Boulevard Mall in Las Vegas up for sale - CBS 3 Springfield - WSHM

Boulevard Mall in Las Vegas up for sale

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LAS VEGAS (FOX5) -

The shopping complex once known as the "largest mall in southern Nevada" is up for sale.

A spokesperson for Boulevard Mall, on South Maryland Parkway, confirmed it is seeking a buyer. The mall's management company CB Richard Ellis is brokering its sale.

According to the mall's current ownership, the 1.1 million-square-foot mall was first opened in March 1968, making it the oldest mall in Las Vegas. Its latest renovation took place in 1992.

The mall currently holds 140 stores, and three anchor department stores.

Since its opening, the mall has preceded the opening of newer shopping complexes, such as Fashion Show Mall on the Las Vegas Strip, and Town Square at the south end of Las Vegas Boulevard.

Marlene Fujita-Winkel's company, CB Richard Ellis Group, is brokering the deal. She said while there is no price tag on the mall yet, like a lot of real estate in Las Vegas, it's not worth what it was a few years ago.

"The original loan balance was about $168 million, and as we know, the property value has declined since then," she said.

Fujita-Winkel said the mall will probably sell for between $50 million and $60 million. Still, she believes the coming sale signals positive things for Las Vegas' economy.

"There are so many buyers that are looking at Las Vegas, believing that it's going to come back, full swing," she said.

In May, the mall announced a deal that would land the area's MundoFOX affiliate KMCC-TV to be housed inside the shopping center. A station manager said a move to a 4,700-square-foot space would be complete by this month.

Copyright 2013 KVVU (KVVU Broadcasting Corporation). All rights reserved.

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