Shopping center begins to take shape

Crisci Builders has finished shell construction for two stores at Arroyo Market Square, a retail development at Rainbow Boulevard and the Las Vegas Beltway in southwestern Las Vegas.

The Las Vegas-based general contractor built the 6,125-square-foot Men's Wearhouse and 5,040-square-foot Hallmark stores from the ground up, beginning in July. Both are freestanding buildings.

Hallmark opened in time for Valentine's Day, contractor Joe Crisci said.

Crisci was contracted by retail developer Laurich Properties. Contract values were $718,000 for Men's Wearhouse and $665,000 for Hallmark.

Paul Carrico served as project manager for both stores; Perkowitz + Ruth was the architect.

Crisci also completed the 1,500-square-foot interior buildout of Christian Louboutin, a women's luxury shoe designer, at Palazzo on the Strip. It was an $800,000 job with Courtney Fong as project manager.

Palazzo has provided other work for the construction firm, including tenant improvements for Diane Von Furstenberg and Elton's Men's Store.

"We have a lot of work on the books, but people are holding up," Crisci said. "We have shopping centers waiting for anchor tenants or financing from the bank. Construction-wise, this is the time to do it. You've got good prices for subcontractors and interest rates are low. Next quarter, I think things are going to start moving."

PRICEY LOT: A 3.4-acre custom lot in The Ridges, an exclusive neighborhood in master-planned Summerlin community, sold for $9 million, or about $61 a square foot.

It's the highest price ever paid for a lot in The Ridges, said Kevin Orrock, an executive for developer Howard Hughes Corp.

The parcel sits at the end of a cul-de-sac next to Bear's Best golf course and borders Red Rock National Conservation Area, ensuring the land will remain undeveloped, he said.

NO. 1 STATE: Nevada continues to lead the nation in preforeclosure filing rate with 1.5 percent of 747,000 households in trouble, Alexis McGee of Sacramento, Calif.-based Foreclosures.com reported. She showed the number falling in February to 4,606, compared with 6,606 in January.

Arizona was next at 1.24 percent (23,668 filings), followed by Florida at 1.16 percent (73,769 filings) and California at 0.63 percent (72,913 filings).

IMAGING CENTERS: Korte Co. has completed the new Steinberg Diagnostic Imaging Center for owner SDMI at Sunset and Post roads. Construction cost was $3.2 million. The 12,000-square-foot facility houses an array of medical equipment as well as office space for doctors and staff.

Also, Core Construction completed the interior buildout for Las Vegas Radiology's new medical imaging center at 7500 Smoke Ranch Road. Cost of the 6,064-square-foot project was $1.4 million and included artwork with nature scenes to soothe patients undergoing examinations.

RETAIL CENTER: Las Vegas-based retail developer Territory has broken ground for the $55.7 million, 179,000-square-foot second phase of Centennial Gateway at U.S. Highway 95 and Ann Road.

R&O Construction is the general contractor; Nadel Architects is the project architect.

Upon completion, Centennial Gateway and its sister property, Centennial Center, will serve the Centennial Hills master-planned community with nearly 1.5 million square feet of office and retail space.

Second-phase tenants include Sportsman's Warehouse, 24 Hour Fitness and Fresh & Easy Neighborhood Market, all slated to open later this year. The combined value of their leases is $32 million.

BROKER DEALS: Michael De Lew and Greg Pancirov of Colliers International represented Losee Road Investors LLC in the sale of four-fifths acre of industrial land at 5180 Losee Road to Joni Weikel for $1.6 million.

Scot Marker and David Grant of Colliers represented Donahue Schriber Realty Group in the 60-month lease of 1,500 square feet of retail space at Pebble Market Place, 1000 N. Green Valley Parkway, to Vicki Cichon, doing business as Lulu's Dog Grooming. The transaction is valued at about $200,000.

Jeffrey Boughrum and Robert Skinner of NAI Horizon represented Hansji Hotel in the purchase of a 2-acre hotel site at 9120 Sunset Road for $3.15 million. The land is permitted for a Marriott Residence Inn and was owned by Sunset Post Medical Center LLC.

Contact reporter Hubble Smith at hsmith@reviewjournal.com or (702) 383-0491.