Two retail development owners file for bankruptcy

By Steve Green

Monday, March 28, 2011 | 9:54 a.m.

The owners of two more retail developments in Southern Nevada have filed for Chapter 11 bankruptcy reorganization.

Three Los Amigos LLC, owner of a center at 560 East Windmill Lane in Las Vegas, near Bermuda Road, listed in its filing liabilities of $4.35 million against assets of $1.9 million. Most of the liabilities are for a $4.2 million mortgage loan provided by Rialto Capital.

Tenants at the center include an insurance agency, Discount Financial LLC, Smokes 4 U, UC Nails, Liberty Tax and Mama Cimino's Pizza.

After generating income of about $54,000 in 2009, the center lost more than $28,000 last year, the filing says.

The center is half owned by the Medina Family Limited Partnership with three limited liability companies owning the rest, says Saturday's filing signed by company official Francis Howard.

Also filing for Chapter 11 last week was Park Central Plaza 32 LLC, owner of a big development at 5700-5990 Losee Road, between Tropical Parkway and Ann Road in North Las Vegas.

That center, developed by parties including Infinity Plus Investments LLC and Crest Ridge LLC, listed assets and liabilities each in the range of $10 million to $50 million. The filing was signed by manager Juli Koentopp of Infinity Plus.

The Park Central development includes key retailers and businesses such as a Neighborhood Wal-Mart, Checker Auto Parts, McDonald's, KFC, Dotty's and a Wells Fargo Bank branch.

But the development has several vacancies and undeveloped pads and has been mired in litigation with the owner of a now-closed Timbers Bar & Grill at the center.

The litigation includes allegations of unpaid rent against Timbers -- and charges by Timbers that its business was harmed by road access problems and delays in the construction and opening of several other businesses at the development.