LAS VEGAS INSIDER | Jun e 2 017
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FACEBOOK.COM/COLLIERSLV
TWITTER.COM/COLLIERS_LV
TABLE OF CONTENTS: ACADEMIA VIEWS – LV RESEARCH TURNING PRO FEATURED DEALS FEATURED LISTINGS
4 6 7 8
COLLIERS IN THE NEWS BROKER HAWAII TRIP UPCOMING EVENTS 51’S BASEBALL FAMILY NIGHT
9 10 11 12
EMPLOYEE HAPPENINGS 13 VEGAS BY THE NUMBERS 14 BROKER OF THE MONTH 15 DIRECTORY 16
M I K E’ S Q U OTE O F TH E M O NTH
I’VE LEARNED THAT PEOPLE WILL FORGET WHAT YOU SAID, PEOPLE WILL FORGET WHAT YOU DID, BUT PEOPLE WILL NEVER FORGET HOW YOU MADE THEM FEEL.
CONTAINS ENOUG H CO NCRE TE TO STRE TCH ACROS S THE COU NTRY
- M AYA A NGELOU
LAS VEGAS INSIDER | Jun e 2 017
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LAS VEGAS RESEARCH
By John M Stater
THE VIEW FROM
ACADEMIA A few weeks ago I had the privilege (privilege because I got in for free) of attending the 2017 mid-year economic outlook held by the Center for Business and Economic Research at UNLV. The Outlook is held
bi-annually, and gives UNLV’s chief economist a chance to show how things are going now on the national, state and local levels, and how they think things will go in the near future.
The word from CBER is very positive. National economic growth appears to be accelerating, as is growth in Southern Nevada. Moreover, there is really no sign of a recession in the near future – 2017, 2018 and 2019 should see continued growth after 8 years of economic recovery. Let’s tackle a few key measures of the economy …
GDP (Gross Domestic Product) is growing at about 2 percent per year. The CBO (Congressional Budget Office) thinks this is the best case scenario, though various politicians have boasted they can do better. Potential GDP (i.e. GDP under the best possible circumstances) is only growing slightly, so besting 2 percent will be tough. Still, the forecast is for 2 percent growth through 2018 and positive growth is better than negative growth (and only in economics is there such a concept as “negative growth”). This slow growth is not just the purview of the US of A. Advanced economies worldwide are growing at about 2 percent, and the IMF (International Monetary Fund) sees growth in the Asia-Pacific region slowing to 6 percent from the double-digit growth rates of the 1990s and 2000s. Emerging economies (such as Brazil, which has been emerging for about 50 years) are growing at about 4.5 percent. Monetary policy appears to be on the sidelines these days. With $3.5 trillion in assets, the Federal Reserve (or “Fed” to friends) is intent on allowing those assets to mature naturally, until they get down to a paltry $2 trillion in assets. The Fed appears to be set to raise rates, probably hitting a 30-year mortgage rate of 5.9 percent by March 2018. Some folks “in the know” think this is a tragic mistake based on job growth that isn’t all it is cracked up to be, while others bemoan the low-rate “war on savers” the Fed has engaged in over the past decade. From a commercial real estate perspective, higher lending rates could slow sales.
VEGAS IS BACK Recovery Index (2010 to Present)
Job growth has been slowing, but remains relatively strong, adding more than the 100,000 jobs per month to keep our heads above water. The manufacturing index is also growing, and consumer and business confidence are on the rise. This might be the most interesting fact, given the blanket of negative stories reported in the (less influential by the day) popular press. Still, confidence ratings are always fragile, and in this case might represent hope more than experience. Locally, the economy seems to be steaming along at a steady pace. Taxable sales, job growth and visitor volume are all headed in the right direction. Nevada is now the fastest growing (economically) Western state, and the Las Vegas MSA the fastest growing Western metropolitan area. Employment in Southern Nevada is now above the previous peak, though with a different mix of jobs. Construction employment has improved since the recession, but remains well below the previous peak. Besides the abundant development in the Valley of warehouse/distribution space and multifamily projects, we also have a new professional football stadium and convention center expansion for which to look forward. Las Vegas Raiders stadium and the LVCC will require about 18,000 workers, many of whom will come from out of town as they did during the boom years. Daily/nightly motels, fast food restaurants and gas stations will be the beneficiaries of this migrating labor, so development of and investments in such properties along the I-15 corridor might be prudent.
Looking at our own Recovery Index (which might soon become the Expansion Index), we see the Valley finishing up the annual winter slide in March in preparation for Spring/Summer growth. On a year-over-year basis, we see improvement in every important measure of the index, and with the exception of new home sales and in-migration, every measure is above its 2005 level. Three measures – Employment, Taxable Sales and Visitor Volume, are now above the peak levels of 2006. On a year-overyear basis, the index has averaged 4.4 percent growth over the past twelve months – more than double the long-term growth rate of 2 percent and just the same as the 4.4 percent growth rate experienced in 2005 and 2006. Vegas is back, and it looks like its best years really are ahead of it.
Southern Nevada Commercial Real Estate Recovery Index Jan 2005=100
LAS VEGAS INSIDER | Jun e 2 017
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ROUND 34 PICK 6
Congratulations, Justin! JUSTIN JONES, A 2017 GRADUATE FROM UNLV WAS DRAFTED TO THE OAKLAND A’S BASEBALL ORGANIZATION IN THE 34TH ROUND, THE 6TH PICK OF THE 2017 MLB DRAFT. In the 2017 season, Justin batted .360 with nine home runs and led the team in doubles (16), RBIs (50), total bases (120) and slugging percentage (.591), while sharing the top spot in multiple-hit games (22), which featured three four-hit and five three-hit games. His slugging percentage was backed by 27 extra-base hits: 16 doubles, nine home runs and two triples. In his freshman year, Justin was named to the 2013 Academic All-Mountain West team and also a two-time All-Mountain West Second Team performer in 2014 and 2017.
BATTED .360 WITH NINE HOME RUNS AND LED THE TEAM IN DOUBLES (16), RBIS (50), TOTAL BASES (120) AND SLUGGING PERCENTAGE (.591)
FEATURED DEALS
INDUSTRIAL LEASE
MULTIFAMILY SALE
±100,000 SQUARE FOOT INDUSTRIAL PROPERTY A lease to Just for Show Inc. The ±100,000 square foot industrial property is located at 3950 West Harmon Avenue in Las Vegas. Dean Willmore, SIOR and Alex Stanisic of Colliers International represented the tenant.
136 UNIT MULTIFAMILY PROPERTY A sale to Flamingo 136, LLC. The 136-apartment unit is located in Flamingo Chateau at 6570 West Flamingo Road in Las Vegas. The transaction amount was $16,600,000.00. Al Twainy, CCIM and Amelia Hyden of Colliers International represented the buyer.
RETAIL SALE
INDUSTRIAL SALE
±44,826 SQUARE FOOT RETAIL PROPERTY A sale to Tropicana Nevada, LLC. The ±44,826 square foot retail property is located in Tropicana Cinemas at 3330 & 3340 East Tropicana Avenue in Las Vegas. The transaction amount was $3,200,000.00. Chris Clifford, Steve Neiger and Brett Rather of Colliers International represented the seller, Tropicana 26, LLC. Mike DeLew, SIOR and Greg Pancirov, SIOR of Colliers International represented the buyer.
±12,320 SQUARE FOOT INDUSTRIAL PROPERTY A sale to ZB Holdings, Inc. The ±12,320 square foot industrial property is located in Henderson Corporate Park at 125 Corporate Park Drive in Henderson. The transaction amount was $1,663,200.00. Greg Pancirov, SIOR of Colliers International represented the seller, Elevon Corporate Park, LLC. Mike DeLew, SIOR of Colliers International represented the buyer.
INDUSTRIAL LEASE ±23,307 SQUARE FOOT INDUSTRIAL PROPERTY A sublease to Superior Overnight Services, Inc. The ±23,307 square foot industrial property is located at 4171 Distribution Circle, Suite 105 in North Las Vegas. Dan Doherty, SIOR, Chris Lane and Jerry Doty of Colliers International represented the sublessor, Cole Kepro International, LLC.
LAS VEGAS INSIDER | Jun e 2 017
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FEATURED LISTINGS
4636 WYNN ROAD
2598 WINDMILL PARKWAY
GRANT TRAUB AND CHRIS CONNELL
ANDREW KILDUFF
•
2 story building totaling ±12,200 SF
•
±13,194 SF situated on ±1.34 acres
•
Nightclub with tavern that’s less than one mile from the
•
Close proximity to the rapidly expanding Henderson
Raiders Stadium •
Asking $3,750,000
medical corridor •
Lease Rate: $1.80/RSF NNN / Sale Price: TBD
3020 WEST CHARLESTON BOULEVARD
5970 SOUTH FORT APACHE ROAD
TABER THILL, SIOR, PATTI DILLON, SIOR, RYAN MARTIN, SIOR, CCIM AND TEDDIE HICKEY
STEVEN HAYNES AND SCOT MARKER
•
±0.69 acres vacant land parcel for sale
•
APN: 139-324-050-16
•
Asking: $720,000
•
Suites available from ±2,400 SF and ±2,100 SF – Owner willing to combine both suites for a total of ±4,500 SF
•
Competitive rates - $1.75 / SF per month / NNN’s at $0.22 / SF
•
The retail/office property is located just off 215 Beltway between Russell and Sunset Road
4900 – 4990 WEST CRAIG ROAD
76 SPECTRUM BOULEVARD
SCOT MARKER AND JULIE DORNAK
MIKE DELEW, SIOR AND GREG PANCIROV, SIOR
•
Space available ranging from ±1,290 SF - ±1,986 SF
•
±11,526 SF Industrial Building For Lease
•
Diverse and vibrant tenant mix
•
Spectrum is centrally located near Charleston Boulevard
•
Prime retail location in a high traffic densely populated
& US-95 freeway with convenient proximity to the Convention Center & Downtown Las Vegas
trade area •
$0.49/sf Base Rent + $0.17/sf CAM
Class of 2017 WELCOME TO COLLIERS! Christina Mero – Administrative Assistant Please join us in welcoming Christina Mero to Colliers International - Las Vegas as an administrative assistant in the Retail Investment Division. Christina’s primary role will be to provide administrative support to Joseph Bonifatto. Prior to joining Colliers, Christina spent over two years as a Property Manager and Leasing Agent for Novus Dia Financial. During that time she discovered her passion for real estate and has continued her education in the field.
Congratulations
NOAH GRAGSON
Noah Gragson received his high school diploma at Texas Motor Speedway before the Camping World Truck Series on Friday, June 9th. Gragson wore his fire suit and shoes under his cap and gown as he received his diploma from Texas Motor Speedway President Eddie Gossage. He completed two years of high school at Bishop Gorman before finishing his studies online. After getting his diploma, Gragson finished the winstaronlinegaming.com 400 in seventh place.
Christina was born and raised in Queens in New York City. She studied Business Management at Berkeley College and Performing Arts at Stella Adler. In her spare time she enjoys playing in a co-ed softball league with her husband, teaching tennis, singing to her two beautiful daughters and spending time with her friends and family. Please stop by and introduce yourself. Welcome aboard Christina!
Welcome aboard, Christina!
IN THE NEWS WHAT ARE THE PROSPECTS OF RETAIL ON THE FORMER NEW FRONTIER SITE ON THE STRIP? https://lasvegassun.com/news/2017/jun/27/whatare-the-prospects-of-retail-on-the-alon-site/ COLLIERS INTERNATIONAL – LAS VEGAS RAISES $115,000 AT 23RD ANNUAL LINKS FOR LIFE CHARITY GOLF TOURNAMENT http://www.nevadabusiness.com/2017/06/colliersinternational-las-vegas-raises-115000-at-23rdannual-links-for-life-charity-golf-tournament/ SEVERAL LARGE-SCALE INDUSTRIAL PROJECTS COMING TO VALLEY https://businesspress.vegas/real-estate/severallarge-scale-industrial-projects-coming-to-valley/
LAS VEGAS INSIDER | Jun e 2 017
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*These brokers qualified for the plane in May
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 TOM NASEEF, SIOR, CCIM DAN DOHERTY, SIOR CHRIS CLIFFORD* DAN GLUHAICH* BRIAN RIFFEL* GRANT TRAUB* AL TWAINY, CCIM* DEAN WILLMORE, SIOR*
A A A PROJ ECTS A RECO RD - B RE AK IN G 4 4 . 2 M ILLI O N AM ERI CANS WILL TRAVEL NATIONWIDE, A NEARLY 3 PERCENT INCREASE FROM 2016. MORE THAN 3.4 MILLION AMERICANS WILL TAKE TO THE FRIENDLY SKIES THIS INDEPENDENCE DAY, INCREASING AIR TRAVEL BY 4.6 PERCENT OVER LAST YEAR.
Summer Time!
UPCOMING EVENTS
HOLIDAY OFFICE CLOSED JULY 3-4
MONTHLY RETAIL MEETING 8:30am Main Conference Room JULY 18
MONTHLY OFFICE MEETING 9:00am Main Conference Room JULY 26
NAIOP BREAKFAST 7:00am The Orleans Hotel & Casino JULY 20
CCIM LUNCHEON 11:30am Palms Casino Resort JULY 26
MONTHLY INDUSTRIAL MEETING 9:00am Main Conference Room
MONTHLY BIRTHDAY CELEBRATION 2:30pm Main Conference Room JULY 27
JULY 20
CREW LUNCHEON 11:30am Las Vegas Country Club JULY 6 MONTHLY LAND MEETING 9:00am Main Conference Room
JULY 11
POTLUCK 11:30am Main Conference Room
JULY 21
SUMMER INTERN
Arienne Grider
Please join us in welcoming welcoming Arienne to the Colliers Las Vegas office as a Summer Intern in the Marketing/Graphics Department. Arienne is currently in her third year at Oklahoma State University where she is studying Marketing. 
 Arienne is spending the duration of her summer in the Colliers office as an Intern to gain valuable work experience. She will be assisting with various Marketing projects, including database clean up, web content and emailheads. She recently returned from Italy where she was studying abroad during Spring Break. In her free time Arienne enjoys working out, traveling and spending time with family and friends. Please stop by and introduce yourself. Welcome Aboard!
LAS VEGAS INSIDER | Jun e 2 017
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Family Night at the Las Vegas 51s game
In lieu of a company picnic this year, we opted to host a Family Night at the Las Vegas 51s game at Cashman Field. With nearly 70 people in attendance it was a fabulous night. We hosted hotdogs, burgers, and an open bar. Suzette LaGrange’s son, Matthew, threw out the evening’s first pitch, and her other son, Luke got to race Cosmo (the 51s mascot) around the bases after the 3rd inning. The 51s won the game and we hope that those of you that made it out to help us kick off the summer enjoyed your evening!
On June 11th, Steven Haynes participated in the Escape from Alcatraz Triathlon in San Francisco. The world’s top athletes from around the globe take over the streets and waters of San Francisco for this prestigious triathlon. Showcasing the beauty of San Francisco, triathletes embark on a 1.5 MILE SWIM from Alcatraz Island to the San Francisco shoreline, an 18 MILE HILLY BIKE RIDE out to Golden Gate Park and an EIGHT-MILE TRAIL RUN out to Baker Beach and up the infamous Sand Ladder. This world renowned triathlon, in which only 2,000 triathletes can participate, sells out within hours of the registration opening each year.
Angelina Scarcelli married Dustin Huberman in Hawaii on May 26, 2017. They are expecting twin boys in October. Gawaan Hureskin married his long time girlfriend, Chardae on June 14, 2017 at TCMI church in Las Vegas. Their wedding party consisted of their 3 children: their daughter as a bridesmaid and their 2 younger boys as groomsman. LAS VEGAS INSIDER | Jun e 2 017
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THE NUMBERS:
OFFICE HAPPENINGS
OTHER $24,863
69%
$121,048 7%
2%
MULTIFAMILY $255,683
SALE
OFFICE
14%
MAY
SALES VS. LEASE
MAY PROPERTY TYPES
RETAIL $274,062 15% LAND $96,150 5%
INDUSTRIAL $1,013,440 57%
TOP 10 AGENTS OF THE MONTH MAY 2017 1. 2. 3. 4. 5.
Dean Willmore Mike Delew Brian Riffel Al Twainy Chris Clifford
80
LEASE 31%
BROKER RANKINGS YTD 2017
6. Mike Stuart 7. Eric Molfetta 8. Thomas Olivetti 9. Dan Gluhaich 10. Spencer Pinter
MAY OFFICE TRANSACTIONS
MAY 2017 ANNIVERSARIES Gina Jones
1998
19 Years
Kim Hamilton
2007
10 Years
Dan Gluhaich
2012
5 Years
Eric Molfetta
2012
5 Years
Sara Johansson
2013
4 Years
Garrett Connor
2015
2 Years
1. Mike Delew 2. Dean Willmore 3. Dan Doherty 4. Chris Clifford 5. Tom Naseef 6. Al Twainy 7. Brian Riffel 8. Dan Gluhaich 9. Grant Traub 10. Mike Stuart 11. David Grant 12. Greg Pancirov 13. Chris Connell 14. Thomas Olivetti 15. Ryan Martin 16. Taber Thill
Mike Delew Tom Naseef Dan Doherty Grant Traub
85/15 CLUB
17. Spencer Pinter 18. Stacy Scheer 19. Eric Molfetta 20. Patti Dillon 21. Andrew Kilduff 22. Mike Mixer 23. Garry Cuff 24. Pat Marsh 25. Steve Haynes 26. Scot Marker 27. Phillip Dunning 28. Frank Marretti 29. Suzette Lagrange 30. Kara Walker 31. Chris Lobello 32. Vince Schettler
Dan Gluhaich David Grant Chris Clifford Greg Pancirov
33. Susan Borst 34. Scott Gragson 35. Chris Lane 36. Alexia Crowley 37. George Connor 38. Rebecca Staniec 39. Brian Fike 40. Robert Torres 41. Steve Neiger 42. Keith Cubba 43. Pat McNaught 44. Joe Bonifatto 45. Chris Bentley 46. Phillip Frank 47. John Kilpatrick
Chris Connell Mike Stuart Dean Willmore Ryan Martin
Al Twainy Taber Thill Brian Riffel Thomas Olivetti
1
BROKER OF THE MONTH
CO NG RA T UL A T IO NS PHILLIP FRANK Senior Associate Office Division
DEAN WILLMORE, SIOR Executive Vice President Industrial Division
Phil’s real estate practice at Colliers International is focused on assisting corporate office space users, owners, developers, and technology, education and healthcare providers in securing office space and operating facilities that advance their business objectives.
Mr. Willmore joined Colliers in Fall of 2012 as Senior Vice President specializing in industrial brokerage services. Mr. Willmore has over 25 years of experience as a real estate agent and broker in Las Vegas. He has brokered over 2,600 office and industrial sale and lease transactions valued over $1 Billion. Mr. Willmore has an excellent working knowledge and demonstrated expertise in site selection, finance, facilities planning, build-tosuit development and lease and sale negotiations of industrial properties, while working as a project development manager for Dermody Properties and the Estes Company. He completed build-to-suit facilities for such companies as Memorex, Garret AiResearch, and Husky Nozzel Corporation in Tucson, and Office Club in Las Vegas, in addition, to completing over 500,000 SF of speculative industrial space.
Q
What is the last book you read?
A
Sailing Alone Around the World, by Joshua Slocum
Q
What is your favorite summer activity?
A
Spending time on a nice, sandy beach with my family.
Q
What is one of the things you have on your bucket list?
A
Cage dive with White Sharks
Q
If you could have one food for the rest of your life what would it be?
A
My wife’s Chilean food. It’s amazing!
Q
What is your biggest addiction or guilty pleasure?
A
Vanilla Haagen-Dazs ice cream with very hot fudge
Q
If you could have any super power, what would it be ?
A
To become invisible
Q
What are a few of your favorite movies?
A
“A Few Good Men” (1992) & “A Time to Kill” (1996)
LAS VEGAS INSIDER | Jun e 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 3775 +1 702 836 3700 +1 702 836 3718 +1 702 836 3780 +1 702 836 3792 +1 702 836 3796
GOLF COURSE
+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
RETAIL Chris Clifford Garrett Connor George Connor Phillip Dunning Dan Gluhaich David Grant Amelia Hyden Scot Marker Steve Neiger Brett Rather 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 3725
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
+1 702 836 3729 +1 702 836 3744 +1 702 836 3758 +1 702 836 3720 +1 702 836 3789
OFFICE Chris Connell Patti Dillon Phillip Frank Teddie Hickey Andrew Kilduff Ryan Martin Rebecca Staniec Taber Thill
MEDICAL OFFICE
Keith Cubba
+1 702 836 3733
Erica Aulino Gawaan Hureskin Jennifer Kennedy Gretchen Lee Angelina Scarcelli
+1 702 836 3745 +1 702 836 3726 +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