LAS VEGAS
INSIDER
A COMMUNICATION FOR BROKERS, EMPLOYEES, COLLEAGUES AND FRIENDS
JULY 2020
FACEBOOK.COM/COLLIERSLV
TWITTER.COM/COLLIERS_LV
COLLIERS INTERNATIONAL LAS VEGAS RECOGNIZED AS
BROKERAGE FIRM OF THE YEAR FOR 15TH YEAR IN A ROW
TAB L E O F
CON T EN TS 4
WEATHER THE STORM
7
COLLIERS IN THE NEWS
8
FEATURED LISTINGS
10 11
BROKERAGE FIRM OF THE YEAR
UPCOMING EVENTS
12
FEATURED DEALS
15
BROKER CONNECTIONS
16
BY THE NUMBERS
19
DIRECTORY
15TH CONSECUTIVE YEAR
BROKERAGE FIRM OF THE YEAR! NAIOP SOUTHERN NEVADA DELIVERS COLLIERS INTERNATIONAL BROKERAGE FIRM OF THE YEAR AWARD READ MORE ON
PAGE 10
DID YOU KNOW?
It’s impossible to sneeze with your eyes open
Weathering the
Storm Las Vegas, NV John Matt Stater
The second quarter of 2020 was the “business closure” quarter, and only the industrial market bucked the expected trend of weaker commercial real estate numbers.
INDUSTRIAL HISTORICAL VACANCY RATES AND ASKING LEASE RATES
The second quarter of 2020 produced over 2 million square feet of industrial net absorption. Warehouse/ distribution product posted all of the Valley’s positive net absorption in the second quarter of 2020. Other industrial product types, which rely more heavily on small businesses, suffered negative net absorption. While it is likely that warehouse/distribution demand will remain relatively strong through the remainder of 2020, it is unknown how quickly small businesses will recover. By the end of 2020, we may see an overall positive industrial picture that nevertheless obscures the challenges faced by many landlords of nonwarehouse/distribution properties in the Valley. After a robust first quarter, pandemic woes sent land sales activity much lower in the second quarter of 2020. While it is unlikely that this slump in land sales was directly related to the existence of COVID-19, it is probable that the uncertain business climate created by the business closures enacted to stem the spread of the virus put land investors on the sidelines in the second quarter. Land sales may not fare better in the third quarter, but signs of solid economic recovery in the third quarter could put investors back in the market by the end of 2020.
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// JULY 2020 //
Southern Nevada’s office market has, so far, showed surprising resilience in the face of the business closures enacted to stem the spread of COVID-19. While approximately 10,000 square feet of net absorption is nothing to brag about, any positive net absorption in the face of the massive job losses experienced over the past two months is remarkable. Anecdotal evidence suggests that most office tenants continued to pay their rent over the past few months, but the eviction moratorium imposed until July makes it difficult to know how vulnerable the market is to future vacancies. We think the office market will continue to be challenged by the job losses already experienced and the uncertainty regarding evictions, utilization of office space post-pandemic and whatever other upheavals 2020 has in store for us.
There was little doubt that Southern Nevada’s retail market was going to suffer a rough second quarter. Job losses in the retail sector, even if mostly temporary, are staggering, so negative 74,874 square feet of net absorption was not as bad as was feared. The fact that businesses are now opening and retail sales are improving should not, however, instill a belief that the worst is over. Further retail job losses remain a possibility, as the requirements imposed under the PPP program end in July. Furthermore, the state moratorium on evictions also ends in July, raising the possibility of a wave of retail vacancies in the third quarter. Finally, announced closures and potential closures of major retail chains have almost 500,000 square feet of occupied retail in the Valley in jeopardy. The third quarter of 2020 should give us a better understanding of the resilience of Southern Nevada’s retailers, and how long and painful a recovery we can expect. Just as Southern Nevada’s medical office market was putting up strong numbers in the first quarter of 2020 the healthcare sector was hit hard by the restrictions on medical care enacted due to fears of hospitals being overtaxed by the COVID-19 pandemic. While those fears may not have been realized, the damage done by the restrictions is undeniable, as almost 15,000 healthcare workers lost their jobs in April and May and the activity in medical office market came nearly to a halt. The pandemic is not over, and fears over going to the doctor may leave the health care industry wanting for business despite lessened restrictions on care. Uncertainty alone may put a damper on leasing and investment activity in 2020, although the chance of recovery in the second half of the year is not out of the question. The closure of hospitality properties in Southern Nevada for more than two months was unprecedented and had an obvious negative impact on the hospitality industry in particular, and the Valley’s economy in general. Just how permanent this damage will be is unknown, as properties only began re-opening in June 2020 and we lack visitation and revenue data for those re-openings. There is anecdotal data suggesting that visitor volume in June was more than was expected by property operators, but the potential for further travel restrictions, and the lack of business travel’s impact on the local convention industry make it difficult to predict how quickly the Valley’s hospitality industry will bounce back. For now, we remain in “wait-and-see” mode, a fact unlikely to stimulate investment in hospitality properties in the near term.
HISTORICAL VACANCY RATES AND ASKING LEASE RATES
OFFICE
R E TA I L
MEDICAL
// COLLIERS INTERNATIONAL LAS VEGAS //
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Recent Economic Indicators Point to a Gradual Recovery for Industrial Real Estate As predicted, the U.S. economy hit a major slump at the start of the second quarter. The COVID-19 pandemic negatively impacted employment, manufacturing production, retail sales and consumer sentiment across the country. Some of the lowest economic measures were reported during the second quarter as the country officially entered a recessionary period.
Assessing CRE Transaction Viability Post-COVID-19 Many occupiers are asking where and when to pick-up with the implementation of transactions now that we are transitioning back to a new way of working. In our previous article, we noted the way businesses occupy real estate portfolios in the “new normal� could change dramatically. Actions that were planned or started pre-COVID-19 now have questions around their relevancy. READ MORE
DID YOU KNOW? READ MORE
Walt Disney was afraid of mice
COLLIERS IN THE NEWS Healthcare Panel talks about future of down town Medical Arts District
Colliers Las Vegas announces new industrial broker
DEAL WATCH Doherty Industrial Group
Nevada Business Journal - July 13
Las Vegas Business Press - June 23
READ MORE
READ MORE
READ MORE
Colliers International | Las Vegas Recognized As Brokerage Firm Of The Year For 15th Year In A Row
Real estate report says retail space in Las Vegas was hit hard during COVID-19 pandemic
Colliers International welcomes Raiderettes to Matter Park
CRE Confidential - July 17
KLAS 8 News Now – July 22
READ MORE
READ MORE
Las Vegas Review Journal - July 3
KTNV Abc – June 30
READ MORE
// COLLIERS INTERNATIONAL LAS VEGAS //
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Photo by Matthias Mullie on Unsplash
Photo by ihtesham ismail on Unsplash
FEATURED LISTINGS Photo by Alive Coverage Photo by Alive Coverage/Sipa USA/AP Images
Photo by Marina Monroe from Pexels
1100 West Warm Springs Grant Traub, SIOR and Chris Connell, SIOR •
±14,817 SF Auto Dealership For Sale Or Lease Sales And Service Property
•
Offering Price: $9,500,000
•
Price Per SF: $641.16
6030 South Rainbow Boulevard, Building D Taber Thill, SIOR, Patti Dillon, SIOR and Megan McInerney •
±5,000 SF Multi-Tenant Office Building
•
Owner-user building with monthly income
•
Sale price: $1,200,000 ($240 PSF)
2870 South Maryland Parkway Stacy Shapiro, CCIM
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// JULY 2020 //
•
4% Commission
•
Suites ranging between ±1,206 SF — ±10,518 SF
•
Asking rate: $0.90-$1.10/SF NNN
3850 Ponderose Way Dean Willmore, SIOR, Alex Stanisic and Mike Willmore •
±20,464 SF Industrial Income Property
•
100% Leased Single Tenant Industrial Investment
•
For Sale: $2,935,000 | Cap Rate: 6.1%
3575 West Post Road Brian Riffel, SIOR and Tyler Jones •
±25,500 SF office/warehouse building for lease
•
±6,121 SF of High-Image Corporate Style Office
•
Total monthly rent: $31,365.00
±3.98 Acres - 2595 North Las Vegas Boulevard Steven Haynes
JULY FEATURED LISTINGS
•
±3.98 Acres - Zoned C-2
•
APN: 139-13-301-001
•
Asking Price: $1,900,000
// COLLIERS INTERNATIONAL LAS VEGAS //
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OUR 15TH CONSECUTIVE YEAR WINNING THE PRESTIGIOUS AWARD
BROKERAGE FIRM OF THE YEAR! NAIOP SOUTHERN NEVADA DELIVERS COLLIERS INTERNATIONAL BROKERAGE FIRM OF THE YEAR AWARD ON WEDNESDAY, JULY 15th.
DOHERTY INDUSTRIAL GROUP INDUSTRIAL BROKER OF THE YEAR
We are honored to announce that Colliers International Las Vegas was named Brokerage Firm of the Year for our 15th consecutive year at the NAIOP Southern Nevada Chapter’s Virtual Spotlight Awards! Additionally, Doherty Industrial Group which includes Dan Doherty, SIOR, Paul Sweetland, SIOR, Chris Lane, SIOR, CCIM and Jerry Doty were recognized as Industrial Broker of the Year and the team of Taber Thill, SIOR, Patti Dillon, SIOR, and Megan McInerney were named Office Broker of the Year.
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// JULY 2020 //
OFFICE TEAM OFFICE BROKER OF THE YEAR
August 2020
CREW LUNCHEON ZOOM CALL 11:30am – 1:00pm August 11
SIOR LUNCHEON ZOOM CALL 11:45am – 1:30pm August 12
MONTHLY RETAIL MEETING 8:30am – 10:00am
MONTHLY INVESTMENT MEETING 9:00am – 10:30am August 25 (Grant Traub to send Zoom link)
MONTHLY OFFICE MEETING 9:00am – 10:00am August 26 (Taber Thill to send Zoom link)
CCIM VIRTUAL LUNCH MEETING 11:30am August 26
MONTHLY INDUSTRIAL MEETING 9:00am – 10:00am August 27 Call in: 712 770 4703 Access code: 121737
August 18 (David Grant to send Zoom link)
NAIOP BREAKFAST ZOOM CALL 7:00am – 8:45am August 20 (Zoom link to follow)
DID YOU KNOW?
Lighters were invented before matches.
// COLLIERS INTERNATIONAL LAS VEGAS //
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FEATURED DEALS JULY 2020
Industrial Sale A sale to GLM Cabinets. The ±12,878 square foot industrial property is located in Matter Business Park @ Warm Springs at 7930 West Warm Springs, Suite 170 in Las Vegas. The transaction amount $2,060,480.00. Dan Doherty, SIOR, Paul Sweetland, SIOR, Jerry Doty, and Chris Lane, SIOR, CCIM of Colliers International represented the seller, Matter Business Park @ Warm Springs.
Land Sale A sale to Arev Holdings, LLC. The ±1.21 acre land parcel is located at 4390 Sobb Avenue (APN: 162-31-701-010) in Las Vegas. The transaction amount $500,000.00. Brian Riffel, SIOR and Tyler Jones of Colliers International represented the seller, DAC Realty LLC.
Industrial Lease A lease to Serenity Funeral Homes. The ±12,158 square foot industrial property is located in Cheyenne Airport Center at 3575 West Cheyenne Avenue, Suite #105-107 in North Las Vegas. Gabe Telles, Ryan Hendershot and Chase Pavlov of Colliers International represented the landlord, BKM Capital Partners.
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// JULY 2020 //
A AD IR SP IN A VI
Land Sale A sale to Centurion 2, LLC. The ±23.99 acre land parcel is located near Via Inspirada (APN: 191-22-511-003) in Henderson. The transaction amount $15,120,000.00. Mike Stuart of Colliers International represented the buyer.
Industrial Lease A lease renewal to Derse Inc. The ±133,400 square foot industrial property is located in Las Vegas Corporate Center at 3200 East Gowan Road in North Las Vegas. Dan Doherty, SIOR, Chris Lane, SIOR, CCIM, Paul Sweetland, SIOR and Jerry Doty of Colliers International represented the landlord, Icon Pac Nevada Owner Pool 3 Nevada LLC.
Industrial Lease A lease renewal to Pierce Distribution Services Co. Inc. The ±31,306 square foot industrial property is located in Freeport West Distribution Center at 3030 North Lamb Boulevard, Suite 101 in Las Vegas. Dean Willmore, SIOR, Alex Stanisic, Michael Willmore and Lauren Willmore of Colliers International represented the tenant.
JULY FEATURED DEALS
// COLLIERS INTERNATIONAL LAS VEGAS //
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WHO MADE THE PLANE
2020 SALES AWARD TRIP JUNE 5–9, 2021 FAIRMONT KEA LANI IN MAUI
Congratulations and Welcome Aboard! - DAN DOHERTY - PAUL SWEETLAND - DAVID GRANT - CHRIS LANE - JERRY DOTY - SPENCER PINTER - KEITH CUBBA - CHRIS CLIFFORD - BRIAN RIFFEL - PAT MARSH - MIKE STUART*
*Made the plane in July
DID YOU KNOW?
The Dole Plantation in Honolulu, Hawaii has the largest pineapple maze in the world.
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// JULY 2020 //
BROKER CONNECTIONS
M SA
NEWM
AN
Best book you’ve ever read? Green Eggs and Ham. Highly recommend. It will make your head spin.
Are you an early bird or night owl? Why? I aspire to be an early bird, not great at being a night owl… I like sleep
Would you rather be able to run at 100 miles per hour or fly at 10 miles per hour, WHY? Just glad I’m not Brett Rather.
If you could keep only one appliance in your house, which one would you choose and why? Laundry. Hate doing laundry as is. Can you imagine doing this manual?
TAG, YOU’RE IT! BRETT RATHER
// COLLIERS INTERNATIONAL LAS VEGAS //
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LAS VEGAS BY THE NUMBERS JUNE 2020 Broker Rankings YTD
MULTIFAMILY
7% RETAIL
OFFICE
2%
12%
JUNE PROPERTY TYPES INDUSTRIAL
33%
LAND
46%
Sales vs. Lease Revenue 67% - Sales
33% - Lease
124% MONTHLY BUDGET 38% YTD BUDGET 16
// JULY 2020 //
1. Dan Doherty
25. Brian Fike
2. Paul Sweetland
26. Stacy Shapiro
3. Mike Stuart
27. Alexia Crowley
4. Jerry Doty
28. Kara Walker
5. Chris Lane
29. Suzette Lagrange
6. Chris Clifford
30. Gabe Skerlich
7. David Grant
31. Steve Neiger
8. Brian Riffel
32. Brett Rather
9. Spencer Pinter
33. Tyler Jones
10. Pat Marsh
34. Andrew Kilduff
11. Keith Cubba
35. Joe Bonifatto
12. Grant Traub
36. Sam Newman
13. Dean Willmore
37. Steve Haynes
14. Eric Molfetta
38. Al Twainy
15. Dan Gluhaich
39. Jennifer Lehr
16. Mike Mixer
40. Gabe Telles
17. Scot Marker
41. Patrick Baker
18. Taber Thill
42. Chase Pavlov
19. Patti Dillon
43. Chris Bentley
20. Chris Connell
44. Jeff Swinger
21. Alex Stanisic
45. Rebecca Staniec
22. George Connor
46. Chris Lobello
23. Ryan Hendershot
47. Amanda Irving
24. Mike Willmore
Photo by Scott Webb on Unsplash
JUNE 2020 ANNIVERSARIES MIKE STUART
1994
26 Years
DAN DOHERTY
1998
22 Years
PAT MARSH
1998
22 Years
JENNIFER KENNEDY
2007
13 Years
SAM NEWMAN
2010
10 Years
CHRIS CONNELL
2011
9 Years
JERRY DOTY
2012
8 Years
TYLER JONES
2012
8 Years
NICOLE CAUILAN
2015
5 Years
CHRIS SUTTON
2016
4 Years
Congratulations!
49
TOTAL DEALS FOR THE MONTH OF JUNE
TOP 11 JUNE 2020 MIKE STUART
1
BROKER OF THE MONTH
MICHAEL STUART EXECUTIVE VICE PRESIDENT | LAND DIVISION Michael’s Broker of the Month donation will be going to the Pat Kelly Youth Foundation. The Patrick Kelley Youth Foundation (PKYF) serves the Las Vegas community and youth with educational incentives and financial aid.
I N S P I R AT I O N A L Q U OT E :
GRANT TRAUB BRIAN RIFFEL DAN DOHERTY PAT MARSH DAN GLUHAICH PAUL SWEETLAND MIKE MIXER DEAN WILLMORE JERRY DOTY CHRIS LANE
“Life is not about finding yourself. Life is about creating yourself.” — Lolly Daskal
// COLLIERS INTERNATIONAL LAS VEGAS //
17
HELLO
HOW CAN I HELP!
Voice Commerce By Anjee Solanki | 28 July 2020
Today, nearly 50% of all online searches are facilitated by voiceenabled tools as consumers engage with businesses on mobile devices and their smart home speakers. According to OC&C Strategy Consultants, voice commerce is predicted to reach $40 billion by 2022. A massive number considering 2019 sales revenue recorded at $1.8 billion. Voice commerce leverages voice-activated technologies and machine learning to create a friction-free environment that enables consumers to use speech commands to search and purchase products online.
READ MORE
DID YOU KNOW? On average, people fear spiders more than they do of death.
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// JULY 2020 //
LAS VEGAS
PHONE DIRECTORY INDUSTRIAL
LAND
MEDICAL OFFICE
Dan Doherty
+1 702 836 3707
Steven Haynes
+1 702 836 3727
Alexia Crowley
+1 702 836 3778
Jerry Doty
+1 702 836 3735
Mike Stuart
+1 702 836 3739
Stacy Shapiro
+1 702 836 3762
Ryan Hendershot
+1 702 836 3751
Tyler Jones
+1 702 836 3754
Suzette LaGrange
+1 702 836 3799
Chris Lane
+1 702 836 3728
Richard Koldewyn
+1 702 836 3738
Pat Marsh
+1 702 836 3741
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
Chase Pavlov
+1 702 836 3731
Angel Vidal
+1 702 836 3775
Spencer Pinter
+1 702 836 3776
Brian Riffel
+1 702 836 3773
Danielle Scarano
+1 702 836 3747
Alexander Stanisic +1 702 836 3742
HOTEL/RESORT Mike Mixer
INVESTMENT SERVICES Joe Bonifatto
+1 702 836 3729
Brian Fike
+1 702 836 3744
Amanda Irving
+1 702 836 3732
Eric Molfetta
+1 702 836 3756
Gabriel Skerlich Grant Traub
+1 702 836 3708
Paul Sweetland
+1 702 836 3750
Gabe Telles
+1 702 836 3758
Kara Walker
+1 702 836 3705
Dean Willmore
+1 702 836 3763
GOLF COURSE
Mike Willmore
+1 702 836 3748
Keith Cubba
Lauren Willmore
+1 702 836 3730
OFFICE Chris Connell
+1 702 836 3709
Patti Dillon
+1 702 836 3790
Andrew Kilduff
+1 702 836 3718
Megan McInerney
+1 702 836 3700
Rebecca Staniec
+1 702 836 3792
Taber Thill
+1 702 836 3796
+1 702 836 3777
+1 702 836 3789
+1 702 836 3733
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
Brett Rather
+1 702 836 3794
Al Twainy
+1 702 836 3725
PROPERTY MANAGEMENT Erica Aulino
+1 702 836 3745
Valerene Corbin
+1 702 836 3761
Jennifer Kennedy
+1 702 836 3772
Breanna Lara
+1 702 836 3753
Christine Norberg
+1 702 836 3704
Angelina Scarcelli
+1 702 836 3768
STAFF
MULTI-FAMILY Christopher Bentley
+1 702 836 3779
Shalonda Hughes
+1 702 836 3765
Jeffrey Swinger
+1 702 836 3764
RECEIVERSHIP Christopher LoBello +1 702 836 3714
RETAIL
VALUATION SERVICES
Nicole Cauilan
+1 702 836 3706
Sara Johansson
+1 702 836 3771
Gina Jones
+1 702 836 3783
Brianna Maldonado
+1 702 836 3701
Matt Stater
+1 702 836 3781
Chris Sutton
+1 702 836 3721
400 offices in 68 countries on 6 continents
MARKET CONTACT: Mike Mixer, SIOR Executive Managing Director
+1 702 735 5700
ANZ: 54 United States: 159 Canada: 48 Latin America: 20
mike.mixer@colliers.com John Stater Research & GIS Manager
+1 702 836 3781
john.stater@colliers.com
Asia Pacific: 45 EMEA: 114 COLLIERS INTERNATIONAL | LAS VEGAS
$3.5 billion in annual revenue 2 billion square feet under management 18,000+ professionals and staff
3960 Howard Hughes Parkway, Suite 150 Las Vegas, Nevada 89169 | USA +1 702 735 5700 www.colliers.com/lasvegas
ABOUT COLLIERS INTERNATIONAL Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn. Š 2020 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.
