON, NV-Lake Mead Crossing, a new 725,000-sf, $130 million shopping center that is anchored by a Target and other big-box retailers, has made its debut here. The project is a development of locally based Juliet and Inland Western Retail Real Estate Trust Inc. of Oak Brook, IL.

The Target at Lake Mead Crossing actually opened in July, at the northwest corner of Lake Mead Parkway and Water Street, and the developer recently held the grand opening of the center, following the opening of Sportsman’s Warehouse, another of its anchors. The completed project will feature other national tenants, such as PetSmart, Staples, Ross, Marshalls, Famous Footwear and Rack Room Shoes as anchor and junior anchor tenants.

The project is one of the largest retail developments in Southern Nevada, “bringing national tenants to a metropolitan area generally underserved from a retail standpoint,” according to a statement from the developer. Thus far, the Juliet-Inland JV has constructed 260,000 sf of the project, 220,000 sf of which is open. Phase two, now under construction, will add 122,000 sf in six buildings and is scheduled for completion between January and May of 2009. Subsequent phases will be completed in 2009 and 2010.

John Stewart, a principal of Juliet Cos., describes Lake Mead Crossing as a catalyst for change in Downtown Henderson. “Lake Mead Crossing is a key part of Henderson’s revitalization efforts,” according to Stewart.

Juliet Cos. is the developer and general contractor on the project, with Inland Western Retail Real Estate as the equity partner in the joint venture. The developers acquired the 73.5-acre project site, which is located off the northwest corner of Lake Mead Parkway and Water Street, for approximately $42 million, according to a previous report on GlobeSt.com.

In addition to revitalizing the downtown Water Street District, the developers note, Lake Mead Crossing will serve several master-planned communities currently under development on the eastern edge of Henderson. Communities such as Lake Las Vegas, which has more than 3,000 homes and Rhodes Homes’ Tuscany Community with nine sub-communities, “have few retail options within a ten-mile radius,” the Julies Cos. notes.

The Las Vegas-based Juliet Cos. specializes in the development, construction and management of commercial and residential real estate. Over the past several years, the company has expanded with the development of several retail power centers anchored by national tenants. Its other projects throughout the Las Vegas Valley include Blue Diamond Crossing, Deer Springs Crossing and Green Valley Crossing.

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