Accelerating success.
August 2015
Las Vegas Insider A communication for brokers, employees, colleagues and friends
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WELCOME TO COLLIERS
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BROKER OF THE MONTH
4
WELCOME TO MIDTOWN
13
CANDLELIGHTERS
5
FEATURED DEALS
13
TAG - SAVE THE DATE
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ALOHA FRIDAYS
13
ICE CREAM SOCIAL
8
NEW LISTINGS & IN THE NEWS
14
COMPANY DIRECTORY
9
UPCOMING EVENTS
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COLLIERS UNIVERSITY
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BROKER RANKINGS
15
CONGRATULATIONS SARA
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BY THE NUMBERS
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BON VOYAGE, TEDDIE
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NOAH GRAGSON
STAY CONNECTED WITH COLLIERS LAS VEGAS facebook.com/collierslv
twitter.com/Colliers_LV
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COURTNEY GOFFSTEIN | Marketing Project Manager Courtney will be managing all local marketing efforts including: increasing our social media presence, hosting local thought-leadership events, advertising, branding, public relations and distributing ongoing updates and newsletters. Courtney has lived in Las Vegas for 15 years. In her free time, she enjoys spending time with her husband, their 6 month old son, Logan, and their three Chihuahuas. She is a sushi addict, Pinterest crafter and socialite. Welcome aboard Courtney!
“I’d rather regret the things I’ve done than regret the things I haven’t done.” -Lucille Ball
CHELSY CARDIN | Marketing Specialist Please join me in welcoming back Chelsy Cardin to Colliers Las Vegas. Formerly the Marketing Manager, Chelsy has returned to our office as a Marketing Specialist working with Al Twainy in the Retail Division. In her role, she will assist with all aspects of Marketing and Graphic Design, and will provide administrative and client support. In her free time, Chelsy enjoys spending time with her husband and two daughters, reading, working out, and traveling. Welcome back Chelsy!
Welcome to
Midtown
I thought that this month it might be worthwhile to examine a piece of the Valley that is not defined as a submarket in our reports, but which does have a certain internal consistency lending itself to being considered a submarket, Midtown. Midtown might be most easily described as the “Central Business District” of Las Vegas. Within its boundaries work 155,500 people, and most of the Valley’s resorts (and thus most of the money flowing into Southern Nevada) are located in Midtown. Midtown has a resident population of 49,000 people. When you add in the daytime population of workers, and the 50,000 visitors staying here on a daily basis, you get a population of 220,000 concentrated into eight square miles of territory.
So who lives in Midtown? The average Midtowner is 37 years old, has an average household income of $42,600 and a median household income of only $29,300 (which suggests that a few very rich people skew the average), lives alone and rents an apartment. Approximately 25 percent of the people in Midtown live below the poverty line, with most Midtowners working in ground maintenance, food prep and sales industries. Approximately 32 percent of Midtowners do not own a vehicle, and thus rely on buses, bicycles and their own two feet to get around. Most live about 15 to 30 minutes away from their job. Those demographics do not, unfortunately, translate into a vibrant retail market, at least outside the “Strip”. Suburban retail centers total about 2.3 million square feet in Midtown and have a vacancy rate of 16.7 percent, about seven points above the Valley average of 9.7 percent. Freestanding retail fares slightly better, with Midtown’s 679,000 square feet being only 2.8 percent vacant, about half the Valley average. Midtown also contains almost 7 million square feet of shopping malls, both those located on resort campuses, and also the Fashion Show Mall and Boulevard Mall. Most of the retail in Midtown off the “Strip” dates from the 1970’s and 1980’s. Professional office in Midtown centers on Hughes Center, and is heavily skewed towards Class A. Class A product totals 1.35 million square feet, of which 23.6 percent is vacant (compared to 23.3 percent Valley-wide). Midtown also contains 893,000 square feet of Class C space, which is 27.9 percent vacant (compared to 17.7 percent Valley-wide), and 589,000 square feet of Class B space, which is an astounding 49 percent vacant, more than double the Valley rate of 17.7 percent. Most of Midtown’s Class A space dates from the 1990s, most of its Class B space from the 1980’s and most of its Class C space from the 1970’s. Midtown has one hospital, Sunrise Medical Center, and 890,000 square feet of medical office space. Medical office space in the area mostly dates from the late 1970’s and early 1980’s, and is 24.6 percent vacant, a bit higher than the Valley average. The industrial market in Midtown consists of 5.1 million square feet of space located along Highland and Industrial, north of Desert Inn Rd. Most of this space dates from the 1960’s and 1970’s, and it is contiguous with similar industrial product in Downtown and on the west side. While industrial product in the Southwest is geared towards supporting the resort properties, Midtown industrial primarily consists of small businesses involved in light manufacturing and construction. Midtown has 4 million square feet of light industrial space, 650,000 square feet of warehouse/distribution, 227,000 square feet of light distribution, 162,000 square feet of incubator and 71,000 square feet of flex space. While warehouse/distribution and light distribution carry higher vacancy rates than is average for the Valley, the other industrial types fare better, with light industrial a full percentage point less vacant than light industrial Valley-wide. When you survey the Midtown landscape, you see an area with some major focal points along the “Strip” and UNLV, the Las Vegas Convention Center and McCarran International Airport. Several large projects worth more than a billion dollars are planned for the area, including the expansion of the Convention Center, the proposed new UNLV football stadium and Genting’s ResortWorld. But around the large projects lie some old, tired neighborhoods. Population growth in Midtown is only expected to be around 2 percent over the next five years, and the area is shifting towards low-income families and an aging infrastructure. Most of the commercial buildings in Midtown off “Strip” are 30 to 40 years old. The industrial market in Midtown is well-established, and seems to be doing fine, but office is clearly shifting away from the area (other than Class A office), and the suburban retail market is hurting. Midtown probably offers great opportunities for redevelopment near the “Strip”, but land prices are high and redevelopment of older buildings is expensive due in part to the presence of asbestos, so the pace of redevelopment will likely be slow. For the most part, Midtown (and Downtown just to the north) typify the stratification of most inner cities – premier commercial properties and a few high-end residential towers set against a backdrop of low-income residential.
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FEATURED DEALS
David Grant Finalized a ±5,000 square-foot lease to Urgent Care Extra. The retail property is in Eldorado Village at 5570 Camino Al Norte, Suite 1 in North Las Vegas. David Grant represented the lessor, Donahue Schriber Realty Group, L.P.
Spencer Pinter, Suzette LaGrange and Kara Walker, CCIM finalized a ±6,624 square-foot lease to Martin Martin Renovations, Inc. The industrial property is in the Valley View Corporate Center at 6265 South Valley View Boulevard, Suite D in Las Vegas. Spencer Pinter represented the landlord, Valley View I, II & III, LLC, and Suzette LaGrange and Kara Walker represented the tenant.
VEGAS FAST FACT!
Dean Willmore, SIOR finalized a ±166,911 square-foot, ±10.09 acre sale to Core & Value Advisors, LLC. The industrial property is in the Patrick-Mojave Industrial Portfolio at 2700-2710 Patrick Lane, 6035 & 6045 Harrison Drive, 6038 Topaz Street, and 6255 & 6285 Mojave Road in Las Vegas. The transaction value was $14,044,382. Dean Willmore, SIOR represented the buyer.
Chris Connell and Grant Traub completed a ±1,638 square-foot lease to Access Las Vegas, LLC. The office property is in the Flamingo Grand Plaza at 1050 East Flamingo Road, Suite W-253 in Las Vegas. Chris Connell and Grant Traub represented the landlord, FKC Flamingo, LLC.
Bugsy Siegel named his casino the Flamingo after the long legs of his showgirl girlfriend.
ALOHA FRIDAYS - JULY 17 , 2 TH
Last month, Colliers Las Vegas celebrated Aloha Fridays, 2015. Thank you to Sara, Maurica and Nicole for sharing their Hawaiian culture throughout the month of July. First, we enjoyed a Hawaiian style breakfast of sausage, hawaiian bread, tons of fruit and delicious Hawaiian coffee. The following Friday, our delicious morning snack featured acai bowls. The final week, our lunch included bento boxes with chicken katsu, kalua pork and lomi-lomi salmon. Finally we were treated to delicious huapaia pie and upside down pineapple cake for dessert. We hope everyone enjoyed these Hawaiian flavors and we look forward to next year.
24 & 31 TH
ST
NEW LISTINGS
INVESTMENT
INDUSTRIAL
4251 West Oquendo Road
3033 West Ford Avenue
4565 Post Road
Eric Molfetta & Chris Zunis are representing a ±5,350 SF, ±.49 acre, recently renovated industrial property in Las Vegas, Nevada.
Jason Lesley, CCIM Bridget Richards, CCIM & Josh Smith are representing ±4.74 acres fronting I-15. The iconic outdoor lifestyle center has been in business for 20 years in Las Vegas, Nevada.
Dan Doherty, SIOR, Susan Borst, CCIM, Chris Lane, &
8 FOOT FENCE SECURING PROPERTY
POSSIBLE SALE-LEASEBACK
±1,200 AMPS OF 277/480V POWER
INDUSTRIAL
Jerry Doty are selling a ±39,902 SF industrial property in Las Vegas, Nevada. The building includes ±20,791 sf of office/showroom space and dock and grade level loading.
INDUSTRIAL
OFFICE
2501-2651 North Green Valley Parkway
3058 Sunset Road
Chris Connell and Grant Traub are representing a portfolio of six (6) buildings totaling ±109,630 SF situated on ±9.28 acres in Henderson, Nevada.
Dean Willmore, SIOR and Elaine Elliott have listed a fully built-out and move in ready ±10,818 SF call center/flex industrial unit, in Las Vegas, Nevada, for $1.20/SF NNN.
AMPLE SURFACE AND COVERED PARKING
PARKING RATIO 8.3 PER 1,000 SF
MULTIFAMILY
3580 East Alexander Road Garry Cuff, Tom Naseef, CCIM, SIOR & Jeff Naseef are representing 236 garden style apartment homes built in 2000. The gated community in Las Vegas, Nevada is listed at $14,706,272.00 PLAYGROUND, POOL, AND FITNESS CENTER
COLLIERS IN THE NEWS Nevada Business “Recovery Transitioning into Expansion and Reinvention”
http://www.nevadabusiness.com/2015/07/recovery-transitioning-expansion-reinvention/
Vegas Inc “With luxury complex, homebuilder making leap to Las Vegas’ apartment market”
http://vegasinc.com/business/real-estate/2015/jul/24/homebuilder-storybook-las-vegas-apartment-market/
Las Vegas Business Press “Industrial property brings $14.04 million”
http://businesspress.vegas/industrial-property-brings-1404-million
In Nevada it is mandatory that video slot machines pay a minimum of 75 percent on average. 8
VEGAS FAST FACT!
Mike’s Quote of the Month: “Two things define you: Your patience when you have nothing, and your attitude when you have everything.”
-Unknown
UPCOMING EVENTS AUGUST 19TH
AUGUST 19TH
AUGUST 20TH
MONTHLY RETAIL MEETING
CANDLELIGHTERS CAPE DECORATING
NAIOP MONTHLY BREAKFAST
AUGUST 26TH BROKER MEETING
MAIN CONFERENCE ROOM 8:00AM
MAIN CONFERENCE ROOM 8:30AM
MAIN CONFERENCE ROOM 2:00PM
ORLEANS HOTEL & CASINO 7:00AM
AUGUST 26TH
AUGUST 27TH
SEPTEMBER 7TH
SEPTEMBER 8TH
LABOR DAY
USGBC BREAKFAST
MONTHLY OFFICE MEETING
MAIN CONFERENCE ROOM 9:30AM
SEPTEMBER 9TH SIOR MONTHLY LUNCHEON MAGGIANO’S 12:00PM
ICE CREAM SOCIAL
MAIN CONFERENCE ROOM 2:30PM
OFFICE CLOSED
INNOVATION CENTER 7:00AM
SEPTEMBER 10TH SEPTEMBER 12TH SEPTEMBER 16TH CREW LUNCHEON
LAS VEGAS COUNTRY CLUB 11:30AM
CANDLELIGHTERS WALK EXPLORATION PARK MOUNTAINS EDGE 7:30AM
MONTHLY RETAIL MEETING
MAIN CONFERENCE ROOM 9:00AM
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LOOK WHO MADE THE PLANE! 2015 SALES AWARD TRIP MAUANA KEA - MARCH 18, 2016 - MARCH 22, 2016
YEAR-TO-DATE BROKERS WHO QUALIFY FOR THE HAWAII TRIP DAN DOHERTY AL TWAINY MIKE MIXER
GRANT TRAUB MIKE STUART CHRIS CONNELL
DAVID GRANT MIKE DELEW SPENCER PINTER
RYAN MARTIN* TABER THILL* JASON LESLEY* BRIDGET RICHARDS*
SUSAN BORST DEAN WILLMORE PAT MARSH KEITH CUBBA
*THESE BROKERS QUALIFIED FOR THE PLANE IN JULY ... WELCOME ABOARD!
BROKER RANKINGS - YEAR TO DATE: JULY 2015 1.
DAN DOHERTY
18.
DAN GLUHAICH
35.
ROBERT TORRES
2.
MIKE STUART
19.
SCOTT GRAGSON
36.
SUZETTE LAGRANGE
3.
DEAN WILLMORE
20.
PHILLIP DUNNING
37.
ERIC TUMBLESON
4.
MIKE DELEW
21.
BRIAN RIFFEL
38.
PATRICK MCNAUGHT
5.
MIKE MIXER
22.
SCOT MARKER
39.
REBECCA STANIEC
6.
DAVID GRANT
23.
TOM NASEEF
40.
JOSHUA SMITH
7.
SPENCER PINTER
24.
PATTI DILLON
41.
KARA WALKER
8.
SUSAN BORST
25.
VINCE SCHETTLER
42.
STEVEN HAYNES
9.
PAT MARSH
26.
GREG PANCIROV
43.
DAVE FREAR
10.
KEITH CUBBA
27.
ANDREW KILDUFF
44.
TOM STILLEY
11.
GRANT TRAUB
28.
ERIC MOLFETTA
45.
CHRIS LOBELLO
12.
CHRIS CONNELL
29.
CHRIS LANE
46.
CHARLES CONNORS
13.
RYAN MARTIN
30.
JOE BONIFATTO
47.
SAM NEWMAN
14.
TABER THILL
31.
FRANK MARRETTI
15.
BRIDGET RICHARDS
32.
STACY SCHEER
48.
GEORGE CONNOR
16.
JASON LESLEY
33.
RENAE RUSSO
49.
JULIE BAUMAN
17.
AL TWAINY
34.
GARRY CUFF
50.
JOHN KILPATRICK
ANNIVERSARIES: JULY 2015
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1.
GRANT TRAUB
1998
17 YEARS
5.
RENAE RUSSO
2012
3 YEARS
2.
GEORGE CONNOR
1998
17 YEARS
6.
JOSHUA SMITH
2012
3 YEARS
3.
REBECCA STANIEC
2004
11 YEARS
7.
TEDDIE HICKEY
2013
2 YEARS
4.
VICKI LONGDEN
2009
6 YEARS
8.
SANDRA NASEEF
2014
1 YEAR
BY THE NUMBERS - JULY 2015 TOP 10 AGENTS: JULY 2015
LAS VEGAS JULY 2015 RESULTS PROPERTY TYPES RETAIL 13%
MULTI FAMILY 1%
OFFICE 6%
1. DEAN WILLMORE
6. SCOT MARKER
2. MIKE MIXER
7. MIKE DELEW
3. MIKE STUART
8. SUSAN BORST
4. DAN DOHERTY
9. SPENCER PINTER
5. SCOTT GRAGSON
10. FRANK MARRETTI
LAND 24%
INDUSTRIAL 56%
59 DEALS IN JULY
SALES REVENUE vs LEASE REVENUE
NOAH GRAGSON
LEASE 37%
SALE 63%
Noah Gragson, son of Colliers Las Vegas’ Scott Gragson, is currently ranked second in the NASCAR K&N Pro Series West driver standings. Noah made his driving debut at Kern on March 28, 2015 and is a contender for Sunoco’s Rookie of the Year. Most recently, Noah finished 5th at Evergreen Speedway in Washington. At only 17 years old, Noah is one of the top late model drivers at the Las Vegas Motor Speedway. You can catch him in his #7 Alert ID/Colliers car or follow his racing updates on social media. facebook.com/NoahGragsonRacing
@NoahGragson
@NoahGragson 11
BROKER OF THE MONTH - JULY 2015 If you could go to any concert, past or present, what would it be? AC/DC What advice would you give your 18-year-old self? Believe in yourself Favorite place you ever traveled to? Vina del Mar, Chile What’s one book everyone should read? Tuesdays with Morrie, by Mitch Albom
PROFILE
DEAN WILLMORE, SIOR SENIOR VICE PRESIDENT INDUSTRIAL DIVISION Colliers Las Vegas
Dean has an excellent working knowledge and demonstrated expertise in site selection, finance, facilities planning, build-to-suit development and lease and sale negotiations of industrial properties. He has completed buildto-suit facilities for such companies as Memorex, Garret AiResearch, and Husky Nozzel Corporation in Tucson, and Office Club in Las Vegas. In addition, Dean has an excellent working relationship with city, county, state and federal agencies in Nevada.
CONGRATULATIONS DEAN!
ICEBREAKER - INTERESTING TIDBITS FROM PEOPLE YOU WORK WITH What’s your description of paradise?
Curling up in my favorite blanket during a rainy night with a cup of hot chocolate watching a great TV series or movie. Yea, takes me back to my childhood without a care in the world. What is your favorite thing about your career?
Meeting a diverse array of people and enjoying/learning all about their perceptions, characteristics, values, etiquette, and attitudes. If you could only eat one meal for the rest of your life, what would it be?
Filet Mignon with béarnaise sauce, loaded baked potato and banana foster soufflé. Don’t forget the slightly Dirty Martini. If you could share a meal with any 4 individuals, living or dead, who would they be?
Jennifer Lopez so she can tell me all about her fashion style/empire, George Clooney so we can talk about his pet pig Max, Ashanti so she can sing her song “Thank you” and My Beloved Father Myron so I can hear his voice and laughter once again. List two pet peeves.
When people rub their fingers on a balloon, makes my skin crawl. When someone is texting you and you call them seconds later and they don’t answer. Argh!
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Jessie Noche Assistant Property Manager
CALLING ALL SUPERHEROES!
meanwhile at colliers....
bring your child to work day
CAPE DECORATING WEDNESDAY, AUGUST 19TH Cape Decorating, movies, snacks and more! Have some fun with bring your child to work day. You won’t want to miss out on this fun event! With any questions or
august 19,2015 2pm - 5pm
concerns, or to RSVP call Vicki, ext. 3702.
main conference room
SUPERHERO 5K SATURDAY, SEPTEMBER 12TH Candlelighters Childhood Cancer Foundation of Nevada is celebrating their 25th anniversary,
F superhero costumes encouraged F candlelighters Cape decorating F Healthy snacks and smoothies F MOvie time PROUDLY WEAR YOUR CAPE TO THE
CANDLELIGHTERS 5K RACE/WALK SEPTEMBER 12, 2015 AT 7.30AM MOUNTAIN’S EDGE EXPLORATION
See you there!
Saturday, September 12th, with their Superhero 5K run with host, Chet Buchanan. Be a superhero for kids battling cancer!
Join the colliers team! Be a superhero and sign up today at
Candelightersnv.org
SAVE THE DATE!
Join us! End of Summer
Ice Cream Social Thursday, August 27th 2:30-3:30pm Main Conference Room
Colliers TAG Conference 2015 at the Hyatt Lake Tahoe Thursday, November 12th, 2015 *Details to Follow
Make your own Banana Split or Sundae with all the fixins: Sprinkles, Nuts, Whipped Cream, Caramel, Chocolate Sauce and of course Cherries!
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LAS VEGAS PHONE DIRECTORY INDUSTRIAL Susan Borst Mike De Lew Dan Doherty Jerry Doty Elaine Elliott David Frear Tyler Jones Suzette LaGrange Chris Lane Pat Marsh Eric Molfetta Sam Newman Greg Pancirov Spencer Pinter Brian Riffel Renae Russo Kara Walker Dean Willmore Chris Zunis
+1 702 836 3719 +1 702 836 3736 +1 702 836 3707 +1 702 836 3735 +1 702 836 3774 +1 702 836 3723 +1 702 836 3754 +1 702 836 3799 +1 702 836 3728 +1 702 836 3741 +1 702 836 3756 +1 702 836 3724 +1 702 836 3776 +1 702 836 3776 +1 702 836 3773 +1 702 836 3775 +1 702 836 3705 +1 702 836 3763 +1 702 836 3703
OFFICE Patti Dillon Andrew Kilduff Seth Limon Ryan Martin Tom Naseef Amanda Palmer Tom Stilley Rebecca Staniec Taber Thill
+1 702 836 3790 +1 702 836 3718 +1 702 836 3700 +1 702 836 3780 +1 702 836 3720 +1 702 836 3717 +1 702 836 3740 +1 702 836 3792 +1 702 836 3796
RETAIL Lisa Cheplak Garrett Connor George Connor Charles Connors Chris Connell Phillip Dunning Dan Gluhaich David Grant Scot Marker Eric Tumbleson Al Twainy
+1 702 836 3770 +1 702 836 3738 +1 702 836 3786 +1 702 836 3778 +1 702 836 3709 +1 702 836 3766 +1 702 836 3757 +1 702 836 3785 +1 702 836 3782 +1 702 836 3708 +1 702 836 3725
LAND Julie Bauman Scott Gragson Steven Haynes John Kilpatrick Pat McNaught Vince Schettler Mike Stuart Robert Torres
+1 702 836 3753 +1 702 836 3730 +1 702 836 3727 +1 702 499 8999 +1 702 836 3798 +1 702 836 3764 +1 702 836 3739 +1 702 836 3788
HOTEL/RESORT Mike Mixer Dharmesh Patel
+1 702 836 3777 +1 702 836 3713
INVESTMENT SERVICES Joe Bonifatto +1 702 836 3729 Robert Henn +1 702 836 3767 Frank Lee +1 702 836 3751 Jason Lesley +1 702 836 3742 Frank Marretti +1 702 836 3758 Bridget Richards +1 702 836 3743 Grant Traub +1 702 836 3789 Josh Smith +1 702 836 3760 GAMING GROUP Josh Smith
+1 702 836 3760
GOLF COURSE Keith Cubba
+1 702 836 3733
MULTI-FAMILY Garry Cuff Jeff Naseef Tom Naseef
+1 702 836 3716 +1 702 836 3731 +1 702 836 3720
RECEIVERSHIP Christopher LoBello +1 702 836 3714 MEDICAL OFFICE Stacy Scheer
+1 702 836 3762
PROPERTY MANAGEMENT Andrea Blue +1 702 836 3750 Judy Clifford +1 702 836 3746 Brandy Dumas +1 702 836 3761 Jennifer Kennedy +1 702 836 3772 Gretchen Lee +1 702 836 3704 Brenda Martinez +1 702 836 3745 Jennifer Maximino +1 702 836 3726 Jessie Noche +1 702 836 3752 Angelina Scarcelli +1 702 836 3768 STAFF Maurica Brown Nicole Cauilan Courtney Goffstein Teddie Hickey Sara Johansson Gina Jones Scott Jun Laura Medina Jennifer Pompi Matt Stater
+1 702 836 3791 +1 702 836 3706 +1 702 836 3710 +1 702 836 3701 +1 702 836 3771 +1 702 836 3783 +1 702 836 3721 +1 702 836 3769 +1 702 836 3722 +1 702 836 3781
August 25, 2015 Simple Sound Solutions Live Influencing Others Time: 9am to 10am
September 10, 2015 Simple Sound Solutions Live Motivation: What Gets You Out of Bed?
“Believe you can & you’re halfway there.”
Time: 10am to 11am
September 23, 2015 6-Week Challenge Series Informational Call
- Theodore Roosevelt
Time: 9am to 10am
CONGRATULATIONS SARA!
BON VOYAGE, TEDDIE!
SARA JOHANSSON RECEIVES NOTARY CERTIFICATION
Notary of the public is a person authorized to perform certain legal formalities, especially to draw up or certify contracts, deeds, and other documents for use in other jurisdictions. On July 22nd, Sara received her notary certification. Feel free to stop by Sara’s desk with any important documents that you need notorized.
Teddie Hickey will be leaving Colliers in September. Teddie has been such a wonderful part of our family for the last two years and we will miss her. We wish her the best of luck on her adventures and can’t wait to hear stories about her travels through Asia later this year.
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Accelerating success.
www.colliers.com/lasvegas Colliers International Mike Mixer, Executive Managing Director 3960 Howard Hughes Parkway, Suite 150 Las Vegas, Nevada 89169 T +1 702 735 5700 | F +1 702 731 5709