LAS VEGAS
INSIDER A COMMUNICATION FOR BROKERS, EMPLOYEES, COLLEAGUES AND FRIENDS
Near Historic Route 66
JULY 2019
// COVER //
Photo by Dino Reichmuth on Unsplash
FACEBOOK.COM/COLLIERSLV
TWITTER.COM/COLLIERS_LV
// LAS VEGAS INSIDER //
HISTORIC ROUTE 66 CLASSIC ROAD TRIP
CONTENTS JULY 2019
UNCERTAINTY – RESEARCH
4
FEATURED LISTINGS
8
OFFICE HAPPENINGS
10
COLLIERS IN THE NEWS
11
FEATURED DEALS
12
UPCOMING EVENTS
15
VEGAS BY THE NUMBERS
16
ICEBREAKERS
18
DIRECTORY
19
If you’re a fan of retro-themed travel, head down to Route 66, the ultimate classic road trip byway. To reach the “Mother Road,” head south on Interstate 15, where you’ll enter the vast Mojave National Preserve just across the California border via the Nipton Road exit. From there, drive to the park headquarters at Kelso, and explore the renovated Missionstyle train station. Then it’s on further south past lofty granite peaks and shifting sand dunes to Route 66 itself near Amboy and the muchphotographed Roy’s Motel and Cafe with its unmistakable Googie-style sign. If all the driving has you feeling restless, take a quick hike around nearby Amboy Crater National Natural Landmark—a stark black extinct volcano—before hopping back in the car to Las Vegas.
Photo by Pedro Marroquin on Unsplash
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FAMILY NIGHT 12
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UNCERTAINTY ABOUNDS BUT REAL ESTATE CONTINUES TO PERFORM WELL LAS VEGAS, JULY 2019 John Matt Stater
Southern Nevada’s commercial real estate shows strength and promise. Colliers International Las Vegas released its 2019 Q2 Las Vegas Market Research Report on Southern Nevada’s commercial real estate market. The report details current and future projections and trends expected this year. Southern Nevada’s commercial real estate performance was, overall, quite positive in the second quarter of 2019, though some sectors, like industrial and retail, were better than others. Likewise, while most measures of the local economy remain positive, there are signs that the economy is slowing down. Southern Nevada does not appear to be uniquely vulnerable to a recession now, compared to its status before the Great Recession.
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In those days, a housing bubble loomed over an otherwise vibrant economy, and Southern Nevada may as well have been the symbol of that housing bubble. Whatever economic storm will greet us in 2020, Southern Nevada’s commercial real estate market should be better positioned to weather a storm than it was a decade ago. Southern Nevada’s industrial market showed growth in the first two quarters of 2019, though much of the Valley’s net absorption came from just two large industrial buildto-suits. The second half of 2019 should see the completion of an additional 5.1 million square feet of industrial space, with approximately 31 percent of that space preleased. Industrial vacancy rates will continue to increase in the second half of 2019 unless leasing activity picks up.
“Southern Nevada’s industrial market posted 1.8 million square feet of net absorption in the second quarter of 2019, with the bulk of that net absorption coming from two build-to-suit projects in North Las Vegas,” remarked John Stater, research manager of Colliers International’s Las Vegas office. When retail inventory grows, occupied square footage usually follows. This is because newly completed anchored retail centers rarely open without their anchors in place, and those anchors occupy anywhere from 50 to 90 percent of the center. So far, 2019 has seen three new retail centers completed, and the second phase of an existing center completed. Net absorption has reacted as we would expect. But 2019’s net absorption cannot be explained entirely by the completion of
Photo by Neonbrand on Unsplash
new retail centers. Somewhat surprising, given the recent trend of e-commerce expansion seemingly at the expense of traditional retail, is the uptick in retail demand in Southern Nevada. Several large spaces leased or sold in the first half of 2019, sending vacancy to its lowest level in a decade. We think the second half of 2019 will see positive net absorption and vacancy dropping even lower.
Mike Mixer, Executive Managing Director said, “At midyear, Southern Nevada’s retail market had 805,953 square feet of net absorption, putting 2019 on track to be retail’s best year in a decade.”
Investors remain interested in Southern Nevada’s multifamily market, with sales in 2019 on pace to beat 2018’s sale volume. Although asking prices for new and existing single-family homes and condos continue to increase, it is possible that multifamily rents, especially in Class B/C product, have increased too quickly.
Despite a relatively low number of land sales and acreage sold so far in 2019, high prices for land drove sales volume to the highest level we have seen in seven years. Some of this boost in sales volume was due to a land sale that took place in the Resort Corridor, but the overall trend was one of rising land prices since 2016.
Demand for Class B/C multifamily faltered in the past two quarters and rising rental rates could be partially to blame for this trend. We think demand for multifamily will remain healthy in Southern Nevada in 2019, but price increases in older properties may have to slow down or reverse to help them compete with newer properties.
Southern Nevada has returned to growth mode, especially in the areas of warehouse/distribution buildings and multifamily projects, and both developers and investors seem willing to pay a premium for the vacant land that remains available in Southern Nevada. This is great news for land sellers, but there are already rumblings of the difficulty in getting certain projects to pencil given the higher prices these sellers are demanding.
// COLLIERS INTERNATIONAL LAS VEGAS //
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UNCERTAINTY ABOUNDS BUT REAL ESTATE CONTINUES TO PERFORM WELL (CONTINUED) A rare building fire and a dearth of new completions caused the Valley’s office inventory to shrink in the second quarter of 2019. With significant net absorption posted in the two previous quarters, Southern Nevada’s office market looked poised for a major expansion in 2019. This quarter’s rather muted net absorption figure does not kill the chances for improvement in the second half of the year but does dampen expectations. On top of the lower than expected net absorption there was a sharp increase in available sublease space. At this point, we are forced to take a “wait-and-see” posture concerning the market’s immediate future. Tourism fundamentals, which softened in 2017 and 2018, showed improvement in 2019. Numerous improvements to the local hospitality market, including new hotels, entertainment venues,
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// JULY 2019 //
convention space and stadiums are coming soon, and should boost these numbers even further. Sales were light in the first two quarters of the year but have the potential for improvement. After several quarters of growth, Southern Nevada’s medical office market took a step back in the second quarter of 2019. While pent-up demand from the recession and the healthcare legislation merrygo-around probably contributed to 2018’s strong demand for medical office space, it is also notable that 2018 saw the first medical office construction in Southern Nevada in many years. It is possible that the softer demand experienced in 2019 was the result of a lack of desirable medical office space in the Valley.
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WELCOME
// NEW HIRES //
TO COLLIERS INTERNATIONAL
Eric Molfetta
Heidi Meidenbauer
Kiara Davis
Vice President
Senior Valuation Services Director
Client Services Coordinator
Please join us in welcoming Eric Molfetta’s return to Colliers International| Las Vegas as a Vice President in the Investment Division. Eric began his commercial real estate career in 2007. He is experienced in many phases of commercial real estate including landlord/owner budgeting, forecasting, quarterly analysis and reports, site selection, design and leasing. Eric is a graduate of the University of Nevada Las Vegas with a degree in Business and Hotel Administration. He also holds an MBA from Pepperdine University. He received his CCIM designation in 2015. In his spare time Eric enjoys spending time with family and friends, and training for triathlons. Welcome back, Eric!
SAVE THE DATE
TAG Hyatt Lake Tahoe November 7
Please join us in welcoming Heidi Meidenbauer to the Colliers Las Vegas Valuation and Advisory Services Division. Heidi Meidenbauer is a Senior Valuation Services Director for Colliers International Valuation & Advisory Services in the Las Vegas office. She began her career in 1992 in Las Vegas as an intern for her father, Gary H. Kent. In 2004, she received her MAI designation and operated Gary H. Kent, Inc. dba Kent Appraisal Services between 2007 and 2011. In 2011, she joined Lubawy & Associates which later became Valbridge Property Advisors as a Managing Director. Mrs. Meidenbauer has expertise in a variety of assignments providing appraisals on a wide variety of commercial and complex properties.
Recommended Southwest Flights
Please join us in welcoming Kiara Davis back to the Colliers | Las Vegas Office as a Client Services Coordinator. Kiara will provide brokerage support to Joe Bonifatto in the Investment Division. Kiara is pursuing her Nevada Real Estate License in an effort to lend further support to the team. Kiara previously worked with the Colliers Las Vegas REMS department as a Property Assistant helping with the day to day operations of contracted properties. Kiara has extensive travel experience and has visited seven countries including most of Central America and Colombia. In her free time, Kiara enjoys planning her next adventure, spending time with her friends, horseback riding and cuddling with her pit bull, Zeus. Welcome back, Kiara!
SAVE THE DATE
Nov 7th: LAS-RNO 6:00AM – 7:20AM
FAMILY NIGHT
Nov 8th: RNO-LAS 12:50PM – 2:10PM
7:00PM – AUGUST 15
LAS VEGAS AVIATORS
// COLLIERS INTERNATIONAL LAS VEGAS //
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Photo by Patrick Robert Doyle on Unsplash
FEATURED LISTINGS
2210 Las Vegas Boulevard Steve Neiger, CCIM, George Connor, Chris Clifford and Brett Rather •
±3,606 SF Freestanding Restaurant on Las Vegas Boulevard
•
Located in an Opportunity Zone
•
For Sale: $7,900,000
3.04 acres near Puebla Street and N. Las Vegas Boulevard Steven Haynes •
±3.04 acres near Puebla Street and N. Las Vegas Blvd
•
Zoned General Highway Frontage (H-2)
•
Sale Price: $685,000 or $5.17 PSF
10911 S. Eastern Avenue Alexia Crowley, CCIM and Stacy Scheer, CCIM
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•
±5,169 SF Turn-key Medical Office Suite for lease
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Heart of the Henderson Medical Corridor across from Dignity St. Rose Dominican Hospital – Siena Campus
•
Base Rental Rate starting at $1.75/SF NNN
7575 Vegas Drive Grant Traub, SIOR and Chris Connell •
±3,702 USF/±4,028 RSF first floor office space
•
Monthly lease rate includes: CAM fees, general utilities, common area janitorial, and HVAC maintenance/service
•
Lease rate at $1.60 PSF/Month FSG
4360 & 4364 East Craig Road Mike Willmore, Alex Stanisic, Dean Willmore, SIOR •
±3,150 SF unit available
•
Part of a ± 38,650 SF master-planned, commercial/ industrial project
•
Lease Rate: $0.82/SF (NNN) $0.18/SF CAM
4251 West Oquendo Road Chris Lane, CCIM, Jerry Doty, Paul Sweetland, SIOR, Dan Doherty, SIOR
FEATURED LISTINGS
•
±5,350 Total SF freestanding building with secured yard
•
Located in an Opportunity Zone as well as the future Stadium District
•
Sale Price: $1,070,000.00
// COLLIERS INTERNATIONAL LAS VEGAS //
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IN THE NEWS “Colliers International – Las Vegas hires two new commercial real estate professionals” Nevada Business Magazine, July 17
2020
READ MORE
SALES AWARD TRIP
‘’Uncertainty abounds, but real estate continues to perform well’’ CRE Confidential, July 12
READ MORE
‘’ON THE MOVE’’ Las Vegas Business Press, June 25
READ MORE
BROKER OF THE MONTH
CHARITY DONATION
YOU MADE THE PLANE DAN DOHERTY, SIOR MIKE MIXER, SIOR SPENCER PINTER MIKE STUART PAUL SWEETLAND, SIOR CHRIS CLIFFORD BRIAN RIFFEL, SIOR CHRIS BENTLEY DAVID GRANT JERRY DOTY CHRIS LANE, CCIM PAT MARSH, SIOR DEAN WILLMORE, SIOR
LINKS FOR LIFE
F O U N D A T I O N
The Links for Life Foundation is donating in Chris Bentley ’s name to Southern Nevada Children First
FRIDAY, MARCH 13 – TUESDAY, MARCH 17, 2020 MAUNA KEA BEACH RESORT, BIG ISLAND, HAWAII
// COLLIERS INTERNATIONAL LAS VEGAS //
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Photo on Unsplash Photo by by Helloquence rawpixel on Unsplash
FEATURED DEALS JUNE 2019
Office Lease
A lease to Vegas.com, LLC. The ±33,360 square foot office property is located in The Arroyo at 7150 North Tenaya Way in Las Vegas. Taber Thill, SIOR and Patti Dillon, SIOR of Colliers International represented the landlord, EJM Development.
Industrial Lease
A lease to Cole Kepro International, LLC. The ±104,880 square foot industrial property is located at 4170 Distribution Circle in Las Vegas. Dan Doherty, SIOR, Paul Sweetland, SIOR, Chris Lane, CCIM and Jerry Doty of Colliers International represented the landlord, ICON PAC Nevada Owner Pool 3 Nevada, LLC.
Retail Sale
A sale to Eastern Studio, LLC. The ±9,573 square foot retail property is located at 8575 South Eastern Avenue in Las Vegas. The transaction amount was $2,760,000.00. David A. Grant of Colliers International represented the buyer.
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// JULY 2019 //
Industrial Sale
A sale to Black Creek Group. The ±208,076 square foot industrial property is located in Eldorado Business Park at 7445-7485 South Dean Martin Drive in Las Vegas. The transaction amount was $34,313,575.00. Dean Willmore, SIOR, Alex Stanisic and Mike Willmore of Colliers International represented the seller, Stockbridge Capital Group.
Industrial Sale
A sale to 101 N Mojave, LLC. The ±20,000 square foot industrial property is located at 101 North Mojave Road in Las Vegas. The transaction amount was $3,925,000.00. Pat Marsh, SIOR and Sam Newman of Colliers International represented the seller, Land Baron III, LLC.
Industrial Lease
A lease to Clear Channel Outdoor, LLC. The ±14,200 square foot industrial property is located in Cimarron Corporate Center at 6355 South Cimarron Road, Suite 170 & 180 in Las Vegas. Spencer Pinter of Colliers International represented the landlord, M4 Teco, LLC.
FEATURED DEALS
// COLLIERS INTERNATIONAL LAS VEGAS //
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Photo by Artur Westergren on Unsplash
SAVE THE DATE
TAG Hyatt Lake Tahoe November 7
SUMMER IS HERE! STAY COOL!
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// JULY 2019 //
SUMMER HOURS IN EFFECT The Las Vegas office will close at 3:00 PM on Fridays beginning June 28th and return to normal operating hours on Friday, September 6th!
AUGUST 2019
UPCOMING EVENTS Fro Yo Frenzy 2:30pm – Main Conference Room July 31st
CREW Luncheon 11:30am – Las Vegas Country Club August 1st
NAIOP Bowling Tournament
Lunch & Learn – Fidelity National Title Group 11:30am – Main Conference Room August 20th
NAIOP Breakfast 7:00am – Orleans Hotel & Casino August 22nd
4:30pm – Orleans Bowling Center August 1st
MARK YOUR CALENDAR
Monthly CCIM Luncheon 11:30am – The Orleans August 28th
Monthly Industrial Meeting 9:00am – Main Conference Room August 29th
SAVE THE DATE: TAG 2019 November 7th Hyatt Lake Tahoe
SIOR Luncheon 11:30am – Maggianos August 14th
VEGAS QUIRKS
Birthday Celebration 2:30pm – Main Conference Room August 22nd
Monthly Investment Meeting Family Night at the Las Vegas Aviators 7:00pm – Las Vegas Ballpark August 15th
Monthly Retail Meeting
9:00am – Main Conference Room August 27th
In the Chinese culture, the number four is considered bad luck. High-rolling guests from China are very important to the gambling industry in Vegas. With this in mind, Wynn Las Vegas
Monthly Office Meeting
and Rio have no tower floors
9:00am – Main Conference Room August 28th
that start with four. The elevators count 38, 39, 50, 51 etc.
8:30am – Main Conference Room August 20th
// COLLIERS INTERNATIONAL LAS VEGAS //
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LAS VEGAS BY THE NUMBERS JUNE 2019
OTHER
1%
Broker Rankings YTD
OFFICE
9%
MULTIFAMILY
34%
JUNE PROPERTY TYPES
INDUSTRIAL
43%
RETAIL
9%
LAND
4%
Sales vs. Lease Revenue Sales 71%
Lease 29%
1. Dan Doherty
27. Mike Willmore
2. Mike Mixer
28. George Connor
3. Chris Bentley
29. Robert Torres
4. Spencer Pinter
30. Al Twainy
5. Dean Willmore
31. Kara Walker
6. Brian Riffel
32. Suzette Lagrange
7. Paul Sweetland
33. Phillip Frank
8. David Grant
34. Jeff Naseef
9. Jerry Doty
35. Tyler Jones
10. Chris Lane
36. Andrew Kilduff
11. Mike Stuart
37. Keith Cubba
12. Pat Marsh
38. Sam Newman
13. Chris Clifford
39. Steve Neiger
14. Taber Thill
40. Brett Rather
15. Patti Dillon
41. Phillip Dunning
16. Susan Borst
42. Jennifer Lehr
17. Stacy Scheer
43. Joe Bonifatto
18. Steven Haynes
44. Gabe Skerlich
19. Scot Marker
45. Brian Fike
20. Grant Traub
46. Logan Etherington
21. Dan Gluhaich
47. Pat McNaught
22. Chris Connell
48. Chris Lobello
23. Alexia Crowley
49. Rebecca Staniec
24. Alex Stanisic
50. Julie Dornak
25. Tom Naseef
51. John Kilpatrick
26. Garry Cuff
49% MONTHLY BUDGET 35% YTD BUDGET 16
// JULY 2019 //
Top 10 Agents – June 2019 1. Chris Bentley
6. Dan Doherty
2. Dean Willmore
7. David Grant
3. Spencer Pinter
8. Steve Haynes
4. Brian Riffel
9. Taber Thill
5. Alex Stanisic
10. Patti Dillon
Photo by Jose Martin Ramirez on Unsplash
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FIFTY FIVE TOTAL DEALS FOR THE MONTH OF JUNE
June 2019 Anniversaries Mike Stuart
1994
25 Years
Dan Doherty
1998
21 Years
Pat Marsh
1998
21 Years
Jennifer Kennedy
2007
12 Years
Sam Newman
2010
9 Years
Chris Connell
2011
8 Years
Jerry Doty
2012
7 Years
Tyler Jones
2012
7 Years
Nicole Cauilan
2015
4 Years
Chris Sutton
2016
3 Years
C ongratulations!
1
BROKER OF THE MONTH
CHRIS BENTLEY
EXECUTIVE VICE PRESIDENT, LAS VEGAS The Links for Life Foundation is donating in Chris Bentley ’s name to Southern Nevada Children First
Inspirational Quote:
Things Work Out Best For Those Who Make The Best Of How Things Work Out.
85/15
CLUB DAN DOHERTY SPENCER PINTER MIKE STUART MIKE MIXER PAUL SWEETLAND CHRIS CLIFFORD BRIAN RIFFEL CHRIS BENTLEY DAVID GRANT JERRY DOTY CHRIS LANE SCOTT GRAGSON PAT MARSH DEAN WILLMORE TABER THILL PATTI DILLON SUSAN BORST STACY SCHEER STEVEN HAYNES
-John Wooden // COLLIERS INTERNATIONAL LAS VEGAS //
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// LAS VEGAS INSIDER //
Photo by Joshua Earle on Unsplash
JENNIFER LEHR, CCIM SENIOR ASSOCIATE
ICE BREAKERS
TIDBITS FROM PEOPLE YOU WORK WITH Would you rather be clever or beautiful? Clever
Where would you love to go on holiday? Australia Zoo
Why would you like to go to a tropical island or the Arctic more? Tropical Island
What is your favorite drink?
Iced Tea
Would you like to be taller or thinner? Taller
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// JULY 2019 //
RETAIL DIVISION Jennifer supports Al Twainy, CCIM in the Retail Investment Division. She has been active in commercial real estate for over fifteen years. Jennifer’s primary responsibilities include property marketing, research, property tours with potential tenants/buyers, listing procurement, negotiating leases, and responding to inquiries on listings.
// REACH OUT TO THE LAS VEGAS OFFICE //
LAS VEGAS PHONE DIRECTORY INDUSTRIAL
LAND
MEDICAL OFFICE
Susan Borst
+1 702 836 3719
Steven Haynes
+1 702 836 3727
Dan Doherty
+1 702 836 3707
Mike Stuart
+1 702 836 3739
Jerry Doty
+1 702 836 3735
Tyler Jones
+1 702 836 3754
Suzette LaGrange
+1 702 836 3799
HOTEL/RESORT
Chris Lane
+1 702 836 3728
Mike Mixer
+1 702 836 3777
Richard Koldewyn
+1 702 836 3738
Pat Marsh
+1 702 836 3741
Dharmesh Patel
+1 702 836 3713
Heidi Meidenbauer
+1 702 836 3726
Sam Newman
+1 702 836 3724
Evan Ranes
+1 702 836 3749
Alyssa Parks
+1 702 836 3755
Brandon Roper
+1 702 836 3734
Spencer Pinter
+1 702 836 3776
Brian Riffel
+1 702 836 3773
Alexander Stanisic +1 702 836 3742 Paul Sweetland
+1 702 836 3750
Kara Walker
+1 702 836 3705
Dean Willmore
+1 702 836 3763
Mike Willmore
+1 702 836 3748
Chris Connell
+1 702 836 3709 +1 702 836 3790
Phillip Frank
+1 702 836 3775
Andrew Kilduff
+1 702 836 3718
Rebecca Staniec
+1 702 836 3792
Taber Thill
+1 702 836 3796
RETAIL Chris Clifford
+1 702 836 3746
George Connor
+1 702 836 3786
Julie Dornak
+1 702 836 3770
Phillip Dunning
+1 702 836 3766
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
Brett Rather
+1 702 836 3794
Al Twainy
+1 702 836 3725
+1 702 836 3778
Stacy Scheer
+1 702 836 3762
VALUATION SERVICES
INVESTMENT SERVICES Patrick Baker
+1 702 836 3703
Joe Bonifatto
+1 702 836 3729
Brian Fike
+1 702 836 3744
Eric Molfetta
+1 702 836 3756
Tom Naseef Gabriel Skerlich Grant Traub
PROPERTY MANAGEMENT Erica Aulino
+1 702 836 3745
Valerene Corbin
+1 702 836 3761
+1 702 836 3720
Jennifer Kennedy
+1 702 836 3772
+1 702 836 3708 +1 702 836 3789
Breanna Lara
+1 702 836 3753
Megan McInerney
+1 702 836 3740
Angelina Scarcelli
+1 702 836 3768
OFFICE Patti Dillon
Alexia Crowley
GOLF COURSE Keith Cubba
+1 702 836 3733
STAFF Nicole Cauilan
+1 702 836 3706
Courtney Goffstein +1 702 836 3710
MULTI-FAMILY
Sara Johansson
+1 702 836 3771
Christopher Bentley
+1 702 836 3779
Gina Jones
+1 702 836 3783
Garry Cuff
+1 702 836 3716
Jennifer Manning
+1 702 836 3701
Shalonda Hughes
+1 702 836 3765
Caryl Lou Paayas
+1 702 836 3702
Jeff Naseef
+1 702 836 3731
Matt Stater
+1 702 836 3781
Tom Naseef
+1 702 836 3720
Chris Sutton
+1 702 836 3721
Jeffrey Swinger
+1 702 836 3764
RECEIVERSHIP Christopher LoBello +1 702 836 3714
// COLLIERS INTERNATIONAL LAS VEGAS //
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JULY 2019
LAS VEGAS
INSIDER A COMMUNICATION FOR BROKERS, EMPLOYEES, COLLEAGUES AND FRIENDS
About Colliers International Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.
Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.