CENTENNIAL CENTER TAKES SHAPE
Territory Inc. builds huge retails center in northwest Las Vegas

Far from the Fashion Show Mall and the bright lights of the Strip, Territory Inc. is developing a 900,000 square foot retail center at the fast-growing northwest edge of Las Vegas. Centennial Center, located on a 100-acre site at the intersection of I-95 and the I-215 Beltway, is home to eight major tenants, including a Wal-Mart Supercenter, The Home Depot, Sam's Club, Office Max, Petco, Michael's and Circuit City. A central village in the center features an open-air courtyard surrounded by restaurants and specialty retailers. The site is also home to a 50-acre Auto Village with seven new car dealerships and a future 30-acre recreational facility.

Terri Sturm, president of Territory Inc., said potential customers for this super-sized center will be easy to find - demographic projections estimate over 90,000 people now live north of Cheyenne Avenue and west of Decatur Boulevard. "Since retail traditionally follows growth, we could see this was a great location, especially with the proximity to the Las Vegas Beltway," she said.

Territory Inc. is developing several other retail properties in Southern Nevada in conjunction with joint venture partners. These projects include Eastgate Power Center in Henderson (350,000 square feet), Eastern Beltway Center (625,000 square feet), Pecos Legacy Center (100,500 square feet), Crossroads at Sunset (170,000 square feet) and Spencer Square, at the entrance to the Seven Hills community (300,000 square feet). Territory provides leasing and property management services for all the centers it develops. "Our philosophy is to be well-anchored and well-located," said Sturm, who said this business philosophy provides security during economic slow-downs. She reported the pace of calls about leasing slowed down after September 11, especially from small mom-and-pop stores. "By December, our business with national retailers was back to normal," she said. "Leasing activity usually begins in February each year, so it will be interesting to see what happens this year. Because our centers are dominated by discounters, we feel confident that our centers are in a strong position."