PHOENIX, Ariz. — RED Development, a privately held, wholly integrated real estate company, announced this week that it has negotiated new loan terms with its lender for Outlets at Legends Sparks Nevada.
The new financing arrangement allows for more than $30 million in new investment in the project. The new funds will be used to construct more than 300,000 square feet of new retail space.
RED is the original developer of the 1.2 million square-foot project, which opened in fall 2008 and currently features nearly 50 brand-name retail stores in a meticulously designed, pedestrian-friendly layout that includes outdoor plazas and walkways.
“We are very pleased to have reached mutually agreeable loan terms that solidify RED’s dedication to the project,” said Steven Maun, President of RED. “Sparks is a great community and we have always reiterated our commitment to continuing to do business here.”
Outlets at Legends Sparks Nevada is poised for continued positive momentum. In the last year, BJ’s Restaurant and Brewhouse, Lowe’s and Discount Tire all opened at the property, with more new tenants scheduled to open later this year. Specifically, TJ Maxx already has started construction of its 24,837 square-foot store and Old Navy began construction of its 12,495 square-foot store on June 4. Both TJ Maxx and Old Navy are scheduled to open in late 2012.
“The Outlets at Legends in Sparks is heading in the right direction, with sales for many retailers trending up for the past year and solid sales projections looking forward,” added Maun of RED. “Our company is very pleased to have reached an agreement that puts our loan terms in line with our industry as it stands today, reflecting an economic environment that is vastly different than it was in fall 2008 when this property first opened.”
RED is a privately-held real commercial estate company headquartered in Phenix, Ariz. RED’s portfolio comprises 38 properties totaling more than 18 million square feet in 12 states. To learn more, visit www.reddevelopment.com.