“The Outlets at Legends is a valuable addition to our thriving joint venture with RED. The property is a market leader in greater Reno and continues to attract some of the region’s most desirable tenants."
Sparks, NEV. (PRWEB) September 21, 2017
BIG Shopping Centers USA and RED Development, LLC announced today the addition of the 1 million square-foot Outlets at Legends property in Sparks, Nev. to their successful joint partnership, BIG RED Portfolio LLC.
The Outlets at Legends features more than 40 brand-name retail stores and restaurants in a meticulously designed, pedestrian-friendly layout that includes outdoor plazas. The development is anchored by a 240,000 square-foot Scheels and Nevada’s only IMAX Theatre.
The BIG RED Partnership, first announced in 2013, seeks to maximize market presence and performance of select U.S. retail properties in the Midwest and West. With the addition of the Outlets, the portfolio now consists of 12 retail assets totaling more than 4.2 million square feet in 5 states, including Arizona, Nebraska, Wisconsin, Missouri and now Nevada.
Currently under expansion, The Outlets broke ground earlier this month on 75,000 square feet of new retail space that will house a 40,000 square-foot Burlington Coat Factory set to open this spring, along with a Habit Burger Grill, Jersey Mike’s and standalone Chik-fil-A, all set to open during the first half of 2018. Adjacent to The Outlets, two new hotels are also currently under development by Olympia Companies.
“The Outlets at Legends is a valuable addition to our thriving joint venture with RED. The property is a market leader in greater Reno and continues to attract some of the region’s most desirable tenants,” said Stanley L. McElroy, Jr., president, BIG Shopping Centers USA. “The expansion underway and proven track record exemplifies our focus on high-quality properties in select growth markets.”
Retailers at The Outlets have experienced tremendous sales growth in recent years, with year-over-year sales growth reported at more than 10 percent, compared to a national average of 5.6 percent. In the last 12 months, the development has welcomed openings of H&M, and a flurry of other new stores and restaurants including Fragrance Outlet, Buckle, and the area’s first F21 red.
“At full build-out, The Outlets at Legends will surpass 1.2 million square feet and is positioned to be the area’s most sought-after outdoor shopping destination,” said Mike Ebert, managing partner, RED Development. “Paired with the sales growth and growth of the area, this property is a natural fit for the goals of our joint venture with BIG USA.”
Nevada is currently the second-fastest growing state in the country and is projected to add 80,000 residents by 2020.
The other 11 properties in the BIG RED Portfolio include: Camelback Colonnade and The Shops at Hilton Village (Phoenix, Ariz.); Regency Court, Village Pointe and One Pacific Place (Omaha, Neb.); Greenway Station (Middleton, Wis.); Summit Fair and SummitWoods (Kansas City, Mo.); plus Chandler Festival, Chandler Village Center and Chandler Gateway (Chandler, Ariz.).
In the joint venture, BIG USA acts primarily as a co-investment partner contributing strategic leasing and management direction while RED Development manages, leases and operates the assets. RED and BIG USA have worked together as owners of the successful Village Pointe property since 2010. The JV partnership seeks to acquire established, first-tier community, lifestyle and power centers with strong tenant line-ups and sales figures that are well positioned in attractive U.S. markets.