Accelerating success.
August 2014
Las Vegas Insider A communication for brokers, employees, colleagues and friends
“No matter what people tell you, words and ideas can change the world.” –Robin Williams
TABLE OF CONTENTS
> FROM CONSTRUCTION TO CONSUMPTION
> 3 BY THE NUMBERS
10
> FEATURED DEALS 5 > BROKER OF THE MONTH
11
> NEW LISTINGS 7 > WELCOME TO COLLIERS
12
> COLLIERS IN THE NEWS
13
> 7 MARK YOUR CALENDAR
> UPCOMING EVENTS 8
> COLLIERS UNIVERSITY
> BROKER RANKINGS 9
> COMPANY DIRECTORY
15 16
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TABLE OF CONTENTS
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From Construction To Consumption BY: JOHN “MATT” STATER
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ART VS SCIENCE
When GDP growth dipped during the first quarter of 2014, it made sense to wonder if a new recession was looming. In fact, few people “in the know” did think that, and second quarter GDP growth was positive. Disaster averted.
While many measures of the economy, including Gaming Revenue, Employment and Taxable Sales, are higher now than in 2005 the base year of the index, or are very near their 2005 levels, driver’s licenses and new home sales remain well below those levels.
The local economy (or at least, my CRE Recovery Index – patent pending) suffered in the first quarter of 2014 as well, but this was nothing to write home about. The CRE Recovery Index suffers in the first quarter of every year, because that’s just how the local business cycle works. Come Spring, and the index once again started to improve. The index now sits at 94.8. This is 14 points below the peak of 108.8 recorded in September 2006, and 11.5 points above the trough of 83.3 recorded in April 2010. Southern Nevada is now in economic Purgatory, suspended between the Heaven of the boom and the Hell of the Great Recession. Fortunately, we’re on the path to salvation.
These numbers suggest that the economy has moved from being driven secondarily by the construction industry, to being driven secondarily by retail sales. Tourism, of course, remains the primary driver of the local economy. For a very long time, rapid expansion of the population made Southern Nevada’s economy markedly different from the economies of most large urban centers in the United States. Reliance on tourism will keep the local economy distinct from other American cities, of course, but the growing importance of retail spending is moving Southern Nevada more in line with other, more established cities.
The march to salvation is currently being led by advances in Taxable Sales (up 6.1 percent year-overyear), Employment (+3 percent), Visitor Volume (+2.9 percent), Commercial Occupancy (+2.7 percent) and Gaming Revenue (+2 percent). Unfortunately, two important factors continue to be a drag on the local economy, namely in-migration into the state – drivers licenses turned into the NDMV are down 3 percent over last year – and new home sales, down 26.7 percent year-over-year.
On the one hand, this will make studies into growth patterns in other cities more relevant to Southern Nevada, and thus more useful to the area’s business leaders. On the other hand, area business leaders will probably have to lower their projections for economic growth in the region. My advice - do your homework, and take a more measured approach to economic projections when working with clients. Southern Nevada has not survived the Great Recession unscathed. We might be the newest old city in the United States.
“These numbers suggest that the economy has moved from being driven secondarily by the construction industry, to being driven secondarily by retail sales.”
FROM CONSTRUCTION TO CONSUMPTION
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FEATURED DEALS WILLMORE, PINTER, DOHERTY, LANE, DOTY, DELEW & PANCIROV COMPLETE $14,276,200 SALE
A sale to FJM Vegas Holdings, LLC. The ±172,236-square-foot industrial property is located at 5275 Arville Street in Las Vegas, 5010-5030 S. Decatur Blvd. in Las Vegas, and 5140 Rogers in Las Vegas. The transaction amount was $14,276,200.00. Dean Willmore, SIOR of Colliers International represented the buyer. Dan Doherty, SIOR, Chris Lane, Jerry Doty, Mike DeLew, SIOR and Greg Pancirov, SIOR of Colliers International represented the seller. BRIAN RIFFEL COMPLETES 152,130 SF INDUSTRIAL DEAL A sale to MAS Investments. The ±152,130-square-foot industrial property is located at 6620 Escondido in Las Vegas. The transaction amount was $7,285,000.00. Brian Riffel of Colliers International represented the seller, BV/CIP Escondido, LLC. GRANT TRAUB AND CHRIS CONNELL COMPLETE 5.35 ACRE LAND DEAL A sale to West Flamingo Road, LLC. The ±5.35 gross acres of land is located at 8161 Wagon Trail Avenue in Las Vegas. The transaction amount was $1,850,000.00. Grant Traub and Chris Connell of Colliers International represented the buyer. RENAE RUSSO AND SPENCER PINTER COMPLETE 5,598 SF INDUSTRIAL DEAL A sale to Clifford G. & Louise J. Kohler Family Trust. The ±5,598-squarefoot industrial property is located at 1172 Center Point Drive in Henderson. The transaction amount was $535,499.60. Renae E. Russo, KP and Spencer Pinter of Colliers International represented the seller, KB1 Enterprises, LLC. 5
FEATURED DEALS
JASON LESLEY AND BRIDGET RICHARDS COMPLETE 17,350 SF OFFICE DEAL A sale to Henderson Renal Construction, LLC. The ±17,350-square-foot office property is located at 1661 Horizon Ridge Parkway in Henderson. The transaction amount was $2,086,200.00. Andrew Corwin of aEON Real Estate represented the buyer. Jason Lesley and Bridget Richards of Colliers International represented the seller, Sunstone Horizon, LLC. ANDREW KILDUFF COMPLETES 5,000 SF OFFICE DEAL A sale to TSM New Beginnings, LLC. The ±5,000-square-foot office property is located at 8880 West Sunset Road, Building G in Henderson. The transaction amount was $1,323,160.96. Andrew Kilduff of Colliers International represented the both the buyer and the seller, Stable Development. SPENCER PINTER COMPLETES 68,198 SF INDUSTRIAL DEAL A lease to United States Postal Service. The ±68,198-square-foot industrial property is located at 3755 East Post Road, Suites 120, 130, 160, and 170 in Las Vegas. Spencer Pinter of Colliers International represented the landlord, KTR LV III, LLC. RYAN MARTIN AND PATTI DILLON COMPLETE 9,776 SF OFFICE DEAL A lease to Humana Health Plan, Inc. The ±9,776-square-foot office property is located at 770 E. Warm Springs Road in Las Vegas. Ryan Martin, SIOR CCIM, and Patti Dillon of Colliers International represented the tenant..
DAVID GRANT COMPLETES 2,200 SF RETAIL DEAL A lease to Chipotle Mexican Grill, Inc. The ±2,200-square-foot retail property is located on the Southwest Corner of North Decatur and the 215 Beltway in Las Vegas. David A. Grant of Colliers International represented the tenant. DEAN WILLMORE COMPLETES 18,513 SF INDUSTRIAL DEAL A lease to SHFT Global Inc. The ±18,513-square-foot industrial property is located at 4150 N. Pecos Road in North Las Vegas. Dean Willmore, SIOR of Colliers International represented both the tenant and the landlord, AFD Realty, LLC. FEATURED DEALS
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NEW LISTINGS DEAN WILLMORE 6685 Amelia Earhart Court | Las Vegas, NV • • • •
IND/OFFICE
SWC of Warm Springs & Gibson | Henderson, NV
For Lease +/- 26,977 SF Free Standing Building on 1.93 Acres +/- 14,909 SF of Office Space and Hughes Airport Center
MEDICAL OFFICE STACY SHEER 2629 W. Horizon Ridge Pkwy, #100 & 110 | Henderson, NV
• • •
• • •
• • • •
RETAIL
2.24 Net Acres 3.32 Gross Acres CC Zoning Traffic: 15,000 cars per day
INDUSTRIAL
BRIAN RIFFEL 6620 Escondido Street | Henderson, NV
+/- 3,00 SF Medical Office Condo for Sale/Lease Asking Price $195/ SF and Lease Rate $1.20/SF NNN Near St. Rose Dominican Hospital
CHRIS CONNELL NEC Tropicana & Hualapai | Las Vegas, NV
LAND
MIKE STUART
• • • •
For Lease - New Ownership +/-26,524 SF Available ESFR Safety System $0.39 psf NNN/mo
VINCE SCHETTLER NWC of Wigwam & Cimmaron | Las Vegas, NV
Rental Rates -$1.50 PSF - $1.90 PSF Anchored by Smiths and Wells Fargo Located one mile from the I-215 Beltway
• • •
LAND
5.0 Gross Acres 2,200 SF House Purchase Price: $775,000
COLLIERS IN THE NEWS Las Vegas Review Journal - 8/11/2014 “Philanthropy News: Links for Life”
http://www.reviewjournal.com/business/commercial-real-estate/city-block-near-container-park-listed-sale
Nevada Business Magazine - 7/28/2014 “Retail Real Estate Sector Begins Comeback in Second Quarterly Report from Colliers International” http://www.nevadabusiness.com/2014/07/retail-real-estate-sector-begins-comeback-second-quarterly-report-colliers-international-las-vegas/
Las Vegas Review Journal - 7/28/2014 “Retail, office sector, industrial market all on track for best year in decade”
http://www.reviewjournal.com/business/commercial-real-estate/retail-office-sector-industrial-market-all-track-best-year-decade
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NEW LISTINGS & IN THE NEWS
UPCOMING EDITORIAL FEATURES If you would like to offer comment or story ideas for the following media opportunities, please contact Chelsy Cardin before the corresponding deadlines:
PUBLICATION: NATIONAL REAL ESTATE INVESTOR Rankings: Top Office Owners & Developers, Materials due 8/25
PUBLICATION: NEVADA BUSINESS MAGAZINE Property Management, Materials due 9/5
CHELSY CARDIN Marketing Project Manager chelsy.cardin@colliers.com
+1-702-836-3710
UPCOMING AUGUST & SEPTEMBER EVENTS AUGUST 27 | MONTHLY OFFICE DIVISION MEETING Main Conference Room | 9:30 am AUGUST 27 | CCIM LUNCHEON The Orleans | 11:30 am
SEPTEMBER 4TH MEDIA TIPS / LUNCH & LEARN
SEPTEMBER 4 | 10 TIPS FOR WORKING WITH THE MEDIA PRESENTED BY MASS MEDIA Main Conference Room | 11:30 am
SEPTEMBER 9TH
SEPTEMBER 9 | USGBC BREAKFAST MEETING Springs Preserve | 7:00 am
MONTHLY RETAIL MEETING
SEPTEMBER 9 | MONTHLY RETAIL DIVISION MEETING Main Conference Room | 9:00 am
SEPTEMBER 13TH
SEPTEMBER 10 | SIOR LUNCH MEETING Maggiano’s at Fashion Show | 12:00 noon
CANDLELIGHTER’S RACE
SEPTEMBER 11 | CREW LUNCHEON Ferraro’s | 11:30 am
SEPTEMBER 17TH
SEPTEMBER 13 | CANDLELIGHTERS RACE Exploration Peak Park at Mountains Edge | 7:30 am SEPTEMBER 17 | MONTHLY INDUSTRIAL DIVISION MEETING Main Conference Room | 9:00 am SEPTEMBER 18 | NAIOP LUNCH MEETING The Orleans | 11:30 am SEPTEMBER 20 | COLLIERS FAMILY PICNIC Anthem Hills Park | Time TBD SEPTEMBER 24 | MONTHLY OFFICE DIVISION MEETING Main Conference Room | 9:30 am
MONTHLY INDUSTRIAL MEETING
SEPTEMBER 20TH COLLIERS FAMILY PICNIC
SEPTEMBER 24TH MONTHLY OFFICE MEETING
UPCOMING EVENTS
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LOOK WHO MADE THE PLANE! 2014 SALES AWARD TRIP KAPALUA, MAUI - MARCH 6-10, 2015 - RITZ CARLTON
YEAR-TO-DATE BROKERS WHO QUALIFY FOR THE HAWAII TRIP
SCOTT GRAGSON DAN GLUHAICH
MIKE DELEW PAT MARSH KEITH CUBBA
GARRY CUFF BRIAN RIFFEL MIKE STUART
SPENCER PINTER DAN DOHERTY DEAN WILMORE
CHRIS CONNELL RYAN MARTIN
BROKER RANKINGS - YEAR TO DATE: 2014 1. MIKE STUART 2. SCOTT GRAGSON 3. DAN DOHERTY 4. MIKE DELEW 5. DEAN WILLMORE 6. PAT MARSH 7. SPENCER PINTER 8. BRIAN RIFFEL 9. DAN GLUHAICH 10. CHRIS CONNELL 11. RYAN MARTIN 12. GARRY CUFF 13. KEITH CUBBA 14. DAVID GRANT 15. JASON LESLEY 16. BRIDGET RICHARDS 17. MIKE MIXER 9
BROKER RANKINGS
18. GRANT TRAUB 19. ROBERT TORRES 20. PATTI DILLON 21. ERIC TUMBLESON 22. ANDREW KILDUFF 23. ERIC MOLFETTA 24. TOM STILLEY 25. LIZZ STILLEY 26. GREG PANCIROV 27. PHILLIP DUNNING 28. TABER THILL 29. DAVE FREAR 30. SUSAN BORST 31. STACY SCHEER 32. SCOT MARKER 33. CHRIS LANE 34. AL TWAINY
35. RENAE RUSSO 36. REBECCA STANIEC 37. VINCE SCHETTLER 38. CHRIS LOBELLO 39. TOM NASEEF 40. JOSH SMITH 41. SAM NEWMAN 42. DELIA DOMINGUEZ 43. SUZETTE LAGRANGE 44. FRANK MARRETTI 45. JOE BONIFATTO 46. ANGELA BATES 47. GEORGE CONNOR 48. PAT MCNAUGHT 49. JULIE BAUMAN 50. JOHN KILPATRICK
BY THE NUMBERS - JULY 2014 LAS VEGAS - JULY 2014 RESULTS PROPERTY TYPES
JULY SALES REVENUE vs LEASE REVENUE
SALES: $1,083,100
LEASE: $466,022
59 DEALS IN JULY $1,549,122 GROSS SALES TOP 10 AGENTS: JULY 2014
ANNIVERSARIES: JULY 2014 1. 2. 3. 4. 5. 6. 7.
GRANT TRAUB GEORGE CONNOR REBECCA STANIEC VICKI LONGDEN JOSHUA SMITH RENAE RUSSO TEDDIE HICKEY
1998 1998 2004 2009 2012 2012 2013
16 YEARS 16 YEARS 10 YEARS 5 YEARS 2 YEARS 2 YEARS 1 YEAR
1. MIKE DELEW
6. BRIAN RIFFEL
2. DAN DOHERTY
7. ANDREW KILDUFF
3. DEAN WILLMORE
8. GREG PANCIROV
4. SCOTT GRAGSON
9. CHRIS CONNELL
5. DAN GLUHAICH
10. DAVID GRANT
BY THE NUMBERS
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BROKER OF THE MONTH - JULY 2014 On a typical weekend night, where might we find you? Usually out to dinner with my girls, Angie and Bobbie Lynn, Brio is one of our favorite restaurants. What’s the best thing you have ever eaten & where? No question it is Angie’s home cooked Mexican food including salsa, fideo, green pork chili, chicken enchiladas, and chili rellenos. It is all 100% home cooked and unreal! How do you unplug after a busy day? Glass of wine and watch something funny like Drunk History, Black Jesus, or It’s Always Sunny in Philadelphia with my girls. Tell us something people don’t know about you? I was a “Toe Head” until I was about 7 years old.
PROFILE
MIKE DELEW, SIOR EXECUTIVE VICE PRESIDENT INDUSTRIAL DIVISION Colliers Las Vegas
Mike is experienced in all phases of industrial real estate specializing in development feasibility analysis and design, investment property, land acquisitions, and leasing and sales to both users and investors. He has built strong relationships within the local and regional development community based on a respect for his comprehensive understanding of the development process. He is often hired on a consultation basis to help developers and users understand and evaluate the criteria particular to building different types of industrial product within our Valley. His involvement consistently helps to maximize potential returns and avoid costly mistakes. An expert in industrial sales and leasing, he has personally concluded more than $250,000,000 million in transactions over the past 5 years.
CONGRATULATIONS MIKE!
ICEBREAKER - INTERESTING TIDBITS FROM PEOPLE YOU WORK WITH What are your nicknames? “Buzzy”…per my family, as a result of getting a hold of scissors when I was 4, but at least I only cut off one side of my hair. What is the best book you’ve ever read, and why? “Brokers Who Dominate.” Great learning tool when you’re getting into the biz. What is your favorite quote? “No one said it would be easy…but they promised it would be worth it”. – Sir Andrew Kilduff What’s the best advice someone has given you? Look and listen more than you talk Where is your favorite local place to take an out-of-town guest? Mona Mi Gabi at the Paris
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BROKER OF THE MONTH
Stacy Scheer Senior Associate, Healthcare Division
WELCOME TO COLLIERS! SANDRA NASEEF | Investment Services Sandra brings more than 25 years of experience in all areas of commercial real estate, including commercial leasing, sales and property management. She is working with the Naseef Investment Services Team and will be responsible for Ownership Services, Research and Development for the team. Prior to joining Colliers, Sandra was Executive Vice President of Coldwell Banker Commercial Distinct Realty. She speaks fluent Spanish, and in her spare time Sandra enjoys cooking, hiking, snow skiing and spending time with her family and friends. Welcome aboard Sandra!
Mike’s Quote of the Month:
“Whether you think you can or whether you think you can’t, you’re right!” – Henry Ford
SEPTEMBER CPR TRAINING The American Red Cross is coming to Colliers! CPR Training will be held on September 26th at 10:00am in the Main Conference Room.
NEW TEAM MEMBERS & CPR TRAINING
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MARK YOUR CALENDAR - SEPTEMBER FUN!
ATTENTION BROKERS! ATTENTION BROKERS! Informational Session Presented By: Mass Media
TOP O TIPS FOR WORKING WITH THE MEDIA Thursday, September 4th - 11:30am Lunch will be provided in the Main Conference Room
Informational Session Presented by: • How can you get more media coverage? • Tips and tricks will be discussed. • Don’t miss this one time opportunity!
• What are media outlets looking for?
MASS MEDIA
• What are media outlets looking for? • How can you get more media coverage? SAVE THE DATE • Tips and Tricks will be discussed. • Don’t miss this one time opportunity!
FAMILY PICNIC SATURDAY, SEPTEMBER 20
LUNCH WILL BE PROVIDED
This is a family event, so bring your kids and spouse to join the fun!
More details coming soon. 13
RSVP TO CHELSY BY SEPTEMBER 2ND
MARK YOUR CALENDAR - SEPTEMBER FUN!
JOIN US FOR A GOOD CAUSE... JOIN US FOR A SUPERHERO 5K & 1 MILE RACE! Join the Colliers Las Vegas team! 100% of the proceeds raised will go directly to the Candlelighters for children battling Cancer.
Saturday, September 13, 2014 Mountain’s Edge Exploration Park Opening Ceremonies: 7:30am Races Begin At: 8:00am
Register Online: www.candlelightersnv.org Or Sign Up at our Birthday Celebration on Thursday, August 28 at 2:30pm.
Questions? See Vicki Longden or Matt Stater
BOMA NEVADA’S WINE AND GOLF TOURNAMENT Let’s get a team together! Colliers Las Vegas is a hole sponsor and would love to have your support. Proceeds raised will go directly to local charities. Friday, September 19, 2014 Desert Willow Golf Course 8am to 4pm Register Online: www.BOMAnevada.org
Join us! BOMA Nevada Inaugural Wine and Golf and Silent Auction When: Friday, September 19, Where: Desert Willow Golf Course 2020 W. Horizon Ridge Pkwy Henderson, NV 89012 Time: 8am – 4pm
2014
For registration and sponsorship opportunities visit BOMANevada.org or call 702-938-2662 Sponsors
Deadline to register is September 12 Questions? See Andrea Blue JOIN US FOR A GOOD CAUSE
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NFL FOOTBALL POOL: TO BENEFIT LINKS FOR LIFE COMING SOON... The Links For Life Sudden Death Football Pool Season Starts September 4th Keep your eye out for an email invitation Questions? See Vicki Longden or Matt Stater
August 28, 2014 Experts Recruiting Experts Instructors: Mindy Geisser, David Pinsel, Maury Dubuque & Scott Nelson Session: 9:00am – 10:00am Registration: Open Enrollment September 17, 2014 Simple Sound Solutions Instructors: Nancy Morris Session: 9:00am – 10:00am Registration: Open Enrollment September 24, 2014 6-Week Challenge Series Informational Call Instructors: Nancy Morris Session: 8:00am – 9:00am Registration: Open Enrollment
“Our only sustainable competitive advantage is our ability to learn faster than the competition.” - Craig Robbins,
Chief Knowledge Officer
Colliers University’s mission is to deliver next-level systems, tools, and resources that help professionals achieve expert status 25% faster than anyone else. Achieve the best possible outcome by enhancing your skills set and deepening the knowledge you offer clients. Look ahead, anticipate changes in the market landscape, create new opportunities to adapt and stay ahead of the curve.
So what are you waiting for? Sign-up today! COLLIERS UNIVERSITY
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LAS VEGAS PHONE DIRECTORY INDUSTRIAL Susan Borst Mike De Lew Dan Doherty David Frear Suzette LaGrange Chris Lane Pat Marsh Eric Molfetta Sam Newman Greg Pancirov Spencer Pinter Brian Riffel Renae Russo Dean Willmore
+1 702 836 3719 +1 702 836 3736 +1 702 836 3707 +1 702 836 3723 +1 702 836 3799 +1 702 836 3728 +1 702 836 3741 +1 702 836 3756 +1 702 836 3724 +1 702 836 3734 +1 702 836 3776 +1 702 836 3773 +1 702 836 3775 +1 702 836 3763
OFFICE Patti Dillon Andrew Kilduff Ryan Martin Tom Naseef Lizz Stilley Tom Stilley Rebecca Staniec Taber Thill
+1 702 836 3790 +1 702 836 3718 +1 702 836 3780 +1 702 836 3720 +1 702 836 3700 +1 702 836 3740 +1 702 836 3792 +1 702 836 3796
+1 702 836 3753 +1 702 836 3730 +1 702 499 8999 +1 702 836 3798 +1 702 836 3764 +1 702 836 3739 +1 702 836 3788
HOTEL/RESORT Mike Mixer +1 702 836 3777 Dharmesh Patel +1 702 836 3713 INVESTMENT SERVICES Joe Bonifatto +1 702 836 3729 Jason Lesley +1 702 836 3742 Frank Marretti +1 702 836 3758 Bridget Richards +1 702 836 3743 Grant Traub +1 702 836 3789 GAMING GROUP Josh Smith +1 702 836 3760 GOLF COURSE Keith Cubba +1 702 836 3733
MEDICAL OFFICE Stacy Scheer +1 702 836 3762
VALUATION/ APPRAISAL Josh Smith +1 702 836 3760
RETAIL Angela Bates George Connor Chris Connell Phillip Dunning Dan Gluhaich David Grant Scot Marker Eric Tumbleson Al Twainy
PROPERTY MANAGEMENT Andrea Blue +1 702 836 3750 Brandy Dumas +1 702 836 3761 Jennifer Kennedy +1 702 836 3772 Gretchen Lee +1 702 836 3704 Jennifer Maximino +1 702 836 3726 Jessie Noche +1 702 836 3752 Angelina Scarcelli +1 702 836 3768
+1 702 836 3779 +1 702 836 3786 +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
MULTI-FAMILY Garry Cuff +1 702 836 3716 Tom Naseef +1 702 836 3720 RECEIVERSHIP Christopher LoBello +1 702 836 3714
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LAND Julie Bauman Scott Gragson John Kilpatrick Pat McNaught Vince Schettler Mike Stuart Robert Torres
COMPANY DIRECTORY
STAFF Maurica Brown Chelsy Cardin Teddie Hickey Gina Jones Sara Johansson Scott Jun Laura Medina Matt Stater Jennifer Pompi
+1 702 836 3791 +1 702 836 3710 +1 702 836 3701 +1 702 836 3783 +1 702 836 3771 +1 702 836 3721 +1 702 836 3769 +1 702 836 3781 +1 702 836 3722
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