Macy’s has a new landlord in Las Vegas’ Chinatown district.
Las Vegas husband-and-wife real estate investors Huan “Jeff” Mai and Qing Zhong acquired the Macy’s-occupied building on Spring Mountain Road at Arville Street for $14.7 million, property records show.
The retail giant operates a home store at this location roughly 2 miles west of the Strip, selling mattresses, furniture, cookware, and the like.
Mai and Zhong also bought an adjacent retail building with a cluster of eateries for $11 million.
Both purchases, from the same sellers in Beverly Hills, California, closed on May 11, property records show.
Mai said in an interview that his group owns several shopping centers in the Las Vegas Valley and that he is always looking for opportunities in the Chinatown area.
The commercial district along Spring Mountain is filled with restaurant-packed retail centers, drawing locals and tourists alike to the busy corridor.
Macy’s opened its store at 4450 Spring Mountain Road in 1994, and Mai said the neighboring building he bought is fully leased, as well.
“It’s great for our portfolio,” he said.
Macy’s spokesman Orlando Veras confirmed the company was notified of a change in ownership of its building on Spring Mountain, adding the sale “does not impact our operations or current lease at this time.”
Overall, retail plazas in Las Vegas’ Chinatown are typically packed with tenants, as the corridor is filled with eateries that offer a variety of Asian cuisines, including Chinese, Korean, Japanese and Vietnamese.
Developers are set to bring even more commercial space to the area.
Clark County commissioners in September approved plans by developer Eddie Ni for a three-story, roughly 116,000-square-foot complex along the south side of Spring Mountain between Procyon Street and Polaris Avenue.
The project would feature retail, restaurant and entertainment space, as well as a six-story parking garage.
Commissioners in December also approved plans by Las Vegas developer Ali Kaveh for a new shopping center along the north side of Spring Mountain at Wynn Road.
Project plans show a 73,482-square-foot complex consisting of six buildings on a T-shaped plot. It would also feature outdoor dining areas and a playground.
Plus, Fore Property Co. has set out to develop a 380-unit apartment complex with more than 30,000 square feet of commercial space just south of Spring Mountain along Valley View Boulevard and Procyon Street.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342.
