REAL ESTATE

Iconic Vegas mall to receive major renovation

BY Katherine Boccaccio

Las Vegas — 1960s-era The Boulevard Mall will receive a $25 million makeover in hopes of prompting an overall redevelopment of the Maryland Parkway corridor of Las Vegas.

The rehab, to be launched by owner Sansone Cos., which acquired the mall last December for $54.5 million, will be the property’s first major renovation in more than two decades. Sansone is looking at the renovation of the Boulevard as a catalyst in the overall redevelopment effort of the Maryland Parkway corridor.

Officially approved in a Wednesday Planning Commission meeting, construction on the 1.2-million-sq-ft. property will start in mid-2014. Sansone plans to invest approximately $23 to $25 million in the mall’s redevelopment, which will include a new line-up of stores, restaurants and entertainment venues; redesigned façade and landscape; and enhancements to surrounding areas on Maryland Parkway. The changes will take place in several phases and be completed by 2015.

"The Boulevard Mall is renowned in the Las Vegas community but is in need of major updates to restore its relevancy for today’s consumer shopping experience," said Roland Sansone, founder of Sansone Cos. "When we took ownership of the property, we not only saw it as an opportunity to breathe new life into the mall, but to Maryland Parkway as well."

Originally built in 1965, The Boulevard is anchored by Macy’s, Sears, Marshalls, J.C. Penney and Old Navy.

In addition to impending new-tenant announcements, the owners are planning a new façade that faces Maryland Parkway and its corridor. There will be a redesigned entrance including new storefronts, awnings and landscaping, in addition to new modern colors on the exterior.

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REAL ESTATE

Academy continues store-opening March in Midwest

BY Katherine Boccaccio

Katy, Texas — Sporting goods retailer Academy Sports + Outdoors will continue its Midwestern expansion push with plans to open four new stores across Indiana and Kentucky later this fall.

The first two locations — Evansville, Ind., and Owensboro, Ky. — will mark Academy’s entry into both states followed by the opening of stores in Louisville and Middletown, Ky., prior to the holidays.

In total, the four stores, set to start construction shortly, will generate approximately 575 jobs. The chain currently operates 172 stores.

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REAL ESTATE

Sold: Josey Rosemeade Center in Carrollton, Texas

BY Michael Fickes

Dallas — CBRE’s Private Capital Group has announced the sale of Josey Rosemeade Shopping Center, an unanchored strip center in Carrollton, Texas.

Located just northwest of the Dallas/Fort Worth metro area in an affluent, densely populated area, the 14,500-sq.-ft. center received more than 20 offers.

“The sale of Josey Rosemead marked a change in the market from our perspective,” said Jennifer Pierson, a senior VP with CBRE. “After 2008, receiving 20 offers on an unanchored strip center only happened for properties with significant upside. Josey Rosemead was 100% leased and the market reacted so positively to it, we can only conclude that we have turned a corner.”

CBRE in Dallas represented the undisclosed seller in the transaction. Josey Rosemeade LLC, an entity affiliated with Raywood Hasten LLC purchased the asset for an undisclosed price.

Additionally, CBRE’s Financial Consulting Group provided financial and analytical consulting for the sale.

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