LAS VEGAS
INSIDER
A COMMUNICATION FOR BROKERS, EMPLOYEES, COLLEAGUES AND FRIENDS
JUNE 2020
FACEBOOK.COM/COLLIERSLV
TWITTER.COM/COLLIERS_LV
TAB L E O F
CON T EN TS 4
THE GOOD AND BAD OF COMPLEX SYSTEMS
6
WHO COMES BACK TO THE OFFICE FIRST?
7
OFFICE HAPPENINGS
8
COLLIERS IN THE NEWS
9
GOING VERTICAL: MODERNIZING INDUSTRIAL
10
FEATURED LISTINGS
11
UPCOMING EVENTS
14
FEATURED DEALS
16
BY THE NUMBERS
18
WORK FORWARD >> TOGETHER
READ MORE ON
PAGE 18
Las Vegas has re-opened BE ON THE LOOK-OUT FOR UPDATES AS WE RE-OPEN
DID YOU KNOW?
A shark is the only fish which can blink with both eyes
The Good and Bad of
COMPLEX SYSTEMS in their arsenal. These tanks were hopelessly outmatched by modern NATO vehicles, but there was a method to the Soviet madness. The NATO tanks were highly
As is usual, I will begin this article relating facts that seem to have nothing to do with commercial real estate or economics, so please be patient. Once upon a time, the United States and Soviet Union allied to fight socialism’s little brother, fascism. Winning that fight, the Soviet socialists decided to take up the fascist baton and continue spreading the glory of their prison camps, extrajudicial executions and famine to the rest of the world. Thus began the Cold War. The United States and its allies chose the strategy of training and high technology to win that war – i.e. quality. The Soviet Union and its allies went instead for quantity. As an example, even into the 1990’s, the Soviets maintained thousands of old tanks
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complex machines, and were prone to break down frequently. Each tank had to have a long line of maintenance vehicles backing it up to stay in the fight. The Soviets reasoned that even an old tank was a match for a modern tank that was not working, thus the arsenal of old – simple - machines. The Soviets ultimately lost the Cold War, but their reliance on simple machines to perform simple tasks had some merit. We are faced with a similar situation today in our reliance on ever more complex systems that are used to make our economy highly productive. Make no mistake - these complex systems function well – Americans are more prosperous today than even a generation ago, and worldwide poverty has been reduced significantly in the past 50 years. It is worth noting, of course, that many American believe they are poorer than ever, even while ordering food online while sitting on a couch watching a giant flat-screen television hooked up to a global network of computers and satellites. Still, perception is not reality, no matter how many “likes” it gets on social media.
The downside of complexity, though, is that complex systems are more prone to failure than the less complex systems people had to use in the past. A complex economy is something like the highly tuned engine of a supercar. When it works, it works beautifully. But it does not always work, and keeping it working is expensive. In the past few months we have seen, as an example, our “just in time” supply network take a real licking. It still operated fairly well, but many have seen a need to install back-up systems in that network to avoid a future collapse. These back-ups somewhat defeat the purpose of the “just in time” system, which is to make e-commerce logistically cost-effective. If delivery becomes more expensive, fewer will use it. If it does not become more expensive for customers, who is going to pay for it? Will it be employees, managers, shareholders, tax payers … it has to be somebody.
Las Vegas
Reopening
FLIGHTS UP
25% At the airport, flights were up 25% to 190 arrivals on Thursday, June 4th and Friday, June 5th, compared to an average of 141 per day throughout May
There is no doubt that complexity has its advantages, but it is also worthwhile thinking about its disadvantages to avoid problems in the future. In The Collapse of Complex Societies, Joseph Tainter outlines numerous instances of rich, productive societies falling into ruin because their highly tuned, complex systems could not survive unexpected shocks. Perhaps it is a good idea to think about ways we can simplify the way we do business, so as to become more resilient in our next crisis … which given the pace of 2020 is probably due right about the time you are reading this newsletter.
// COLLIERS INTERNATIONAL LAS VEGAS //
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Who Comes Back to the Office First? By Ron Zappile — June, 17 2020
As the world emerges from quarantine, businesses leaders have been tasked with determining how best to re-enter the office. Recently, we have seen the trend of a more prolonged and cautious approach to office reentry. The primary goal is to keep everyone safe as we settle back into a new way of working. An extensive list of research illustrates that proximity to one another and social interaction can boost motivation, productivity and innovation. However, perhaps there’s a healthy balance between working in the office and from the home. Colliers’ preliminary research shows that 45% of Americans would like to work from home one to two days a week. Colliers’ Client Experience (which includes our Workplace Advisory and Portfolio Strategy Consulting teams) has developed a framework that considers the intersection of infrastructure, business requirements, and people as critical criteria to help determine who to bring back
and when. By analyzing the conditions of these three key business and real estate drivers, employees who fit the conditions of all three parameters would be the primary candidates to return to the workplace. Company leaders need to be working with their human resource and business unit leader task forces in order to identify which talent is crucial to bring back and how best and when to bring them back. We also provide two personas of different individuals in separate geographic areas to illustrate how different realities on the ground can affect the parameters and the decisions business leaders need to make.
READ MORE
Las Vegas Reopening ROAD TRIPS INCREASE Re-opening weekend data from the Regional Transportation Commission of Southern Nevada shows more than 59,600 vehicles entered on Interstate 15 from California from June 5th to June 7th.
OFFICE HAPPENINGS
15 YEARS IN A ROW WE’VE WON BROKERAGE FIRM OF THE YEAR FROM NAIOP We are honored to announce that Colliers
STACY SHAPIRO, CCIM HAS JOINED THE WILLMORE INDUSTRIAL TEAM Stacy specializes in the leasing and investment sales of healthcare assets including medical facilities, clinics,
International Las Vegas was named Brokerage
surgical centers, and land. Clients
Firm of the Year for our 15th consecutive year at
benefit from Stacy’s unique expertise
the NAIOP Southern Nevada Chapter’s Virtual Spotlight Awards! Additionally, Doherty Industrial
in providing real estate solutions to the healthcare sector through unparalleled service, market knowledge, and results.
Group which includes Dan Doherty, SIOR, Paul were recognized as Industrial Broker of the Year
ANGELINA SCARCELLI, CPM, CCIM NOMINATED AS IREM REGION 8’S REGIONAL VICE PRESIDENT OFFICER
and the team of Taber Thill, SIOR, Patti Dillon,
Congratulations to Angelina Scarcelli,
Sweetland, SIOR, Chris Lane, CCIM and Jerry Doty
SIOR, and Megan McInerney were named Office Broker of the Year.
READ MORE
CPM, CCIM for being nominated as IREM Region 8’s Regional Vice President Officer!
// COLLIERS ABOUT THE INSTITUTE OF REAL ESTATE MANAGEMENT NOMINEE MEMBERSINTERNATIONAL LAS VEGAS //
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COLLIERS IN THE NEWS Health Care Quarterly Health care providers taking control of building construction
Colliers International Las Vegas Closes $25.5 Million Sale of Undeveloped Land in West Henderson
Colliers International Las Vegas Closes $25.5 Million Sale of Undeveloped Land in West Henderson
VegasInc - June 25
CreConfidential - June 24
Nevada Business Magazine - June 23
READ MORE
READ MORE
READ MORE
Colliers International Las Vegas Signs First Tenant at Matter Logistics Center West Cheyenne
Colliers International Las Vegas Implements New Procedures to Safeguard health of team members, clients
Colliers International Las Vegas Implements New Procedures to Safeguard health of team members, clients
Nevada Business Magazine - June 22
CreConfidential - June 2
Nevada Business Magazine - June 1
READ MORE
READ MORE
READ MORE
GOING VERTICAL:
MODERNIZING INDUSTRIAL Prior to the precipitous events of COVID-19, we were experiencing significant supply chain shifts across North America in both rural and urban industrial markets. With expectations surrounding the new normal and the rapid uptick pressuring the supply chains, our focus remains committed to meeting the industrial real estate demands of e-commerce.
KEY DRIVERS TO GOING VERTICAL AND MODERNIZING IN FIRST TIER MARKETS
Shaping the future: Boost in inventories closer to densely populated urban areas. Speed to market: Hub and spoke distribution expansion; accommodating forward stocking facilities for expeditated deliveries to consumers. Investors driving capital: The lack of modernization and resulting CapEx is causing ownership transfer from various legacy owners to investors.
Constrained land and assembling sites: Satisfying the need to provide large distribution facilities close to the consumer for final-mile logistics is expected to expand. Height compliments advanced technology: E-commerce distribution centers are implementing cloud-based management, IOT, smart warehouse technology, robotics, wearables and sensors. Increased demand capacity: In addition to the rapid growth in e-commerce, the new normal of stockpiling emergency equipment, meeting demands for essential supplies and increases in cold storage requirements are expected to continue post COVID-19. Occupiers inventory expectation: Occupiers are requiring higher quality buildings with modern design and maximizing height. READ MORE
DID YOU KNOW?
Starfishes don't have brains Learn More About Starfishes
// 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
800-818 South Main Street Chris Clifford, Steve Neiger, CCIM and Brett Rather •
Suites ranging between ±6,221 SF — ±14,342 SF
•
Under new ownership for the first time in 20 years
•
Landlord offering tenant improvement allowance and free rent incentives
6713 South Eastern Avenue Alex Stanisic, Lauren Willmore, Dean Willmore, SIOR and Mike Willmore •
±37,384 SF office/warehouse building
•
Light Industrial (M-D) zoning
•
Sale price: $5,380,000
1965 Pama Lane Brian Riffel, SIOR and Tyler Jones
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•
±11,500 SF — ±29,500 SF available for lease
•
±0.37 acres for additional trailer parking
•
Lease rate: $0.87 PSF NNN
Lake Mead Plaza Alexia Crowley, CCIM •
±16,350 SF on ±1.17 acres office/medical office buildings
•
4 buildings total on 3 separate parcels
•
Sale price: $2,150,000
Pearl Court Industrial Center - 3649 East Post Road Spencer Pinter •
±20,079 SF freestanding building for lease
•
Situated on ±1.40 acres
•
Ready for immediate occupancy
3250 East Sahara Avenue Grant Traub, SIOR and Chris Connell, SIOR
JUNE FEATURED LISTINGS
•
±27,281 SF showroom and service building
•
Situated on ±4.20 acres
•
Offering price: $6,250,000
// COLLIERS INTERNATIONAL LAS VEGAS //
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J U LY 2 0 2 0
INDEPENDENCE DAY July 4
CCIM LUNCHEON 12:00pm
Office Closed on July 3 in observance
July 22 (Zoom link to follow)
SIOR LUNCH ZOOM CALL 11:45am – 1:30pm
MONTHLY INVESTMENT MEETING 9:00am – 10:30am
July 8
July 28 (Grant Traub to send Zoom link)
CREW LUNCHEON ZOOM CALL 11:30am – 1:00pm
LAS VEGAS PERSPECTIVE WEBINAR 9:00am – 10:00am
July 14
July 28
NAIOP BREAKFAST ZOOM CALL 7:00am – 8:45am
MONTHLY INDUSTRIAL MEETING 9:00am – 10:00am
July 16
MONTHLY RETAIL MEETING 8:30am – 10:00am
July 30 Call in: 712 770 4703 Access code: 121737
July 21 (David Grant to send Zoom link)
MONTHLY OFFICE MEETING 9:00am – 10:00am July 22 (Taber Thill to to send Zoom link)
MARK YOUR CALENDAR!
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BROKER CONNECTIONS TYLER JONES WHO MADE THE PLANE
2020 SALES AWARD TRIP MARCH 5–9, 2021 FAIRMONT KEA LANI IN MAUI DAN DOHERTY
CHRIS CLIFFORD
PAUL SWEETLAND
KEITH CUBBA
DAVID GRANT
BRIAN RIFFEL*
CHRIS LANE
PAT MARSH*
JERRY DOTY SPENCER PINTER
Associate
What’s the best Wi-Fi name you’ve seen? Asphalt Bandits (named after a beach cruiser bike gang) Are you an early bird or night owl? Why? Early bird, more productive in the morning What two totally normal things become really weird if you do them back to back? Drinking a protein shake right after eating. If you could keep only one appliance in your house, which one would you choose and why? Traeger grill. I literally use it to cook and bake everything I eat
TAG, YOU’RE IT! SAM NEWMAN
C O N G R AT U L AT I O N S A N D W E LC O M E A B OA R D ! *Made the plane in June
Pick the broker you want to answer next month’s newsletter questions. NO TAG BACKS!
Las Vegas Reopening
DAN DOHERTY
74 CONVENTIONS SCHEDULED BETWEEN AUGUST 2020 TO MAY 2021 // COLLIERS INTERNATIONAL LAS VEGAS //
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Photo by Scott Webb on Unsplash
FEATURED DEALS JUNE 2020
Land Sale 215
A sale to Revere Capital Management, LLC. The ±32.92 acre land parcel is located at the northwest corner of US-215 and Revere Drive (APN: 126-16-710-004/008 & 124-16-701-004) in North Las Vegas. The transaction amount $8,275,000.00. Michael Stuart of Colliers International represented the seller, Revere Propco, LLC.
Industrial Lease A lease to Botanic Beauty Products Inc. The ±50,670 square foot industrial property is located in Matter West Cheyenne Business Center at 4208 West Cheyenne Avenue in North Las Vegas. Dan Doherty, SIOR, Paul Sweetland, SIOR, Chris Lane, CCIM and Jerry Doty of Colliers International represented the landlord, Matter Real Estate Group. Pat Marsh, SIOR and Sam Newman of Colliers International represented the tenant.
Industrial Sale A sale to BE Liquidators LLC. The ±5,000 square foot industrial property is located at 4470 East Cheyenne Avenue in Las Vegas. The transaction amount $750,000.00. Dean Willmore SIOR, Michael Willmore and Lauren Willmore of Colliers International represented the seller, RJ Truck Lines LLC. Alex Stanisic of Colliers International represented the buyer.
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Land Sale A sale to International Asset Manager Inc. The ±11.83 acre land parcel is located near Galleria Drive and Boulder Highway (APN: 178-02-501-009) in Henderson. The transaction amount $4,750,000.00. Brian Riffel, SIOR and Tyler Jones of Colliers International represented the seller, Southwest & Martin Commercial Center LLC.
Retail Sale A sale to Wantai LLC. The ±23,596 square foot retail property is located in Russell Pavilion at 6825 West Russell Road in Las Vegas. The transaction amount $6,000,000.00. Dan Gluhaich of Colliers International represented the seller, Daniel and Cathy Pereyra.
Industrial Lease A lease to Salient Consulting Group, Inc. The ±10,303 square foot industrial property is located in Hughes Airport Center at 831 Pilot Road, Suite D in Las Vegas. Dean Willmore, SIOR, Alex Stanisic, Mike Willmore, Lauren Willmore and Stacy Shapiro, CCIM of Colliers International represented the tenant.
JUNE FEATURED DEALS
// COLLIERS INTERNATIONAL LAS VEGAS //
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LAS VEGAS BY THE NUMBERS MAY 2020 Broker Rankings YTD
OTHER
2%
RETAIL
7%
OFFICE
9%
MAY PROPERTY TYPES LAND
INDUSTRIAL
37%
45%
Sales vs. Lease Revenue
39% - Sales
61% - Lease
104% MONTHLY BUDGET 31% YTD BUDGET
1. Dan Doherty
25. Chris Connell
2. Paul Sweetland
26. Mike Willmore
3. Jerry Doty
27. Kara Walker
4. Chris Lane
28. Suzette Lagrange
5. David Grant
29. Alexia Crowley
6. Spencer Pinter
30. Gabe Skerlich
7. Chris Clifford
31. Steve Neiger
8. Keith Cubba
32. Brett Rather
9. Brian Riffel
33. Joe Bonifatto
10. Eric Molfetta
34. Tyler Jones
11. Pat Marsh
35. Sam Newman
12. Mike Stuart
36. Al Twainy
13. Dean Willmore
37. Steve Haynes
14. Scot Marker
38. Jennifer Lehr
15. Taber Thill
39. Andrew Kilduff
16. Patti Dillon
40. Gabe Telles
17. Dan Gluhaich
41. Patrick Baker
18. George Connor
42. Chase Pavlov
19. Grant Traub
43. Chris Bentley
20. Mike Mixer
44. Jeff Swinger
21. Ryan Hendershot
45. Rebecca Staniec
22. Brian Fike
46. Chris Lobello
23. Alex Stanisic
47. Amanda Irving
24. Stacy Shapiro
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// JUNE 2020 //
MAY 2020 ANNIVERSARIES GINA JONES
1998
22 Years
KIMBERLEE HAMILTON
2007
13 Years
DAN GLUHAICH
2012
8 Years
SARA JOHANSSON
2013
7 Years
ALYSSA PARKS
2018
2 Years
PATRICK BAKER
2019
1 Year
JEFF SWINGER
2019
1 Year
SHALONDA HUGHES
2019
1 Year
Congratulations!
1
BROKER OF THE MONTH
DAN DOHERTY, SIOR EXECUTIVE VICE PRESIDENT | INDUSTRIAL DIVISION Dan’s Broker of the Month donation will be going to the Ronald McDonald House Charities. A nonprofit organization whose stated mission is to create, find, and support programs that directly improve the health and wellbeing of children.
I N S P I R AT I O N A L Q U OT E :
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TOTAL DEALS FOR THE MONTH OF MAY
TOP 10 MAY 2020 DAN DOHERTY PAT MARSH PAUL SWEETLAND ERIC MOLFETTA MIKE STUART JERRY DOTY CHRIS LANE CHRIS CLIFFORD DEAN WILLMORE RYAN HENDERSHOT
“Coming together is a beginning. Keeping together is progress. Working together is success” — Henry Ford
// COLLIERS INTERNATIONAL LAS VEGAS //
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TAKE AN INSIDE LOOK AT WHAT IT TAKES TO
WORK FORWARD >> TOGETHER Dan Doherty DOHERTY INDUSTRIAL GROUP Bringing the new habits we’ve built into post-COVID life at Colliers International, our local team of experts stand ready to help our clients get back-to-business and reimagine a new future for the workplace. Take a look as @Dan Doherty, Executive Vice President in the Industrial Division at Colliers Las Vegas, shares his story about what it takes to Work Forward >> Together
G E T TO K N OW DA N
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// JUNE 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
Pat Marsh
+1 702 836 3741
Sam Newman
+1 702 836 3724
Alyssa Parks
+1 702 836 3755
Chase Pavlov
+1 702 836 3731
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
+1 702 836 3777
INVESTMENT SERVICES Patrick Baker
+1 702 836 3703
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
Mike Willmore
+1 702 836 3748
Lauren Willmore
+1 702 836 3730
Keith Cubba
Chris Connell
+1 702 836 3709
MULTI-FAMILY
Patti Dillon
+1 702 836 3790
Christopher Bentley
+1 702 836 3779
Andrew Kilduff
+1 702 836 3718
Shalonda Hughes
+1 702 836 3765
Megan McInerney
+1 702 836 3700
Jeffrey Swinger
+1 702 836 3764
Rebecca Staniec
+1 702 836 3792
Taber Thill
+1 702 836 3796
+1 702 836 3789
GOLF COURSE +1 702 836 3733
OFFICE
VALUATION SERVICES Richard Koldewyn
+1 702 836 3738
Heidi Meidenbauer
+1 702 836 3726
Evan Ranes
+1 702 836 3749
Brandon Roper
+1 702 836 3734
Angel Vidal
+1 702 836 3775
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
RECEIVERSHIP
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
Christopher LoBello +1 702 836 3714
RETAIL 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
Las Vegas Reopening CALIFORNIA LOVES LAS VEGAS The Regional Transportation Commission tracked traffic volume at the California state line starting Wednesday, June 3rd, the day before the casinos opened; it was up 14% week over week. On Thursday, June 4th, it rose to 23% and on Friday, June 5th it was up 37%, though it was down 27% year over year.
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.
