March 2017
LAS VEGAS
INSIDER A COMMUNICATION FOR BROKERS, EMPLOYEES, COLLEAGUES AND FRIENDS
Accelerating success. LAS VEGAS INSIDER | M arc h 2 017
1
GOLF TOURNAMENT
REGISTRATION NOW OPEN LINKSFORLIFEFOUNDATION.ORG/NEVADA
600 INDIVIDUAL $ 2,000 $
GOLF TOURNAMENT
WEDNESDAY, MAY 17,2017 LAS VEGAS COUNTRY CLUB
3000 Joe W Brown Dr, Las Vegas, NV 89109
FOURSOME
TAIL GATE & RAFFLE
$1,000 COSTUME CONTEST
PEP RALLY PARTY
FOLLOWING PLAY
Shotgun Start
9am Sharp
Hosted By:
FACEBOOK.COM/COLLIERSLV
TWITTER.COM/COLLIERS_LV
TABLE OF CONTENTS: LAS VEGAS RESEARCH EVENT HIGHLIGHT – CANDLELIGHTERS FEATURED DEALS FEATURED LISTINGS
4 6 7 8
COLLIERS IN THE NEWS UPCOMING EVENTS SPOTLIGHT AWARDS OFFICE HAPPENINGS
9 11 12 13
VEGAS BY THE NUMBERS 14 BROKER OF THE MONTH 15 DIRECTORY 16
“OTHER PEOPLE’S SUCCESSES ARE GOOD NEWS – FOR THEM AND FOR YOU. GOOD FOR YOU BECAUSE THEY SHOW YOU A WAY TO GO.”
Steve Wynn
M I K E’ S Q U OTE O F TH E M O NTH LAS VEGAS INSIDER | M arc h 2 017
3
LAS VEGAS RESEARCH
THE WAITING GAME
As we emerge from winter’s lull into the meat of the commercial real estate year, say March to October, it’s a good time to check in on the economic numbers and see what’s up. Having just attended a economics seminar at CBER (UNLV’s Center for Business and Economic Research, not to be confused with our arch-enemies CBRE) I can relate that the general mood is good, but with a few questions about the new direction in Washington D.C.
By John Matt Stater
The national economy continues to expand, even as the world economy’s expansion slows down (though there are signs that Europe might finally be ready for some economic expansion). Our economy is getting back to potential, and the next cyclical recession could be as far as five years away. In the eighth year of expansion, there are no signs in the numbers indicating a recession. Job growth is good and crude oil prices are low. CBER projects 2.25% growth rate for GDP. The housing market nationally is getting tighter, and there are questions about future tax and regulatory policy (which I think would be more likely to bend the growth curve up slightly), and trade policy (which would be more likely to bend the growth curve down). Southern Nevada’s economic growth has also been accelerating of late. Las Vegas is leading other Mountain West cities in growth since the Great Recession, which in all honesty does have something to do with Las Vegas being harder hit than they were in the Great Recession, but still speaks to the recovery that has occurred. Employment is above the old peak, and taxable sales are well above the old peak. Hospitality numbers are all pretty strong, with the exception of gaming revenue, which might not matter as much as it used to given the shift in entertainment being sought by visitors away from pure gaming. Construction employment is half-way to its old peak, and this in itself is probably a good thing, as the construction sector was likely too large before the Great Recession. Housing affordability remains high in the Valley (66% of homes can be purchased by households at the median household income), which is true of most of the Mountain West region. That was the news from Dr. Miller, who now heads CBER.
A few highlights from the other sponsors of the seminar follow: BANKING – loan demand and deposits are increasing, and trends are pointing in the right direction. If there is cause for concern it is that current federal regulations encourage fewer, larger banks – you want to be too big to fail, and therefore competition among banks will likely decrease in the future. CONSTRUCTION – Construction off-Strip is going gangbusters – the cement/concrete company that attends the seminar has added 10 trucks but cannot find enough drivers – labor shortages in construction are a problem at the moment. On the Strip, they are very hopeful that some of the proposed projects are going to start, but they’re still waiting. They noted that most infrastructure spending is local rather than federal at the moment. SOUTHWEST GAS – Customer growth last year was 10,000 meters – not bad, but well below the peak of 35,000 new meters per year. Growth for 2018 is predicted at 2%. Low natural gas prices are helping stimulate their growth.
HOSPITALITY – Resort fees and parking fees are
increasing the ADR (Average Daily Rate) and RevPar (Revenue per Available Room). Parking fees are creating a significant increase in earnings, so expect them to be everywhere eventually.
LVCVA – The LVCVA does not predict a major increase in visitation this year, as there is no new inventory growth to spur it. They also note that the average age of a visitor to Las Vegas went down in 2016, and this is having an impact on how money is spent, and how much money is spent. Millennials do not spend as much as Gen X’ers and Baby Boomers (who are spending more than they did in the past), but they pack more things into their trips – less money, but they spread it more widely. They also note that the increase in the room tax will allow the convention center expansion to proceed. They plan to begin construction in Q1, 2018, with construction taking about 18 to 24 months for the new halls. Renovation on the existing halls will begin when that construction is completed. RESIDENTIAL – New home closings are up 25% yearover-year, and 2017 has been surprisingly strong so far. Inventory of available homes is now at 3 months, down from 4 months a year ago. Woodside Homes was recently purchased by a Japanese home builder, and at least two more large Asian companies are looking to acquire U.S. home builders – something to look for in the future.
Overall, things look good, but there is a little trepidation about what the future holds. LAS VEGAS INSIDER | M arc h 2 017
5
EVENT SPOTLIGHT
OUR OWN ROBERT TORRES WAS AT THE PODIUM TO RECOGNIZE KEY INDIVIDUALS.
Colliers sponsored the recent Candlelighters Evening of HOPE event at World Market Center on March 3rd. Candlelighters honored volunteers, patients and survivors of childhood cancer and raised nearly $100,000 for their cause.
FEATURED DEALS
OFFICE SALE
INDUSTRIAL LEASE
±27,000 SQUARE FOOT OFFICE PROPERTY A sale to McBeath Holdings, LLC. The ±27,000 square foot office property is located at 5155 West Patrick Lane in Las Vegas. The transaction amount was $6,985,000.00. Mike DeLew, SIOR and Greg Pancirov, SIOR of Colliers International represented the buyer.
±60,000 SQUARE FOOT INDUSTRIAL PROPERTY A lease to Premium Water, Inc. The ±60,000 square foot industrial property is located in Craig Business Center at 4390 Flossmoor Street in Las Vegas. Dan Doherty, SIOR, Chris Lane and Jerry Doty of Colliers International represented the landlord, Ramco NLV Property, LLC.
LAND SALE
RETAIL SALE
±1.25 ACRE LAND PARCEL A sale to Mr. Ke Zhang. The ±1.25 acre land parcel is located at the Southwest corner of West Ford Avenue and South Valley View Boulevard (APN: 177-18-801-011) in Las Vegas. The transaction amount was $135,000.00. Steven Haynes of Colliers International represented the seller, Marco Cossio.
±5,200 SQUARE FOOT RETAIL PROPERTY A sale to Renate Bollig. The ±5,200 square foot retail property is located in Bring’em Young Academy at 3980 West Ann Road in North Las Vegas. The transaction amount was $700,000.00. Dan Gluhaich of Colliers International represented the buyer.
INDUSTRIAL LEASE ±27,342 SQUARE FOOT INDUSTRIAL PROPERTY A lease to T3 Expo, LLC. The ±27,342 square foot industrial property is located in Arroyo North Business Center (Phase I) at 6630 Arroyo Springs Street, Suite 300 & 400 in Las Vegas. Spencer Pinter of Colliers International represented the landlord, EJM Arroyo North I Property, LLC.
LAS VEGAS INSIDER | M arc h 2 017
7
FEATURED LISTINGS
2980 & 3030 SOUTH JONES BOULEVARD
NEC SUNSET ROAD & DECATUR BOULEVARD
STACY SCHEER, CCIM, LEED GA AND STEVEN HAYNES
BRIAN RIFFEL AND TYLER JONES
•
Two Single Story Office/Medical Buildings for lease
•
±2.16 Acres of Land for Sale
•
Starting at $1.25 SF/MG
•
±399 feet of Sunset Road Frontage
•
Suites ranging from ±1,493 SF - ±5,381 SF
•
Asking $1,400,000
229 SOUTH LAS VEGAS BOULEVARD
1740 WEST HORIZON RIDGE PARKWAY
RYAN MARTIN, CCIM, SIOR, TABER THILL, SIOR, & PATTI DILLON, SIOR
ROBERT TORRES AND SCOTT GRAGSON
•
Two Story, multi tenant office building
•
±2.7 Acres of Land for Sale
•
±8,250 SF
•
Last available Pad Site within Country Club Center
•
Asking Price: $1,550,000
•
Asking $1,300,000
2751 EAST WASHBURN ROAD
8989 WEST FLAMINGO ROAD
MIKE DELEW, SIOR AND GREG PANCIROV, SIOR
CHRIS CLIFFORD, STEVE NEIGER AND BRETT RATHER
•
±5,328 SF Dock High Unit
•
Suites Ranging from ±2,200 SF - ±4,518 SF
•
Offers easy access to I-215 on Losee Road and to I-15
•
Move-in Ready (By Appointment only, do not disturb tenant)
via Craig Road
•
$1.55 PSF NNN
•
$0.59/SF Base Rent + $0.15/SF NNN Fee = $3,943 Monthly
IN THE NEWS SOUTHERN NEVADA LAND SALES CLIMBED 24 PERCENT LAST YEAR www.reviewjournal.com/business/columns/ real-estate-insider/southern-nevada-land-salesclimbed-24-percent-last-year
THE WINDING PATH TO NET ZERO http://realtormag.realtor.org/commercial/ feature/article/2017/03/winding-path-netzero NAIOP SOUTHERN NEVADA SPOTLIGHT AWARDS CELEBRATES 20 YEARS AT RED ROCK RESORT http://businesspress.vegas/real-estate/naiopsouthern-nevada-spotlight-awards-celebrates-20years-red-rock-resort
GOL F TOU R NA ME N T
SAVE THE DATE
WEDNESDAY MAY 17,2017
LAS VEGAS INSIDER | M arc h 2 017
9
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
UPCOMING EVENTS NAIOP BREAKFAST 7:00am The Orleans APRIL 20
MONTHLY OFFICE MEETING 9:00am Main Conference Room MARCH 29
MONTHLY INDUSTRIAL MEETING 9:00am Main Conference Room APRIL 20 CREW CHARITY EVENT – RUN FOR THE ROSES 5:30pm Las Vegas Country Club APRIL 20
MARCH PERK~ DRAGONGRILLE FOOD TRUCK 11:30am 3960 Building MARCH 29
HEALTHCARE TRENDS & REAL ESTATE SUMMIT 1:00pm Keep Memory Alive Event Center APRIL 6
NAIOP NATIONAL FORUMS SYMPOSIUM 2017 Indian Wells, CA APRIL 24 – APRIL 27
PASSOVER BEGINS APRIL 11
MONTHLY OFFICE MEETING 9:00am Main Conference Room APRIL 26
SIOR LUNCHEON 11:30am Maggiano’s at Fashion Show Mall APRIL 12
APRIL FOOLS DAY APRIL 1 COLLIERS SPRING FLING AND EGG HUNT APRIL 13
MONTHLY LAND MEETING 9:00am Main Conference Room APRIL 4
EASTER SUNDAY APRIL 16 MONTHLY RETAIL MEETING 8:30am Main Conference Room APRIL 18
CCIM LUNCHEON 9:00am Palms Casino Resort APRIL 26
SIOR SPRING WORLD CONFERENCE 2017 New Orleans, LA APRIL 26 – APRIL 29
MONTHLY BIRTHDAY CELEBRATION 2:30pm Main Conference Room APRIL 27
LAS VEGAS INSIDER | M arc h 2 017
11
Congratulations to our nominees, winners and to our entire team that helped us achieve our Firm of the Year recognition.
Colliers International – Las Vegas recognized as
BROKERAGE FIRM OF THE YEAR FOR THE 12th CONSECUTIVE YEAR Colliers International – Las Vegas received a number of awards at NAIOP’s 20th annual Spotlight Awards event on March 4th at the Red Rock Casino Resort Spa. For the twelfth (12) consecutive year, Colliers was named Brokerage Firm of the Year.
“Receiving this award for a record-setting twelfth year in a
row is a huge accomplishment for our entire company. We have many of the finest professionals in the industry, and this award is a testament to our spirit of enterprise,” Mixer said. “It means our professionals embrace even the toughest challenges, and are relentlessly creative in solving them. As a home-grown firm, we look forward to contributing a positive impact on our local community and accelerating the success of our clients.
”
Additionally, Dan Doherty, SIOR, and Eric Molfetta were both finalists for NAIOP’s Industrial Broker of the Year
This award is the highest honor that a Brokerage Firm can receive
award and Al Twainy, CCIM
through NAIOP, and the judging was based on the firm’s highlights from
and Steve Neiger were both
the previous year, significant transaction volume, and widespread local
finalists for the Retail Broker
community service and charitable involvement.
of the Year Award.
Colliers Las Vegas brokers Ryan Martin, CCIM, SIOR, Taber Thill, SIOR and Patti Dillon, SIOR, of the Martin | Thill | Dillon team, were named NAIOP’s Office Broker of the Year. This is the second consecutive win in this category for the team.
The team at Colliers is committed to the mission, goals and objectives of NAIOP Southern Nevada. As a proud supporter of NAIOP, the firm maintains active membership with many of its brokers, constantly striving
Colliers Las Vegas’ Marketing Project Manager, Courtney Goffstein, was
to represent and promote quality commercial development in Southern
honored as NAIOP’s Developing Leader Member of the Year, an award given
Nevada with the highest degree of integrity, service and professionalism.
to dedicated and active chapter members that are under 35 years old.
The firm is proud to have many professionals who are active committee members and board members.
CHARITY DINNER More than 40 attendees joined to support our Libations with Links Charity Dinner at Bratalian Ristorante. Guests were treated to a champagne reception, wine throughout dinner and a four course meal specially designed by Chef Carla Pellegrino. Courses included two different salads, raviolis, lemon chicken, sea bass, meatballs, and a trio of desserts. We had live entertainment to add to the ambiance. WE WERE ABLE TO RAISE ALMOST $3,000
FOR THE LINKS FOR LIFE FOUNDATION. THANK YOU TO ALL THAT CONTRIBUTED.
TABER, RYAN, DAN AND SUSAN RECEIVED THE INTERNATIONAL AWARD FOR SIOR MEMBER TO MEMBER OFFICE DEAL FOR 2016 Dan Doherty, SIOR, Susan Borst, SIOR, Ryan Martin, SIOR and Taber Thill, SIOR of Colliers International | Las Vegas, were recently recognized by the Society of Industrial and Office Realtors® (SIOR) for their achievements in real estate transactions. They won the award for Largest Dollar Volume Member to Member Office Transaction for their collaborative efforts in the sale of the 222,268 square foot IGT Campus for $66.5 million. The SIOR Transaction Awards honor SIOR members who have completed significant transactions in several categories within the award year.
PATTI DILLON RECEIVED HER SIOR DESIGNATION Patti Dillon, SIOR has achieved the SIOR designation awarded by the Society of Industrial and Office REALTORS®. Patti becomes the tenth SIOR designee for Colliers’ Las Vegas office. “We congratulate Patti on earning the distinguished SIOR designation,” said Mike Mixer, executive managing director for Colliers International. “She is an incredible leader and a credit to the commercial real estate profession in the Las Vegas market. We are honored to have her on our team.” LAS VEGAS INSIDER | M arc h 2 017
13
VEGAS THE NUMBERS:
OFFICE HAPPENINGS RETAIL
OTHER
$75,336 7%
$1,680 0%
LAND $244,395 23%
FEBRUARY PROPERTY TYPES
FEBRUARY
LEASE 47%
SALES VS. LEASE
OFFICE $588,390 55%
INDUSTRIAL $159,604 15%
DESCRIPTION
MONTHLY ACTUAL
MONTHLY BUDGET
% MONTHLY BUDGET
% YTD BUDGET
Office Revenue
$1,069,405
$1,636,149
65%
13%
TOP 10 AGENTS OF THE MONTH FEBRUARY 2017 1. 2. 3. 4. 5.
SALE 53%
Mike Delew Mike Mixer Ryan Martin Taber Thill Steve Haynes
53
6. Greg Pancirov 7. Patti Dillon 8. Pat Marsh 9. Spencer Pinter 10. Vince Schettler
FEBRUARY OFFICE TRANSACTIONS
FEBRUARY 2017 ANNIVERSARIES Patricia Watts
2004
13 Years
Phillip Dunning
2013
4 Years
Susan Borst
2014
3 Years
Kara Walker
2015
2 Years
Nicole Cauilan
2015
2 Years
Thomas Hoover
2016
1 Year
BROKER RANKINGS YTD 2017 1. Mike Delew 2. Al Twainy 3. David Grant 4. Dan Doherty 5. Mike Stuart 6. Ryan Martin 7. Taber Thill 8. Grant Traub 9. Chris Connell 10. Mike Mixer 11. Greg Pancirov 12. Patti Dillon 13. Steve Haynes 14. Dan Gluhaich 15. Dean Willmore 16. Pat Marsh 17. Scot Marker
18. Spencer Pinter 19. Chris Clifford 20. Stacy Scheer 21. Vince Schettler 22. Chris Lobello 23. Brian Riffel 24. Rebecca Staniec 25. Chris Lane 26. Andrew Kilduff 27. Eric Molfetta 28. Suzette Lagrange 29. Kara Walker 30. Phillip Dunning 31. Scott Gragson 32. Susan Borst 33. Tom Naseef 34. Frank Marretti
35. Garry Cuff 36. Robert Torres 37. Keith Cubba 38. Pat McNaught 39. Joe Bonifatto 40. George Connor 41. Steve Neiger 42. Eric Tumbleson 43. Thomas Olivetti 44. Christopher Bentley 45. Alexia Crowley 46. John Kilpatrick
85/15 CLUB Mike DeLew
1
BROKER OF THE MONTH
CO NG RA T UL A T IO NS MIKE DELEW, SIOR
SUSAN BORST, CCIM, SIOR Senior Vice President 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.
Before making the move to brokerage, Susan began her 20+ year career in commercial real estate with Harsch Investment Properties as the Due Diligence and Closing Manager where she closed more than $850 million in acquisition and sales, consisting of shopping centers, apartments, office and industrial properties
Q
What is one of the things you have on your “bucket” list?
A
Spend several months visiting other countries
Q
What is the strangest thing you have ever eaten?
A
There are two - boiled peanuts and tripe
Q
What famous person to other people say you most resemble?
A
Ellen Degeneres
If you could be any superhero, who would it be and why?
Superman, cause he can do so many cool things What is one of the things you have on your “bucket” list?
PLAY GOLF AT AUGUSTA NATIONAL What is your favorite summer activity?
Boating If you could impress a celebrity chef, what dish would you cook?
My steaks or lamb chops Who do you admire the most and why?
My wife Angie, she is such a great person, mother, and partner
LAS VEGAS INSIDER | M arc h 2 017
15
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 Jessie Noche Angelina Scarcelli
+1 702 836 3745 +1 702 836 3761 +1 702 836 3772 +1 702 836 3704 +1 702 836 3752 +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