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Partners Capital and CNR Retail to replace offices with mall in Henderson

Joint venture plans to open a 100K sf outdoor shopping center at Green Valley Ranch

Partners Capital's Bobby Khorshidi, CNR Retail's Chris Clifford, 2500 to 2550 Paseo Verde Parkway (Loopnet, Linkedin, Partners Capital)
Partners Capital's Bobby Khorshidi, CNR Retail's Chris Clifford, 2500 to 2550 Paseo Verde Parkway (Loopnet, Linkedin, Partners Capital)

Partners Capital and CNR Retail want to replace a nearly 100,000-square-foot office building outside Las Vegas with a retail mall.

The Los Angeles-based investor and Las Vegas-based brokerage and developer have filed plans to convert the site with U-shaped offices into a shopping center at 2500 to 2550 Paseo Verde Parkway at Green Valley Ranch, in Henderson, the Las Vegas-Review Journal reported.

The joint venture bought the 91,700-square-foot Green Valley Corporate Center South campus in August for $17.2 million, or $188 per square foot. It was nearly 82 percent leased.

The two-building complex was built in 2000 and 2002 in the master-planned neighborhood off the 215 Beltway at St. Rose Parkway.

Plans now call for making it into an outdoor mall with more than 25 retail shops and restaurants, including health and wellness stores and a 26,000-square-foot covered outdoor dining lounge.

The $30 million project, dubbed The Cliff, will include “a curated collection of crafted cuisine, artful spaces and brands off the beaten path,” according to a marketing brochure.

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Pending approvals, construction is slated to begin in October with the center opening in summer 2025, according to the Review-Journal.

“This location is what restaurants and retailers dream of,” Chris Clifford, development lead for CNR Retail, told the newspaper. “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.”

Henderson is among the fastest-growing cities in the nation, according to the U.S. Census Bureau .

In January, the retail team at CNR Retail joined CAST Capital Partners, a commercial broker and developer based in San Diego, to form CAST Nevada, according to its LinkedIn page.

— Dana Bartholomew

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CNR RetailPartners Capital
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office-to-retail conversion