Las Vegas
n I sider
A communication for brokers, employees, colleagues and friends
April 2021
When economic conditions changeWe see opportunity.
Table of Contents
04
Las Vegas Research – Recovery Underway
08
F e a t ure d D e a l s – A p r il 2021
10
L a s Ve ga s I n T h e N e w s
11
L a s Ve ga s Re ce n t H e a dlin e s
12
F e a t ure d L is t in g s – A p r il 2021
14
U p co min g Ma rc h C a l e n da r
15
B ro ke r of t h e M o n t h – A p r il 2021
16
L a s Ve ga s B y T h e N um b e r s
18
K n o w l e d ge L e a d e r A r t i c l e s
19
L a s Ve ga s D ire c to r y
The Recovery is Underway. BY JOHN MATT STATER | APRIL 2021
Southern Nevada’s pandemic-battered economy started to recover in June of 2020 when business restrictions were eased, especially in the hospitality sector. While we have seen an improvement in the expansion on non-hospitality companies in Southern Nevada, the hospitality sector remains the key sector of Southern Nevada’s economy, so growth in that sector is essential to local economic growth. Fortunately, February job numbers showed that the Valley’s recovery was back on track, and hospitality numbers look like they are once again heading in the right direction. February gaming numbers were not all that inspiring, but March’s numbers show some real improvement, with 2.23 million visitors (first cracking of the 2 million
April 2021
mark during this recovery) and room occupancy reaching 55.5%. There’s still a long
4
way to go, of course – last February saw 3.9 million visitors and 86.8% occupancy, but numbers were up on a year-over-year basis, and showed more growth than in the previous 6 months of recovery.
Beyond hospitality and gaming, the Valley’s new key sector is logistics. Southern Nevada’s industrial market posted more than 1.9 million square feet of net absorption in the first quarter of 2021, driven almost entirely by the e-commerce expansion. The industrial market outside of bulk warehouse is weak – hopefully a situation that will be rectified by a combination of increased resort visitation and the nascent housing boom. I call it a “nascent” boom, because while it supposedly started a year ago, we didn’t see real boom numbers until the last couple of months. From June 2020 to February 2021, we saw an average improvement of 3.6% in new home sales per month, on a year-over-year basis. Growth is good, but that’s not a boom. Existing homes, on the other hand, saw average 10.3% growth over the same period. March numbers show new home sales improving by 35.5% year-overyear (and March 2020 home sales were largely unaffected by the governor’s business closures), and existing homes saw 39.8% growth. That looks more like a boom. That being said, construction employment is still down 10,000 jobs year-over-year, largely because of the completion of some major road and highway work. Better home sales might help turn construction around. Most other commercial sectors saw little or no growth. The retail market weathered 2020 well, and thus has not yet seen a major bounce in 2021. Vacancy remained pretty stable at 7.1%, on almost no net absorption. Office turned around some weak quarters with positive net absorption of 52,240 square feet in the first quarter, bringing vacancy down to 15%. No sector has harder headwinds
than office. Medical office saw vacancy increase to 11.4% in the first quarter of 2021, after a relatively mild 2020. Land sales are driven by development, and development in Southern Nevada is a mixed bag. Residential development is healthy, with strong residential sales perhaps driven by the “California exodus”. Industrial development is also healthy, driven by e-commerce demand. Those sectors stimulated land sales in the Valley, but demand cannot be fulfilled without supply. Large blocks of developable land are running low in Southern Nevada, and this lack of supply could curtail land sales over the next decade. Smart investors are already looking just beyond the Valley limits for future development. Southern Nevada’s multifamily market weathered 2020 well, with vacancy lower at the end of the year than the beginning, and net absorption generally positive. The backwards step experienced in the first quarter of 2021 is not necessarily significant, as most signs point to strong future demand for multifamily in Southern Nevada.
The valley’s new key sector is logistics. Southern Nevada’s industrial market posted more than 1.9M SF of net absorption.
Colliers – Las Vegas Insider
5
February job numbers showed that the Valley’s recovery was back on track, and hospitality numbers look like they are again heading in the right direction.
April 2021
Back in Recovery - Southern Nevada’s pandemic battered economy started to
6
recover in June of 2020 when business restrictions were eased, especially in the hospitality sector. Unfortunately, continued low visitor volume, caused in part by a lack of convention business, has hampered the nascent recovery.
Colliers – Las Vegas Insider
7
$
Featured Deals
23,340,905
April 2021 Industrial Sale A sale to TPC Global Corporation. The ±190,538 square foot industrial property is located at 6250 Howdy Wells Avenue in North Las Vegas. The transaction amount was $23,340,905.00. Dan Doherty, SIOR, Paul Sweetland, SIOR, Chris Lane, SIOR, CCIM, Jerry Doty, SIOR, Pat Marsh, SIOR and Sam Newman Colliers International represented the seller, BIBRC LV I, LLC.
$
2,225,000
Office Sale A sale to Mother Goose’s Golden Eggs LLC. The ±10,497 square foot office property is located in Cadence at 1170 East Sunset Road in Henderson. The transaction amount was $2,225,000.00.
April 2021
Patti Dillon, SIOR, David Grant, Taber Thill, SIOR
8
and Megan McInerney of Colliers International represented the seller, Landwell Company, LP.
225,937 SF
$
694,390
Industrial Lease
Office Sale
A lease to One Solution. The ±225,937 square
A sale to Connolly Holdings LLC. The ±2,993
foot industrial property is located at 4141
square foot office property is located in The
Distribution Circle in Las Vegas. Eric Molfetta,
Office by the Airport at 320 East Warm Springs
MBA and Amanda Irving of Colliers International
Road, Unit 2 in Las Vegas. The transaction amount
represented the tenant.
was $694,390.00. Chris Connell, SIOR and Grant Traub, SIOR of Colliers International represented the seller, Office By Airport LLC.
$
3,550,000
$
1,050,000
Land Sale
Land Sale
A sale to Carvana, LLC. The ±0.9 acre land parcel is
A sale to Ventura Enterprises & Development Inc.
located at 3660 Morgan Cashmans Way (APN: 162-
The ±2.5 acre land parcel is located on West Teco
17-204-001) in Las Vegas. The transaction amount
Avenue (APN: 163-36-401-015) in Las Vegas. The
was $3,550,000.00. Mike Mixer, SIOR of Colliers
transaction amount was $1,050,000.00. Steven
International represented the seller, Cashman
Haynes of Colliers International represented the
Photo Enterprises of Nevada.
seller, The Behnam Abadian Sharif Trust.
Colliers – Las Vegas Insider
9
News Coverage April 2021
Colliers Las Vegas Recognized as Brokers of the Year in Retail and Office During Industry Award Ceremony March 31 – Nevada Business Magazine
Colliers Las Vegas Exclusively Represents Las Vegas Strip Landmark Location for Retail April 5 – Nevada Business Magazine
Doherty Industrial Group Completes $14.5m Transaction of North Las Vegas Distribution Center Near I-15 and Cheyenne
Need Press?
Get the news out!
April 14 – CRE Confidential
Retail center on north end of Strip up for sale April 20 – Las Vegas Review-Journal
Reach out and let us know the good news. New listings, properties just sold/leased, team news, etc! Help us, help you.
April 2021
Follow the lead.
10
Colliers Las Vegas Releases Q1 Market Research Report April 23 – Nevada Business Magazine
ACS Researchers Women Fighting Cancer initiative supports funding for women-led research grants. Join us in this fight.
Las Vegas Recent Headlines
RE AD MORE
RE AD MORE
RE AD MORE
Dates set for 2022
Las Vegas is roaring back
Housing market keeps
CES Gadget show
post pandemic
heating up
The show will return to Las Vegas next year as a live event
Nevada casinos post their best month in 8 years thanks to restrictions easing
Homebuilders’ sales and permits soared past year-ago levels in the first quarter
The show is set for Jan 5-8 at the Las Vegas Convention Center, the Consumer Technology Association announced today.
All-time monthly win records were achieved in five state markets the Nevada Gaming Control Board monitors.
The median sales price of last month’s closings was $390,862, up 4.8 percent year-over-year and showing no signs of slowing.
This month Links For Life Foundation made a
$1,500 Donation Even while enduring challenges presented by the pandemic, Colliers Las Vegas stayed committed to its philanthropic efforts in the community - a core value woven throughout every fabric of our firm.
LINKS FOR LIFE
F O U N D A T I O N
Colliers –– Las Las Vegas Vegas Insider Insider Colliers
11
Office
Featured Listings April 2021
170 N. Stephanie Street Patti Dillon, SIOR, Taber Thill, SIOR and Megan McInerney •
±50,948 SF two-story office building
•
Available October 1, 2021
•
Lease Rate: $2.00 PSF MG
Retail
2427 S. Las Vegas Boulevard Chris Clifford, Steve Neiger, CCIM,
April 2021
and Brett Rather
12
•
±37,499 SF building on Las Vegas Boulevard
•
Zoning: General Commercial District (C-2)
•
Large upper deck patio,and unrestricted gaming license
Industrial
Industrial
SunPoint West
Stephanie Commerce Center
Dan Doherty, SIOR, Paul Sweetland, SIOR,
Dan Doherty, SIOR, Paul Sweetland, SIOR,
Chris Lane, SIOR, CCIM and Jerry Doty, SIOR
Chris Lane, SIOR, CCIM and Jerry Doty, SIOR
•
±17,000 SF–±237,776 SF for sale or lease
•
±57,600–±260,448 SF available for lease
•
Deliverying Q1 2022
•
±1,432 SF spec office
•
Six-building industrial park totaling
•
Zoned: IP-MP Industrial Park Master Plan
±730,771 SF of warehouse & distribution
Land
Retail
±2.25 Acres of Land
Grand Flamingo Plaza
Steven Haynes
Al Twainy, CCIM and Jennifer Lehr, CCIM
•
±2.25 acres of land on the northwest
•
Suites ranging from ±225–±9,600 SF
corner of E. Pyle Avenue & Giles Street
•
Year Built: 1988
•
Zoning H-1, Limited Resort & Apartment
•
6620 – 6680 W. Flamingo Road
•
Asking Price: $2,250,000 Colliers – Las Vegas Insider
13
Upcoming Calendar May 2021 – It’s gonna by Mayyyyy - Justin Timberlake voice
Cinco De Mayo Wednesday, May 5
Investment Monthly Meeting Zoom 9:00am–10:30am
Happy Mother’s Day Sunday, May 9
CREW Luncheon Zoom 11:30am–1:00pm Tuesday, May 11
Tuesday, May 25 (Grant Traub to send Zoom link)
Office Monthly Meeting Zoom 9:00am–10:00am Wednesday, May 26
Val Corbin
11:45am–1:30pm
CCIM Luncheon Zoom
Nick Gordon
Wednesday, May 12
11:30am–1:30pm Wednesday, May 26
April 2021
Grant Traub
(Taber Thill to send Zoom link)
SIOR Luncheon Zoom
14
Keith Cubba
Retail Monthly Meeting Zoom
Birthday Celebration
9:00am–10:30am
2:30pm–3:30pm
Tuesday, May 18
Thursday, May 27
(David Grant to send Zoom link)
Main Conference Room
NAIOP Virtual Breakfast
Industrial Monthly Meeting
7:00am–8:45am
9:00am–10:00am
Thursday, May 20
Thursday, May 27
Kimberlee Hamilton John Matt Stater
Eric Molfetta, MBA
2020/21 Sales Award Trip March 11–15, 2022 Fairmont Kea Lani in Wailea, Maui
2021 Trip Qualifiers 1. Brian Rif fel 2. Dan Doher t y 3. Pat Mar sh 4. Eric Molfet t a 5. Paul Sweetland 6. Jerr y Dot y 7. Chris L ane
2020 Trip Qualifiers 1. Dan Doher t y 2. Paul Sweetland 3. Dav id Grant
Broker of the month A Giving Spirit Eric’s donation will be going to The Shade Tree Las Vegas. The Shade Tree Organization provides safe shelter to homeless and abused women
4. Chris L ane
& children in crisis. Offering life-changing
5. Jerr y Dot y
services promoting stability, dignity, and
6. Spencer Pinter 7. Keith Cubba 8. Chris Clif ford 9. Brian Rif fel 10. Pat Mar sh 11. Grant Traub 12. Dan Gluhaich
self-reliance. They believe that no one should ever have to endure a state of homelessness, existing in fear for personal safety and without the means to meet even the most basic of human needs – food and shelter. That all homeless children are victims because they lack choice and mobility. That everyone can be a part of the solution.
LINKS FOR LIFE
F O U N D A T I O N
Good luck to our future qualifiers.
Colliers – Las Vegas Insider
15
Las Vegas Office Report March 2021
Broker Rankings YTD 1.
Dan Doherty
22. Chris Clifford
2.
Pat Marsh
23. Sam Newman
3.
Eric Molfetta
24. Patti Dillon
4.
Paul Sweetland
25. Taber Thill
5.
Brian Riffel
26. Brian Fike
6.
Jerry Doty
27. Tyler Jones
7.
Chris Lane
28. Chase Pavlov
8.
Keith Cubba
29. Ryan Hendershot
9.
Spencer Pinter
30. Megan McInerney
10. Grant Traub
31. Al Twainy
11. David Grant
32. Gabe Skerlich
12. Jeff Swinger
33. Jennifer Lehr
13. Steve Haynes
34. Brett Rather
14. Kara Walker
35. Steve Neiger
15. Suzette Lagrange
36. Chris Bentley
16. Scot Marker
37. Dan Gluhaich
17. Stacy Shapiro
38. George Connor
18. Chris Connell
39. Rebecca Staniec
19. Gabe Telles
40. Amanda Irving
20. Mike Mixer
41. Nick Gordon
Land
18%
March Property Types 324% Monthly Budget 46% YTD Budget Industrial
73%
Sales vs. Lease Revenue 74% - Sales
26% - Lease
March Anniversaries
Top 10 Agents – March 2021
April 2021
3%
6%
21. Alexia Crowley
16
Office
Retail
1.
Eric Molfetta
6.
Chris Lane
2.
Dan Doherty
7.
Brian Riffel
3.
Pat Marsh
8.
David Grant
4.
Paul Sweetland
9.
Scot Marker
5.
Jerry Doty
10. Spencer Pinter
Taber Thill
2002
19 Years
Brian Riffel
2002
19 Years
Suzette LaGrange
2005
16 Years
Chris Lane
2010
11 Years
Al Twainy
2012
9 Years
Elizabeth Cardona
2019
2 Years
Caryl Lou Paayas
2019
2 Years
Gabe Telles
2020
1 Year
Chase Pavlov
2020
1 Year
Aloha! You’ve made the plane.
Eric Molfetta, MBA
Paul Sweetland, SIOR
Chris Lane, SIOR
Jerry Doty, SIOR
Our newest addition to Las Vegas.
Bailie joins us from a marketing position with North American Rescue and an internship with the UFC. She recently graduated from UNLV with a Bachelors of Arts in Journalism and Digital Media Studies, minor in International Relations, and studied abroad in Ireland and the Czech Republic. Her favorite hobbies are soccer, writing, photography, and traveling. She joins us this week as a Client Service Coordinator for the Shapiro Investment Team in Las Vegas, NV. Colliers – Las Vegas Insider
17
Institutional Investors Focused on Medical Office Read More
Read More
10 Emerging U.S. Industrial Markets to Watch in 2021 The U.S. industrial market weathered the global pandemic better than any other commercial real estate segment in 2020. Occupancy gains totaled the third highest on record and the country experienced 43 consecutive quarters of positive absorption. Core markets across the country have thrived during this time, building and absorbing millions of square feet of industrial real estate. 2021 looks to be another strong year, with demand and construction activity at all-time highs.
U.S. Economic Fundamentals Steer Closer to Pre Pandemic Levels The U.S. economy continued to inch back towards pre-pandemic levels during the
The Emergence of Cold Storage
April 2021
Cold storage is quickly becoming an institutionalized asset class. What used to be a pool of only three to five investment groups has soared to more than 100.
18
Read More
first quarter. The accelerated rate of vaccine distribution, the distribution of fiscal stimulus packages and the static level of daily new cases of COVID-19 encouraged economic growth as pent-up demand resulted in increased brick-and-mortar sales and overall consumer sentiment.
Read More
Industrial
Investment Services
Dan Doherty
+1 702 836 3707
Jerry Doty
+1 702 836 3735
Ryan Hendershot
+1 702 836 3751
Tyler Jones
Brian Fike
+1 702 836 3744
Nicholas Gordon
+1 702 836 3703
Amanda Irving
+1 702 836 3732
+1 702 836 3754
Eric Molfetta
+1 702 836 3756
Suzette LaGrange
+1 702 836 3799
Stacy Shapiro
+1 702 836 3762
Chris Lane
+1 702 836 3728
Gabriel Skerlich
+1 702 836 3708
Pat Marsh
+1 702 836 3741
Grant Traub
+1 702 836 3789
Sam Newman
+1 702 836 3724
Chase Pavlov
+1 702 836 3731
Spencer Pinter
+1 702 836 3776
Brian Riffel
+1 702 836 3773
Danielle Scarano
+1 702 836 3747
Christopher Bentley
+1 702 836 3779
Paul Sweetland
+1 702 836 3750
Shalonda Hughes
+1 702 836 3765
Gabe Telles
+1 702 836 3758
Jeffrey Swinger
+1 702 836 3764
Kara Walker
+1 702 836 3705
Multifamily
Medical Office
Office Chris Connell
+1 702 836 3709
Patti Dillon
+1 702 836 3790
Megan McInerney
+1 702 836 3700
Rebecca Staniec
+1 702 836 3792
Taber Thill
+1 702 836 3796
Retail
Alexia Crowley
+1 702 836 3778
Valuation Services Richard Koldewyn
+1 702 836 3738
Heidi Meidenbauer
+1 702 836 3726
Leah Mullen
+1 702 836 3775
Evan Ranes
+1 702 836 3749
Brandon Roper
+1 702 836 3734
Chris Clifford
+1 702 836 3746
George Connor
+1 702 836 3786
Dan Gluhaich
+1 702 836 3757
David Grant
+1 702 836 3785
Jennifer Lehr
+1 702 836 3736
Scot Marker
+1 702 836 3782
Steve Neiger
+1 702 836 3760
Valerene Corbin
+1 702 836 3761
Brett Rather
+1 702 836 3794
Jennifer Kennedy
+1 702 836 3772
Al Twainy
+1 702 836 3725
Amber McDaniel
+1 702 836 3745
Jennifer Mount
+1 702 836 3753
Christine Norberg
+1 702 836 3704
Angelina Scarcelli
+1 702 836 3768
Land Steven Haynes
Staff +1 702 836 3777
Golf Course Brokerage Keith Cubba
Property Management
+1 702 836 3727
Hotel/Resort Mike Mixer
LAS VEGAS
Direc tor y
+1 702 836 3733
Nicole Cauilan
+1 702 836 3706
Sara Johansson
+1 702 836 3771
Gina Jones
+1 702 836 3783
Brianna Maldonado
+1 702 836 3701
Caryl Lou Paayas
+1 702 836 3702
Matt Stater
+1 702 836 3781
Chris Sutton
+1 702 836 3721
Colliers – Las Vegas Insider
19
Our mission is to maximize the potential of property to accelerate the success of our
MARKET CONTACT:
clients and our people.
Mike Mixer, SIOR Executive Managing Director
+1 702 735 5700
351 offices in 67 countries
mike.mixer@colliers.com John Stater Research & GIS Manager
+1 702 836 3781
john.stater@colliers.com
$3.3 billion in annual revenue 2 billion square feet under management 18,000+ professionals and staff
Colliers | Las Vegas 3960 Howard Hughes Parkway, Suite 150 Las Vegas, Nevada 89169 | USA +1 702 735 5700 www.colliers.com/lasvegas
54,000 Lease/Sale Transactions $40B Assets under management
About Colliers Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn. © 2021 Colliers International. The information furnished has been obtained from sources we deem reliable and is submitted subject to errors, omissions and changes. Although Colliers Nevada, LLC has no reason to doubt its accuracy, we do not guarantee it. All information should be verified by the recipient prior to lease, purchase, exchange or execution of legal documents.