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June 19, 2024
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Partners Capital and CNR Retail to Convert Older Vegas-Area Office Complex into a Lifestyle Retail Center


Partners Capital and CNR Retail have finalized design plans to convert an aging 100k sf office complex in Las Vegas’ Green Valley Ranch neighborhood into an artisanal food-driven, open-air lifestyle retail center. The property is located at 2500 – 2550 Paseo Verde Pkwy, just south of I-215 and east of St. Rose Pkwy.

The $30 mil adaptive reuse development, dubbed The Cliff will offer a differentiated shopping experience from that of other retail centers in the Las Vegas metro with a curated collection of casual and fine dining craft-food restaurants, boutique shops and health and wellness uses, according to Partners Capital Principal Mark Blumenthal.

Plans show that the majority of the 25 retail spaces, which will range in size from 1.8k sf to 17k sf, will open up to a central bar and a 26k sf covered outdoor dining lounge, with landscaped communal meeting spaces, live performance area, fire pits, kiosks and public art installations. Ownership has also received approval of a tavern gaming license that would allow slot machines and small games of chance at one or more of the center’s pubs.

The Cliff is expected to draw from the more than 300,000 people who live and work within a three-mile radius of the property, according to the Las Vegas office of CAST, which has been engaged to handle leasing. Other demand drivers include its visibility to over 177,000 cars off of Hwy 215 and the approximately 54,000 automobiles that pass by the property each day as they exit off the freeway at St. Rose Parkway.

“This location is what restaurants and retailers dream of,” said CNR Retail Chris Clifford who leads the development and leasing team along with Principals Steve Neiger and Brett Rather. “Not only is Green Valley Ranch one of the most sought out destinations for businesses in the City of Henderson, but the neighborhood is also characterized by younger households with some of the highest average incomes in Nevada.”

The Partners Capital-led joint venture acquired the property off market in August of 2023 for $17.25 mil. Built in 2000, the property was 80% leased to office tenants at the time of sale.

“We are removing older surplus office space and replacing it with what we envision will be a popular amenity unlike any other in the Las Vegas Valley for the Green Valley Ranch neighborhood, evidenced by the tremendous support we have received from the city, local constituents and potential tenants,” added Partners Capital Bobby Khorshidi.

Pending final approval from the city, construction is expected to begin in October with occupancy in the Q2 2025.

The project architect is AO Architects, whose local design credits include The Silverton Ranch Hotel renovation Ramsay’s Kitchen at the Harrah’s Las Vegas. Other notable projects include the 2nd and PCH (Long Beach, CA) and the Pointe (El Segundo, CA).

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