Marcus & Millichap’s IPA Capital Markets Arranges Joint Venture Equity for Las Vegas-Area Retail Development
September 23, 2026
HENDERSON, Nev., Sept. 23, 2026 – IPA Capital Markets — a division of Marcus & Millichap (NYSE: MMI) specializing in capital markets services for major private and institutional clients, has arranged joint venture equity on behalf of VAC Development for The Cliff at Green Valley Ranch, an adaptive reuse redevelopment of a former office property into an open-air retail, dining, and lifestyle destination in Henderson, Nevada. The IPA Capital Markets team was led by Jeremy Slocumb, a director in the firm’s Dallas office.
“Class A open-air shopping centers have been a top target for institutional core funds,” said Slocumb. “Value-add and opportunistic allocators with fresh capital are looking to broaden their Sun Belt exposure beyond housing with confidence there’s a deep, liquid buyer pool to sell into at stabilization. The Cliff is a splashy project that should draw strong interest once complete.”
The Cliff at Green Valley Ranch will be Henderson’s first major retail development of this scale since 2004. The project will convert two obsolete office buildings built in 2002 on 10 elevated acres at 2500-2550 Paseo Verde Parkway into a 100,000-square-foot, Class A, pedestrian-friendly campus. Designed as Southern Nevada’s first “anti-mall” with no big-box space, The Cliff will feature 38 units ranging from 200-square-foot kiosks to a 16,000-square-foot Arhaus anchor, all organized around a 26,000-square-foot covered outdoor dining lounge. The concept emphasizes experiential retail, chef-driven dining, wellness, art, and community gathering space, with confirmed tenants including The Taco Stand, Lyte House, Barista Botanist, and Killer Whale Creamery. Planned amenities include landscaped courtyards and breezeways, a central bar and outdoor lounge, covered patios, a food-kiosk alley, a children’s play area, public art, and live music and performance zones. Deliveries begin in Q2 2027, with first tenants opening in the second half of the year.
“I turned to the IPA Capital Markets team for their expertise in opportunistic middle-market capital,” said VAC Development’s principal Andrew Dunn. “They exceeded expectations and guided the process toward a partnership I believe will allow us to further grow our portfolio.”
“Class A open-air shopping centers have been a top target for institutional core funds,” said Slocumb. “Value-add and opportunistic allocators with fresh capital are looking to broaden their Sun Belt exposure beyond housing with confidence there’s a deep, liquid buyer pool to sell into at stabilization. The Cliff is a splashy project that should draw strong interest once complete.”
The Cliff at Green Valley Ranch will be Henderson’s first major retail development of this scale since 2004. The project will convert two obsolete office buildings built in 2002 on 10 elevated acres at 2500-2550 Paseo Verde Parkway into a 100,000-square-foot, Class A, pedestrian-friendly campus. Designed as Southern Nevada’s first “anti-mall” with no big-box space, The Cliff will feature 38 units ranging from 200-square-foot kiosks to a 16,000-square-foot Arhaus anchor, all organized around a 26,000-square-foot covered outdoor dining lounge. The concept emphasizes experiential retail, chef-driven dining, wellness, art, and community gathering space, with confirmed tenants including The Taco Stand, Lyte House, Barista Botanist, and Killer Whale Creamery. Planned amenities include landscaped courtyards and breezeways, a central bar and outdoor lounge, covered patios, a food-kiosk alley, a children’s play area, public art, and live music and performance zones. Deliveries begin in Q2 2027, with first tenants opening in the second half of the year.
“I turned to the IPA Capital Markets team for their expertise in opportunistic middle-market capital,” said VAC Development’s principal Andrew Dunn. “They exceeded expectations and guided the process toward a partnership I believe will allow us to further grow our portfolio.”
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.