April 2017
LAS VEGAS
INSIDER A COMMUNICATION FOR BROKERS, EMPLOYEES, COLLEAGUES AND FRIENDS
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3000 Joe W Brown Dr, Las Vegas, NV 89109
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TABLE OF CONTENTS: LAS VEGAS RESEARCH EVENT HIGHLIGHT – SPRING FLING FEATURED DEALS FEATURED LISTINGS
4 6 7 8
COLLIERS IN THE NEWS UPCOMING EVENTS TRENDS & REAL ESTATE SUMMIT MCCARRAN AIRPORT HISTORY
9 11 12 13
VEGAS BY THE NUMBERS 14 BROKER OF THE MONTH 15 DIRECTORY 16
“Opportunity is missed by most people because it is dressed in overalls and looks like work.” Thomas Edison
M I K E’ S Q U OTE O F TH E M O NTH LAS VEGAS INSIDER | A pri l 2 017
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LAS VEGAS RESEARCH
Southern Nevada’s commercial real estate extended its recovery and expansion in the first quarter of 2017. The industrial market began what by year’s end should be one of its largest expansions ever, the office market saw its recovery continue apace and the medical office market also saw conditions improve. Only the retail market suffered a set-back, and this relatively minor and not unexpected as it comes at the end of the retail market’s first expansion since its recovery from the Great Recession.
Colliers International – Las Vegas releases First Quarter Reports
QUARTERLY REPORTS FOR Q1 2017 NOW AVAILABLE
The industrial market in Southern Nevada has been threatening a construction boom for a few years now, and in the first quarter of 2017 that boom arrived. Over 2.2 million square feet of new industrial space was completed this quarter, and the remainder of 2017 should see inventory expand by at least 6.8 million square feet more. The rapid pace of construction sent industrial vacancy up to 6.1 percent, despite an increase in net absorption. “We think demand for industrial space will remain steady through 2017, and by 2018 vacancy rates will begin to decrease,” remarked John Stater, the research manager of Colliers International’s Las Vegas office. The pace of multifamily construction increased in 2016, with 1,680 units completed by the end of the year and vacancy holding steady at 3.2 percent. Demand for multifamily space remains strong in the Valley, no doubt buoyed by high home prices and increased migration into Southern Nevada. This demand is also keeping the market for multifamily investment hot. 2016 saw the sale of 22,074 units of multifamily, beating the recent record of 21,840 units sold in 2012. After strong numbers in 2016, Southern Nevada’s hospitality market posted growth in most areas in January 2017, but saw only light sales in the first quarter of 2017. While it may be difficult to best 2016’s visitor volume record in 2017, there are no indications that visitor volume or any other measures of the hospitality market are poised for a dramatic fall. Should the hospitality market continue to be healthy, and the national economy healthy along with it, we think hospitality sales will improve as 2017 wears on. A total of 2,158 rooms sold in Southern Nevada in the first quarter of 2017, with total sales volume of $63 million and an average sales price of $29,000 per room. Mike Mixer, Executive Managing Director said, “While sales volume of hospitality was light in the first quarter, all signs are that the hospitality market will continue to thrive in 2017.” Southern Nevada’s office market just keeps on keeping on. Not as dramatic as the industrial market, the office market managed to record yet another quarter of recovery in the first quarter of 2017. Vacancy dropped to 17 percent in the first quarter of 2017, and net absorption was 127,479 square feet, higher than one quarter ago. We think office vacancy rates will continue to fall, probably stabilizing in the 15 percent range within the next two years. As vacancy rates reach that “new normal”, expect to see more speculative office projects become viable.
Southern Nevada’s medical office market posted a fourth straight quarter of positive net absorption in the first quarter of 2017, which would be better news if this positive net absorption had also led to lower vacancy rates. Unfortunately, the completion of an 80,000 square foot medical office building in the Henderson submarket meant that vacancy increased. Still, vacancy remains lower than it was one year ago, and asking rental rates saw an increase of $0.05 per square foot (psf) on a full service gross (FSG) basis to $2.19. We think that the positive trends we have seen in the market should continue, but that the continued healthcare debate in Washington D.C. leaves the future difficult to predict. The retail market hit another bump in the road in the first quarter, with negative net absorption brought about by the closure of some large anchor locations. Net absorption in the first quarter totaled negative 17,825 square feet, bringing the vacancy rate up slightly to 8.4 percent. Vacancy was still down on a year-over-year basis. The asking rental rate for retail space in the first quarter of 2017 was $1.36 per square foot (psf) on a triple-net (NNN) basis, $0.06 higher than one year ago. As new centers are completed over the next two quarters, we think net absorption will rebound, and that 2017 will prove to be a productive year for Southern Nevada’s retail market. The first quarter of 2017 saw land sales decrease, compared to a quarter ago and compared to one year ago. In the first quarter there were 60 land sales totaling 454.16 acres with a total sales volume of $142.8 million. The average sales price for land in Southern Nevada in the first quarter of 2017 was $7.22 per square foot (psf), higher than in 2016 when large industrial land sales at Apex drove the average price per square foot lower, and a modest improvement over the last five years. For their part, land owners are in no hurry to sell, and are comfortable waiting until they achieve the price they want for their land. This is slowing land sales, but should commercial and industrial development continue to be strong, the need for additional land by developers will increase sales, probably three to four quarters in the future. As supply of large land parcels along the I-215 Beltway continues to shrink, the new frontier for the land market is South Las Vegas Blvd.
THE FULL FIRST QUARTER REPORT OF 2017 CAN BE DOWNLOADED AT www.colliers.com/en-us/lasvegas/ insights/marketnews/lvqreport
LAS VEGAS INSIDER | A pri l 2 017
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COLLIERS PERKS
HAVE IDEAS FOR A MONTHLY PERK? EMAIL LASGRAPHICS@LVCOLLIERS.COM TO SHARE!
COLLIERS SPRING FLING We hosted a Spring Fling complete with springtime treats and an egg hunt around the office on April 13th. 100 eggs were hidden around the office and we were excited to see the competitive nature come out in our team as most people were hunting for hidden eggs. Congratulations to Pat Watts who found our Golden Egg and a $50 Visa Gift Card. Thank you to all that helped make our April Perk a big success.
FEATURED DEALS
INDUSTRIAL SALE
RETAIL SALE
±96,500 SQUARE FOOT INDUSTRIAL PROPERTY A sale to SUNPROA, LLC. The ±96,500 square foot industrial property is located at 5180 Cameron Street in Las Vegas. The transaction amount was $10,000,000.00. Mike DeLew, SIOR and Greg Pancirov, SIOR of Colliers International represented the seller, CAM 96.5, LLC.
±14,820 SQUARE FOOT RETAIL PROPERTY A sale to Double X Ranch Limited Partnership. The ±14,820 square foot retail property is located at 250 Falcon Ridge Parkway in Mesquite. The transaction amount was $5,553,600.00. David Grant, Grant Traub, and Chris Connell of Colliers International represented the seller, Mesquite Power Center, LLC.
LAND SALE
RETAIL LEASE
±5 ACRE LAND PARCEL A sale to Legacy House of Summerlin LLC. The ±5.00 acre land parcel is located at the northeast corner of Grand Canyon Drive and Sunset Road (APN: 163-31-801-005) in Las Vegas. The transaction amount was $2,375,000.00. Frank Marretti of Colliers International represented the buyer.
±24,034 SQUARE FOOT RETAIL PROPERTY A lease to Lin Consulting LLC. The ±24,034 square foot retail property is located in Russell Commerce Center at 5050 East Russell Road in Las Vegas. Eric Molfetta, CCIM and Chris Zunis of Colliers International represented the landlord, 2717 Robertson LLC.
MEDICAL OFFICE LEASE ±6,127 SQUARE FOOT MEDICAL OFFICE PROPERTY A lease to FirstMed Health & Wellness Center. The ±6,127 square foot medical office property is located in Shadow Medical Center at 400 Shadow Lane, Suite 106 in Las Vegas. Stacy Scheer, CCIM LEED GA, Ryan Martin, CCIM, SIOR, Taber Thill, SIOR and Patti Dillon, SIOR of Colliers International represented the landlord, MSCI 2007-IQ13 Shadow Lane, LLC. Stacy Scheer, CCIM LEED GA of Colliers International represented the tenant.
LAS VEGAS INSIDER | A pri l 2 017
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FEATURED LISTINGS
BUFFALO DRIVE AND I-215
4852 CECILE AVENUE
ROBERT TORRES AND SCOTT GRAGSON
BRIAN RIFFEL AND TYLER JONES
•
±5.93 Acres of Land for Sale
•
±4,258 Total SF with ±1,400 SF Two-Story Office
•
Commercial growth along 215 is booming
•
Located Just Minutes From the I-15 Interchange and
•
Asking $6,000,000.00
Cheyenne Avenue •
Asking $450,000.00
7251 LAKE MEAD PARKWAY
7135 BERMUDA ROAD
PATTI DILLON, SIOR, TABER THILL, SIOR, RYAN MARTIN, SIOR, CCIM AND TEDDIE HICKEY
GREG PANCIROV, SIOR AND MIKE DELEW, SIOR
•
±106,700 SF five-story, Class A suburban office building
•
Suites ranging from ±1,200 SF - ±25,000 SF
•
$2.20 - $2.35 PSF FSG
•
±3,392 SF HVAC Office with ±5,040 SF Evaporated Cooled Warehouse
•
Immediate I-215 & I-15 Access
•
$0.15 PSF NNN
2870 SOUTH MARYLAND PARKWAY
7240 SOUTH RAINBOW BOULEVARD
ALEXIA CROWLEY, CCIM, LEED GA
CHRIS CLIFFORD, STEVE NEIGER AND BRETT RATHER
•
3 story medical office building with suites ranging from
•
±2,400 SF retail space for lease
±1,085 SF - ±23,746 SF
•
Great Visibility & Traffic along Rainbow Boulevard, close
•
Adjacent to Sunrise Hospital
•
Access to I-15 & I-95 Freeways, just East of The Strip
proximity to I-215 •
$3.25 PSF/Month ($0.42 NNN)
KARA WALKER NAMED COLLIERS PARRISH INTERNATIONAL’S
ROOKIE OF THE YEAR
SUZETTE LAGRANGE RECEIVED HER CCIM DESIGNATION
COLLIERS INTERNATIONAL | LAS VEGAS IS PROUD TO ANNOUNCE THAT SENIOR ASSOCIATE, KARA WALKER, CCIM OF THE INDUSTRIAL DIVISION WAS NAMED COLLIERS PARRISH INTERNATIONAL’S ROOKIE OF THE YEAR FOR 2016.
Colliers International | Las Vegas is proud to congratulate Senior Vice President of Industrial Services, Suzette LaGrange, CCIM, on earning the Certified Commercial Investment Member (CCIM) designation. This designation is reserved for recognizing leading experts in commercial investment real estate.
Kara was nominated along with 5 other rookies in contention for this honor. The Rookie of the Year Award is given to a professional that is in their first year to year and a half of production and is based on total gross sales commissions. Congratulations, Kara!
A CCIM designation represents proven expertise in financial, market, and investment analysis, in addition to negotiation. To receive this prestigious designation, one must successfully complete graduate-level education curriculum, present a portfolio of qualifying experience, and pass the Institute’s comprehensive examination.
IN THE NEWS THE EVOLUTION AND RISE OF THE SOUTHWEST VALLEY https://vegasinc.com/news/2017/mar/27/ the-evolution-and-rise-of-the-southwestvalley/#disqus_thread
DEVELOPING BIG BOXES: GROWTH IN NEVADA’S INDUSTRIAL MARKET www.nevadabusiness.com/2017/04/ developing-big-boxes-growth-in-nevadasindustrial-market/
GOL F TOU R NA ME N T ACCOLADES; PATTI DILLON OF COLLIERS INTERNATIONAL RECEIVES DESIGNATION http://businesspress.vegas/brief/accolades/ accolades
SAVE THE DATE
WEDNESDAY MAY 17,2017
LAS VEGAS INSIDER | A pri l 2 017
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2017 SALES AWARD TRIP THE FAIRMONT KEA LANI PLANE
WAILEA, MAUI, HAWAII Friday, March 16 – Tuesday, March 20, 2018
CONGRATULATIONS AND WELCOME ABOARD MIKE DELEW, SIOR
Executive Vice President Industrial Division
TOM NASEEF, SIOR, CCIM*
Senior Vice President Multifamily Division
*These brokers qualified for the plane in March
UPCOMING EVENTS MONTHLY OFFICE MEETING 9:00am Main Conference Room APRIL 26
MONTHLY RETAIL MEETING 8:30am Main Conference Room MAY 16 Office Closed MAY 29
CCIM LUNCHEON 9:00am Palms Casino Resort APRIL 26 MONTHLY OFFICE MEETING 9:00am Main Conference Room MAY 1 MONTHLY LAND MEETING 9:00am Main Conference Room MAY 2 COMMERCIAL ALLIANCE MIXER 5:30pm Cili at Bali Hai MAY 3
9:00am Shotgun Start Las Vegas Country Club MAY 17 MONTHLY INDUSTRIAL MEETING 9:00am Main Conference Room MAY 18 NAIOP AFTERNOON MEETING 4:00pm Springs Preserve MAY 18
CREW LUNCHEON 11:30am Las Vegas Country Club MAY 4 SIOR LUNCHEON 12:00pm Maggianos Fashion Show MAY 10 NAIOP GOLF TOURNAMENT 7:30am Reflection Bay Golf Club at Lake Las Vegas MAY 11
COLLIERS ICSC LAST CALL PARTY 6:00 pm Drais Las Vegas MAY 23 MONTHLY OFFICE MEETING 9:00am Main Conference Room MAY 24 CCIM LUNCHEON 11:30am Palms Casino Resort MAY 24
MAY 14 ALL HANDS LINKS FOR LIFE MEETING 9:00am Main Conference Room MAY 15
PASTRIES WITH PAT 9:30am Coffee Bar MAY 30
MONTHLY BIRTHDAY CELEBRATION 2:30pm Main Conference Room MAY 25
COLLIERS NIGHT AT LAS VEGAS 51’S BASEBALL GAME 7:00pm Cashman Stadium JUNE 15
UNLV’s mascot “Hey Reb” is a personification of the Rebel which came to fruition because “UNLV broke away from UNR and was “rebelling” against the status quo.” Before Hey Reb took hold in the 1980’s, UNLV’s mascot, a wolf named Beauregard, was meant to make a little jab at the Wolf Pack mascot of Reno. The two school’s mascots seemed to mimic the Civil War. Contradictory to the northern looking wolf that Reno had, UNLV’s wolf was dressed in a gray military field jacket and confederate cap with fangs and a distinctive wink
LAS VEGAS INSIDER | A pri l 2 017
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Healthcare
TRENDS &
Real Estate
SUMMIT LAS VEGAS, NEVADA
On April 6th, more than 200 people attended the Colliers/Las Vegas HEALS co-hosted Heathcare TRENDS and Real Estate SUMMIT at the Keep Memory Alive Event Center at the Lou Ruvo Center for Brain Health, Downtown. Three panels spoke to the changing trends in Healthcare reform, post-election insights, local leadership and strategies for expansion in the Valley, and a pulse on the Healthcare/Real Estate markets. The event was a huge success and we would like to thank everyone that helped to pull it together and especially those that came out to support the event.
The original McCarran Airport in Las Vegas was located on Las Vegas Boulevard South just 4 miles north of Downtown Las Vegas (near Sahara Avenue). In 1948 McCarran Field opened and hosted 12 flights per day. Today’s McCarran Airport sees more than 47 million travelers per year and is one of the busiest airports in North America.
BRANDY DUMAS WAS NAMED ASSISTANT PROPERTY MANAGER
Brandy has been with Colliers for more than three years and currently assists in the management of approximately 1,500,000 square feet consisting of retail, office and industrial properties. As the Assistant Property Manager, she assists in the dayto-day operations of these properties. Congratulations, Brandy!
LINKS FOR LIFE
F O U N D A T I O N
Candlelighters (Love Sponsorship)
$25,000.00
St. Baldrick's Foundation
$1,000.00
Robert Taylor Elementary School
$5,000.00
Miracle Flights
$1,500.00
Bailey Rae Stevens
$500.00
Safe Nest
$1,000.00
Patrick Kelley Youth Foundation
$2,000.00
Southern Highlands Charitable Foundation
$2,500.00
LAS VEGAS INSIDER | A pri l 2 017
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VEGAS THE NUMBERS:
OFFICE HAPPENINGS
OFFICE
MULTIFAMILY $319,858 15%
MARCH PROPERTY TYPES
RETAIL $312,259 15%
LAND $50,875 2%
MARCH
SALES VS. LEASE
INDUSTRIAL $674,854 32%
LEASE 36%
DESCRIPTION
MONTHLY ACTUAL
MONTHLY BUDGET
% MONTHLY BUDGET
% YTD BUDGET
Office Revenue
$2,109,955
$1,796,242
117%
24%
TOP 10 AGENTS OF THE MONTH MARCH 2017 1. 2. 3. 4. 5.
SALE 64%
$752,109 36%
Mike Delew Tom Naseef Thomas Olivetti Dan Gluhaich Chris Clifford
84
6. Andrew Kilduff 7. Stacy Scheer 8. Spencer Pinter 9. Phillip Dunning 10. Garry Cuff
MARCH OFFICE TRANSACTIONS
MARCH 2017 ANNIVERSARIES Mike Delew
1995
22 Years
Taber Thill
2002
15 Years
Brian Riffel
2002
15 Years
Suzette Lagrange
2005
12 Years
Chris Lane
2010
7 Years
Joe Bonifatto
2012
5 Years
Al Twainy
2012
5 Years
Brandy Dumas
2014
3 Years
Chris Zunis
2015
2 Years
BROKER RANKINGS YTD 2017 1. Mike Delew 2. Tom Naseef 3. Dan Gluhaich 4. David Grant 5. Dan Doherty 6. Chris Clifford 7. Al Twainy 8. Thomas Olivetti 9. Grant Traub 10. Greg Pancirov 11. Ryan Martin 12. Taber Thill 13. Chris Connell 14. Spencer Pinter 15. Mike Stuart 16. Stacy Scheer 17. Andrew Kilduff
18. Mike Mixer 19. Patti Dillon 20. Pat Marsh 21. Brian Riffel 22. Steven Haynes 23. Phillip Dunning 24. Garry Cuff 25. Dean Willmore 26. Scot Marker 27. Eric Molfetta 28. Vince Schettler 29. Chris Lobello 30. Alexia Crowley 31. George Connor 32. Scott Gragson 33. Brian Fike 34. Chris Lane
35. Suzette Lagrange 36. Kara Walker 37. Rebecca Staniec 38. Robert Torres 39. Susan Borst 40. Frank Marretti 41. Steve Neiger 42. Keith Cubba 43. Pat McNaught 44. Joe Bonifatto 45. Chris Bentley 46. Eric Tumbleson 47. John Kilpatrick
85/15 CLUB Mike DeLew Tom Naseef Dan Gluhaich
1
BROKER OF THE MONTH
CO NG RA T UL A T IO NS MIKE DELEW, SIOR
SAM NEWMAN Associate Industrial Division
Executive Vice President Industrial Division
Michael G. De Lew is an Executive Vice President in the Industrial Division of Colliers International, which consistently ranks at the top of all commercial real estate firms in Nevada. Mr. De Lew 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. Mr. De Lew 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 million in transactions over the past 5 years.
Sam Newman is an associate in the Industrial Division of Colliers International, which consistently ranks at the top of all commercial real estate firms in Nevada. Mr. Newman is experienced in site selection, industrial sales, leasing, and disposition.
Q
What is your favorite hobby?
A
I enjoy going over to UNLV after work and completing the unfinished math equations written on the chalkboard in the hallway.
Q
Who do you admire the most and why?
A
Dan Doherty. I respect anyone that can dress like that and still be confident.
If you could invite 3 people, living or dead out for dinner, who would they be?
Q
What famous person to other people say you most resemble?
My mother, my stepfather, and Angie (my wife) and yes, all three at the same time ;-)
A
Jimmy Fallon
If you could hear what someone is thinking for a day, who would you choose?
Donald Trump, no question. If you could only have one food the rest of your life, which food would you choose?
Mexican food If you could live anywhere for a year, all expense paid, where would you live?
Hawaii What is a nickname you took on at some point in your life?
Skladew
LAS VEGAS INSIDER | A pri l 2 017
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LAS VEGAS PHONE DIRECTORY LAND
INDUSTRIAL Susan Borst Chelsy Cardin Mike DeLew Dan Doherty Jerry Doty Tyler Jones Suzette LaGrange Chris Lane Pat Marsh Eric Molfetta Sam Newman Greg Pancirov Spencer Pinter Brian Riffel Alexander Stanisic Kara Walker Dean Willmore Chris Zunis
+1 702 836 3719 +1 702 836 3793 +1 702 836 3736 +1 702 836 3707 +1 702 836 3735 +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 3742 +1 702 836 3705 +1 702 836 3763 +1 702 836 3703
Scott Gragson Steven Haynes John Kilpatrick Pat McNaught Vince Schettler Mike Stuart Robert Torres
+1 702 836 3709 +1 702 836 3790 +1 702 836 3718 +1 702 836 3780 +1 702 836 3792 +1 702 836 3796
GOLF COURSE
OFFICE Chris Connell Patti Dillon Andrew Kilduff Ryan Martin Rebecca Staniec Taber Thill
RETAIL Chris Clifford Garrett Connor George Connor Phillip Dunning Dan Gluhaich David Grant Amelia Hyden Scot Marker Steve Neiger Brett Rather Eric Tumbleson Al Twainy
+1 702 836 3746 +1 702 836 3738 +1 702 836 3786 +1 702 836 3766 +1 702 836 3757 +1 702 836 3785 +1 702 836 3774 +1 702 836 3782 +1 702 836 3760 +1 702 836 3794 +1 702 836 3708 +1 702 836 3725
+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
MEDICAL OFFICE Alexia Crowley Stacy Scheer
+1 702 836 3778 +1 702 836 3762
VALUATION SERVICES Tom Hoover
+1 702 836 3749
PROPERTY MANAGEMENT HOTEL/RESORT Mike Mixer Dharmesh Patel
+1 702 836 3777 +1 702 836 3713
INVESTMENT SERVICES Joe Bonifatto Brian Fike Frank Marretti Tom Naseef Grant Traub
Keith Cubba
+1 702 836 3729 +1 702 836 3744 +1 702 836 3758 +1 702 836 3720 +1 702 836 3789
+1 702 836 3733
Erica Aulino Brandy Dumas Jennifer Kennedy Gretchen Lee Angelina Scarcelli
+1 702 836 3745 +1 702 836 3761 +1 702 836 3772 +1 702 836 3704 +1 702 836 3768
STAFF Nicole Cauilan Courtney Goffstein Alisa Husic Sara Johansson Gina Jones Matt Stater Chris Sutton
+1 702 836 3706 +1 702 836 3710 +1 702 836 3701 +1 702 836 3771 +1 702 836 3783 +1 702 836 3781 +1 702 836 3721
MULTI-FAMILY Christopher Bentley Garry Cuff Jeff Naseef Tom Naseef Thomas Olivetti
+1 702 836 3779 +1 702 836 3716 +1 702 836 3731 +1 702 836 3720 +1 702 836 3740
RECEIVERSHIP Christopher LoBello
+1 702 836 3714
MIKE MIXER
Executive Managing Director | Las Vegas
+1 702 735 5700