The Boulevard Mall

The Boulevard Mall is the oldest mall, built in 1968, in the Las Vegas Valley of 1,400,000 SF on 75 acres. In 2013 the Boulevard Mall had the second lowest occupancy rate of Rouse Properties’ 32 malls, located across 20 states. The mall had $168 million in debt and had been considered dated and run down.

Purchased with an investor in 2013 for $54.5M for the over 1 million SQFT property with 1/3 of the mall closed, Dillard’s vacant and Sears, JC Penny and Macy’s following. With a plan to focus on Hispanic and local tenants, our team repurposed, and refaced the property from strictly retail including opening up the basement to a furniture store, Goodwill, and 99 Ranch. Then bringing in entertainment such as John’s Incredible Pizza, SeaQuest, Galaxy theaters, and HeadzUp. Office users benefiting from the abundant parking including Anthem medical who took the whole Macy’s building, Teletech, and another national call center user taking the top floors of the vacated department stores continued to bring in a strong revenue stream.

With a new local focused tenant mix and local hub, by 2016, three years after our team took the reigns, occupancy went to 96 percent occupancy. The investment partner had decided to stay in the project while our group exited the deal.