DFG Development Corporation News
New Las Vegas Asian Shopping Center Is Believed to Be Largest in the Southwestern United States
LAS VEGAS, Feb. 12 PRNewswire — Today, DFG Development Corporation and McMahon Development Group announced that in Spring of 2008 they will begin construction of a 180,000 square feet Asian shopping center in Las Vegas called Asia Town Center. The center is located at the Southeastern corner of Warm Springs Road and Jones Boulevard just off the 215 Beltway and adjacent to the 5,600,000 square feet Thomas & Mack Beltway Business Park.
The project is a joint-venture between DFG Development Corporation, a Las Vegas based real estate investment and development company, and San Diego based McMahon Development Group, headed by Ron McMahon.
"MDG is excited to be part of this dynamic project and will bring 30 years of development experience to the team to ensure the success of the project in the Las Vegas Valley retail market," says Ron McMahon, owner of McMahon Development Group.
The developers believe that Asia Town Center will be the largest Asian shopping center in the Southwestern United States and will finally allow shoppers of all ethnicities to obtain the low pricing and large selection of goods only found in other large Asian shopping centers throughout North America.
Asked to explain the reason the developers are building the center, Adam Hathcock, CEO of DFG Development Corporation, stated that, "The largest Asian shopping center in Las Vegas is only about 90,000 square feet. Modern Asian centers elsewhere in the US are more than 150,000 square feet and so are able to offer a more complete shopping experience. With 180,000 square feet, Asia Town Center will offer twice the selection of goods and services of any other Asian shopping center in the Southwestern United States. We strongly believe that the Asian population in Las Vegas should receive the same low prices and variety found in the large, modern Asian shopping centers elsewhere in the US."
Mr. Hathcock further explained that Asia Town Center has secured HMart for its anchor grocer. HMart will encompass 50,000 square feet and offer a wide variety of high-quality meats, produce, household wares and hot food stations at very low prices. "Las Vegas has never experienced such a large, modern Asian grocery store. It's a like an Asian version of Whole Foods, except with Costco prices."
Stan Saito, President of the Las Vegas Asian Chamber of Commerce, exclaims that, "the Chamber is delighted to have a large new Asian shopping center that will service the rapidly growing Southwest Las Vegas valley. We've seen a real need for a major grocer-anchored shopping center in the Southwest dedicated to Asian American shoppers living in Western and Southern suburbs."
The center is being designed by the respected architectural firm of Lee & Sakahara which was formed in 1979 and boasts a staff of 45 experienced professionals. Headquartered in Irvine, California, the firm is currently registered to practice architecture in 40 states with regional offices in Las Vegas, Nevada, and Seoul, Korea.
Tom Nguyen Esq., co-founder and executive vice president of Southern California based NAI Capital's Pacific Rim Division, notes that Nevada has the sixth largest Asian population in the United States and Asians are the fastest growing demographic in Las Vegas. "Forty percent of the approximately 72,000 net annual additions to Las Vegas' population are residents from Southern California which has several very mature Asian communities. The Las Vegas Valley already has a population of approximately two million people and is developing in the same way."
HMart did an analysis of the entire Las Vegas Valley and determined that the 215 Beltway/Warm Springs and Jones area was its top choice," stated Dave Johnson of NAI Horizon, who is the listing agent for the project. "HMart cited reasons such as the center's location directly off the 215 Beltway and near the Las Vegas Strip, its key position as the closest center serving the affluent neighborhoods of Green Valley, Seven Hills, Southern Highlands, the Southwest and parts of Summerlin. They also cited that its location adjacent to the Thomas & Mack Beltway Business Park, a major Las Vegas Valley employment center, is a key reason and is expected to create a tremendous amount of grocery, retail, and lunch and dinner traffic."
"HMart will offer Las Vegas a unique new shopping experience with its modern brand of Asian grocery store," said NAI Capital's Nguyen. "HMart's wide selection of foods will appeal to non-Asian consumers as well."
According to Applied Analysis, Las Vegas has several major resort casinos that are opening starting in 2008 and continuing through the next several years. These resort openings are expected to create another 250,000 new jobs. The developers expect that a large percentage of these jobs will be filled by Asian-Americans.
"We like investments in Las Vegas and especially retail investments like Asia Town Center because Las Vegas is a top international destination, leads North America in visitor spending, and will experience tremendous job growth," stated McMahon.
Leasing information can be found on the project's website at http://www.asiatownlv.com.
About McMahon Development Group
McMahon Development Group is a real estate development company created 25 years ago. MDG meets the challenges of a multi-faceted, increasingly complex real estate development business with over 15 decades of combined experience in all facets of corporate facilities development. Its in-house team consists of experts in the fields of architecture, engineering, land planning, entitlement, zoning, construction, finance, marketing and asset management. Please visit http://www.mdgusa.com.
About DFG Development Corporation
DFG Development Corporation is a Las Vegas based real estate investment and development company with retail and resort projects currently underway in Nevada, Arizona and Mississippi. Please visit http://www.devfunding.com.
About NAI Capital
NAI Capital is a leading Southern California commercial real estate firm headquartered in Encino, California. With 16 offices throughout Los Angeles, Kern, Orange, Riverside, San Bernardino and Ventura Counties, NAI Capital is the Southern California affiliate of NAI Global, a worldwide real estate service network with 375 offices spanning the globe. Since 1979, NAI Capital clients have built their businesses on the power of our expanding network. Our extensive services include: multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services. Please visit http://www.naicapital.com.
SOURCE DFG Development Corporation
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