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Feature
Asian-themed centers quickly dotting the desert in Las
Vegas
With a growing Asian population in Las Vegas, NV
and the success of the well-established Chinatown Plaza, developers are quickly
dotting the desert with Far Eastern-themed retail and business centers.
The latest development is Pacific Asian Plaza, a two-building, 90,000 sq.ft.
center located on Spring Mountain Road between Decatur Boulevard and Lindell
Road. The center, which is slated to open by the end of the year, is 70%
preleased and will be tenanted by a supermarket and numerous restaurants,
including Chinese, Japanese, Vietnamese and Korean eateries. Developer Sean
Chung has been arranging financing for the $10 million park, which will consist
of a main retail component, an office complex, a freestanding pad and a
two-level, 429-space parking garage, which surrounds the main building and
office complex.
The entire development will be architecturally-suited with a unique, modern
Oriental style with pedestrian-friendly walkways and a water feature. The
design, along with a location near the Las Vegas Strip, Interstate 15 and 215
and frontage along Spring Mountain Road, is expected to make Pacific Asian Plaza
a major tourist destination.
Rental rates for Pacific Asian Plaza start from $1.70 psf to $2 psf monthly. The
preferred leasing term is three years to five years, while the tenant
improvement allowance is $20 psf. CAM charges are projected at $0.25 psf monthly
for the first year.
Because of the recent success of Asian-themed centers, Oregon-based Harsch
Investment Properties is spending $5 million to renovate The Center at Spring
Mountain, a 385,000 sq.ft., three-building complex, by giving the facade on
three sides an Asian architectural design. The 20-year old property was
purchased by Harsch for $16.8 million. It consists of three rows of buildings
located from Valley View Boulevard to Wynn Road, with 1,200 sq.ft. of frontage
along Spring Mountain Road. Current tenants include Oriental Western Market, Art
Encounter, Kung Fu Plaza Restaurant, Egg Fantasy and D Bar J Hat Co.
Most of the spaces in The Center at Spring Mountain are 20 feet by 100 feet,
with lease rates from $1.15 psf to $1.50 psf monthly in the center building and
$2 psf to $3 psf monthly in the building facing Spring Mountain. The site is 70%
leased and has a daily traffic count of 140,000 vehicles. Tenants ranging from
beauty shops and bakers to herbal and vitamin shops have signed leases at the
property. The renovations are expected to be completed by the end of the year.
Just to the west of Chinatown Plaza, Great China Plaza, a two-story shopping and
office center, has added five restaurants in recent months, including Tea
Planet, Cafe Noodle and Chinese Barbecue, Korean Garden Barbecue, Chinese Food
and Tea Bar and Ichiza Japanese Restaurant.
The new developments, combined with Chinatown Plaza, will give the area around
Spring Mountain Road a prominent Asian theme. Chinatown Plaza has nine Asian
restaurants, including 168 Shanghai Restaurant, Chinatown Express Restaurant,
Harbor Palace Seafood Restaurant, Kim Tar Seafood Restaurant, Dragon Sushi
Japanese Restaurant, Pho Vietnam Restaurant, Emperor’s Garden, Kapit Bahay
Filipino Fast Food and Sam Woo BBQ. The center also is tenanted by 99 Ranch
Market, America Asia Travel Center, Beaut Point Hair Studio, Best Choice Store,
Chinatown Florist, Chong Hing Jewelers, Diamond Bakery, Rainbow Insurance, Dr.
Diep Optometrist, Great Wall Book Store, Images of the East, Jana’s Jade
Gallery, Marco Polo Furniture, Sesame House, T&T Ginseng, United Pacific Real
Estate, Valley Oriental Arts and Far East Trade and Expo Center.
For more information regarding Pacific Asian Plaza, contact Paul Peterson,
Pacific International Realty, 5030 Spring Mountain Road, Suite 1, Las Vegas, NV
89146; 702-650-5050, Fax 702-221-7078; Web site: www.pacificasianplaza.com. For
more information regarding Chinatown Plaza, contact Las Vegas Chinatown Plaza,
4215 Spring Mountain Road, Las Vegas, NV 89103; 702-221-8448, Fax 702-221-8394;
Email: cpi@lvchinatown.com; Web site: www.lvchinatown.com. For more information
regarding The Center at Spring Mountain, contact Harsch Investment Properties,
LLC, 1121 SW Salmon Street, Portland, OR 97205; 503-242-2900, Fax 503-274-2093.
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