Institutional Property Advisors Arranges Joint Venture Equity for VAC Development's 100,000-SF Henderson Retail Project
Institutional Property Advisors has arranged joint venture equity on behalf of VAC Development for The Cliff at Green Valley Ranch, a 100,000-square-foot open-air retail, dining, and lifestyle development in Henderson, Nevada, the firm announced Sept. 3, 2026. The IPA Capital Markets team was led by Jeremy Slocumb, a director in the firm's Dallas office.
The project will convert two office buildings, constructed in 2002, on approximately 10 elevated acres at 2500–2550 Paseo Verde Parkway in the Green Valley Ranch master-planned community into a Class A, pedestrian-friendly campus. The site was acquired off-market in August 2023 for $17.25 million, when the complex was approximately 80% leased.
Project Design and Tenant Mix
Positioned as Henderson's first major retail development of its scale since 2004, The Cliff at Green Valley Ranch is designed as Southern Nevada's first "anti-mall" — a format that excludes big-box tenants in favor of experiential retail, chef-driven dining, wellness, art, and community gathering space.
The development will include 38 units ranging from 200-square-foot kiosks to a 16,000-square-foot Arhaus anchor, organized around a 26,000-square-foot covered outdoor dining lounge. Confirmed tenants include 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 called "The Yard," a children's play area, public art installations, and live music and performance zones.
The City of Henderson unanimously approved plans for The Cliff in June 2025, including the creation of a dedicated subcategory within the Green Valley Ranch Commercial Master Plan. Project cost estimates have ranged from $30 million to $50 million as design scope and tenant programming have expanded since the site's acquisition.
Capital Markets Strategy
IPA Capital Markets, a division of Marcus & Millichap (NYSE: MMI), arranged the joint venture equity on behalf of VAC Development, bringing institutional capital into what the firm characterized as a middle-market adaptive reuse opportunity.
"Class A open-air shopping centers have been a top target for institutional Core funds. 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," said Jeremy Slocumb.
VAC Development principal Andrew Dunn cited IPA's expertise in opportunistic middle-market capital as the reason for the engagement. "I went to Jeremy and the IPA team because of their expertise in opportunistic middle-market capital," Dunn said. "They delivered and then some, and helped guide the process into a relationship I hope to be in business with for the rest of my career. Jeremy will always be my first, and hopefully last, call for future equity placements."
Delivery Timeline and Market Context
Deliveries at The Cliff at Green Valley Ranch are scheduled to begin in the second quarter of 2027, with the first tenants expected to open in the second half of that year. The project is located just off the Interstate 215 Beltway near St. Rose Parkway in Henderson.
The adaptive reuse format — converting functionally obsolete suburban office into open-air lifestyle retail — reflects a broader trend among institutional investors seeking alternatives to traditional retail formats in high-growth Sun Belt markets. The Cliff's emphasis on food-driven, experiential programming and its absence of big-box tenants align with the investment criteria increasingly cited by core and opportunistic capital allocators targeting the region.
About the Firms
Institutional Property Advisors is a division of Marcus & Millichap specializing in capital markets services for major private and institutional clients, offering acquisition, disposition, and financing solutions for institutional properties and portfolios. VAC Development is the project's sponsor and general partner on The Cliff at Green Valley Ranch.
Sources: Institutional Property Advisors