Lenders seeking ‘best offer’ for Boulevard mall

The Boulevard Mall

A month after lenders took control of the Boulevard mall, the Las Vegas shopping hub is up for sale.

Brokers with CBRE Group sent out a brochure Tuesday for the 1960s-era mall on Maryland Parkway between Twain Avenue and Desert Inn Road. The listed price is “best offer.”

Buyers would get 56 acres of the 75-acre mall, or about 780,400 square feet of the 1.2 million-square-foot property, as big-box retailers Sears and Macy’s own their stores at the mall. The mall’s other retailers include JCPenney, Old Navy and Victoria’s Secret.

Boulevard Mall, 2 miles east of the Strip, was owned by New York’s Rouse Properties until June, when lenders tied to Pittsburgh-based PNC Bank acquired it. At the time, the mall was valued at $61.2 million, property records indicate.

Rouse, which says it owns 32 malls nationwide, did not respond to a request for comment. A spokeswoman for PNC, which has $290 billion in assets, would not immediately comment.

The Boulevard mall, which opened in the 1960s and was renovated in the early 1990s, was once a popular shopping spot but has been hurt over the years by suburban sprawl, increased competition and the recession. And while it enjoyed a resurgence last year thanks to Hispanic shoppers, that hasn’t been enough to turn things around.

The valley’s retail vacancy rate is about 10 percent, according to Colliers International; Boulevard’s rate is more than double that, 24 percent. Fueling that is an empty two-level department store, which was most recently occupied in 2008, by Dillard’s.