Accelerating success.
February 2016
Las Vegas Insider A communication for brokers, employees, colleagues and friends
FEBRUARY 2016
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HEADWINDS 3 STRONGER IN 2016 6 LINKS FOR LIFE 7 FEATURED DEALS 8 NEW LISTINGS 9 UPCOMING EVENTS
9 ICEBREAKER 10 BROKER RANKINGS 11 BY THE NUMBERS 11 WELCOME TO COLLIERS 12 BROKER OF THE MONTH
Colliers Las Vegas Congratulates Bridget Richards The Las Vegas office would like to congratulate Bridget Richards on being selected to receive Vegas Inc.’s 40 Under 40 award. Now in its 15th year, Vegas Inc.’s 40 under 40, honors the best and brightest minds of professionals under the age of 40 in the Las Vegas Valley. Honorees were selected based on the impact of their business endeavors, their commitment to their careers and theirs years of community service. Bridget Richards serves as Senior Vice President of Investment Services at Colliers International Las Vegas. Her background is in the development, sales and purchases of commercial projects. Bridget has successfully closed over $200 million in transaction volume as a result of her dedication to the client’s acquisition or disposition strategy. She received her CCIM designation in 2008, is a graduate of NAIOP Southern Nevada’s Developing Leaders Institute and was honored with a CoStar PowerBroker Award in 2012. Bridget is active with UNLV’s Lied Institute of Real Estate Studies Mentorship program. She also hosts an annual event which distributes thousands of care packages to local disadvantaged elderly through the Catholic Charities network.
COMPANY NEWS
Mike’s Corner
Sara Johansson Named Executive Assistant to Mike Mixer Effective immediately, Sara Johansson will be working with Mike Mixer, Executive Managing Director, as his Executive Assistant. In addition, Sara will continue her work as the transaction coordinator of the Las Vegas office. Please take a moment to stop by to congratulate Sara in her new role with Colliers.
Congratulations Sara! STAY CONNECTED WITH COLLIERS LAS VEGAS facebook.com/collierslv
twitter.com/Colliers_LV
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FEBRUARY 2016
This is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, October, June, December, August and February.
- Mark Twain
Las Vegas casinos never use dice with rounded corners.
Vegas Fun Fact
6 1 0 2 n i s d n i w d a e H r e g n o Str BY JOHN “MAT
The general prognosis for the U.S. economy is for stronger headwinds to economic growth in 2016, but only a slight chance of recession, with the odds of a recession stronger in 2017. What this future recession might look like is anybody’s guess. Recessions like the one that hit in 2008 are relatively rare. Most recessions are a result of an economy overheating – producers produce too much for consumers to consume, everybody takes a little bath and then the economy gets back to growth one or two quarters later. The odds would suggest that a correction of this sort is all we’re in store for in the next few years, though global events and the lack of reform in Washington, D.C. keep the possibility of something more severe a possibility, albeit unlikely. The two questions we should be asking are, first, what are these headwinds that might blow the economy off course, and second, how likely are they to impact Southern Nevada.
T” STATER
Construction Jobs Southern Nevada 60,000
50,000 40,000 30,000 20,000 10,000 0
We’ll tackle the second question first. While Southern Nevada once had a reputation for being recession proof, the Great Recession put that myth to rest once and for all. In truth, Southern Nevada had never been recession proof, but tended to enter recessions late, and recover early. In the case of relatively minor recessions, the impact often went unnoticed. Southern Nevada had population growth to thank for this. Even when the locals were feeling the pinch of recession, more locals with additional incomes were moving into the Valley and offsetting the local weakness. Transportation/Warehousing Jobs Southern Nevada 40,000 38,000 36,000 34,000 32,000 30,000
Southern Nevada can no longer depend on that kind of growth to keep recessions light. Population growth in Southern Nevada is lighter than a decade ago, though any growth in a region can help ameliorate a recession somewhat. Of course, each recession has its own particular character, and the character of a recession is a major factor in which regions and localities suffer the worst. This brings us to the question of those headwinds. On a global scale, there is economic difficulty in Japan, China and Europe, and trouble in the natural resources sector has impact Canada, one of America’s most important trading partners. On the off chance that these troubles triggered a major global recession, Southern Nevada would of course feel the effects. More likely, these troubles will have a small impact on Southern Nevada’s tourist industry, and otherwise leave the Valley unscathed.
The more serious problem for Southern Nevada is the transportation sector. Globally, there is an over-abundance of transportation resources, and this is impacting transportation companies. In the BLS’s most recent numbers, there are two components of transportation employment that could impact Southern Nevada’s industrial real estate sector – truck transportation and warehousing and storage. The warehousing and storage sector saw jobs decrease by 0.4 percent from December 2015 to January 2016, while truck transportation increased by 1.5 percent. A mixed bag, but on the whole probably positive for Southern Nevada and its warehouse/distribution sector, which have been surging over the past year. The most recent numbers we have for Southern Nevada show the growth in transportation and warehousing employment slowing slightly at the end of 2015 after strong growth through most of the year. The sector added 200 jobs month-over-month in December 2015, and 1,500 jobs on a year-over-year basis. The prognosis for Southern Nevada remains positive in 2016. There could be a small disruption in the warehouse/distribution sector if transportation suffers nationally, and developers who do not have pre-leasing in place in planned projects may want to be cautious about beginning construction on those projects. Tourism saw weak gaming revenue numbers in the latter half of 2015, which could point to overall spending by tourists softening, but this softening is probably not strong enough to throw the industry off the tracks in 2016. Retail employment on a year-over-year basis has been weak in Southern Nevada (losing 4,900 jobs between December 2014 and 2015), but that weakness has not been evident in taxable sales numbers (which, admittedly, lag a couple months behind). Again, this might point to caution rather than worry. The construction sector, which languished during the recession and most of the recovery, is now showing strong growth, suggesting that the local economy is expanding, rather than just recovering. Cautious optimism is probably the phrase that pays for Southern Nevada’s real estate market in 2016.
Retail Jobs Southern Nevada 115,000 110,000 105,000 100,000 95,000
FEBRUARY 2016
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INTRODUCING: Designed to optimize pursuit responses through easy access to information, case studies and pre-developed tools regularly required for most pursuits, this tool will be initially populated with information focused on Industrial, Office and Retail service lines and include: A. B. C. D. E.
Answers to common RFP questions Best-in-class pursuit responses Case studies Company statistics Pre-populated and pre-designed templates
Pursuit Builder will continue to grow to include information and tools applicable to most Colliers’ disciplines in the months to come.
GENERAL COLIN L. POWELL During the conference’s Opening Session, Powell drew on examples from his own experience as a leader in the military, government and beyond, to illustrate what it takes to be in command. Attendees learned to stay focused, take responsibility and improve processes to make a positive impact on their own work, team and everyday life, essentially enabling them to Be the Difference.
Colliers Las Vegas held their 1st Annual Chili Cook-off on February 29th, 2016. The winners are: “Favorite Chili Name” goes to “4th Floor Fury” made by Taber Thill and “Favorite Chili” goes to “The Hatch Bomb” made by Grant Traub and Jessie Noche. Congratulations to our winners!
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FEBRUARY 2016
HONOR ROLL 2015 WINNERS COLLIERS EVEREST CLUB
Great people make great companies. For 2015, eight of our local brokers were recognized for being in the top 10 percent of all Colliers professionals in brokerage across the Americas region. These individuals have made their mark with proven strategic innovation, exceptional brokerage performance, and inspiring personal integrity. Welcome to The Everest Club. colliers.com/lasvegas
DAN DOHERTY
SUSAN BORST
RYAN MARTIN
MIKE STUART
TABER THILL
MIKE MIXER
MIKE DELEW
DEAN WILLMORE
Mike Mixer Executive Managing Director 702-735-5700
FEBRUARY 2016
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FEBRUARY 2016
FEATURED DEALS LAND SALE
SUBJECT
Mike Mixer, SIOR finalized a ±42 acre sale to UNLV Board of Regents. The land parcel is located on East Tropicana Avenue east of Koval Lane in Las Vegas. The transaction amount was $50,000,000.00. Mixer, SIOR of Colliers International represented the seller, Redus ALK, LLC.
RETAIL LEASE Chris Connell and Grant Traub completed a ±20,000 square foot/±2.5 acre lease to Autosource Motors of Las Vegas, LLC. The retail property is located at 2121 East Sahara Avenue in Las Vegas. Connell and Traub of Colliers International represented the tenant.
LAND SALE
215
PATRICK LANE SUBJECT
Scott Gragson and Robert Torres completed a ±14 acre sale to KB Homes. The residential land parcel is located on the southwest corner of Patrick Lane and Jerry Tarkanian Way (APN:163-32-301-008) in Las Vegas. The transaction amount was $5,810,000.00. Gragson and Torres of Colliers International represented the seller, GKT 4.
MEDICAL OFFICE LEASE Stacy Scheer, CCIM, LEED GA and Andrew Kilduff completed a ±4,245 square foot lease to Women’s Health Associates of Southern Nevada. The medical office property is located at 861 Coronado Center Drive, Suite 131 in Henderson. Scheer, CCIM, LEED GA and Kilduff of Colliers International represented the landlord, 2580 West Horizon Ridge Parkway Holdings.
INDUSTRIAL SALE Dan Doherty, SIOR, Susan Borst, CCIM, Chris Lane and Jerry Doty completed a ±64,700 square foot sale to Essex Scot, LLC. The industrial property is located at 1603 and 1700 Industrial Road in Las Vegas. The transaction amount was $3,950,000.00. Doherty, SIOR, Borst, CCIM, Lane and Doty of Colliers International represented the seller, Gaming Partners International USA.
FEBRUARY 2016
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NEW LISTINGS INDUSTRIAL/OFFICE - FOR LEASE OR SALE SEC Sunset Road and Torrey Pines Drive
RETAIL - FOR LEASE NEC Tropicana Avenue and Hualapai Way
LAND - FOR SALE Las Vegas Boulevard Frontage 15 d ar
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Dean Willmore, SIOR and Chelsy Cardin are representing a bulk distribution buildings available for sale & lease, one ±32,000 SF and one ±40,882 SF building. The building provides 32’ clear height, fenced yard areas and the estimated delivery: 3rd Quarter 2016 in Las Vegas, NV.
Vince Schettler is representing a ±56 acres located near the Las Vegas Motor Speedway with 1,910 feet of frontage on Las Vegas Boulevard. While the parcel is currently zoned M-1 for light industrial use, rezoning may allow for higher M-2 use. Plans for a nearby off ramp for the CC-215 will allow easier access to I-15 and the Beltway.
Al Twainy, CCIM is representing available spaces ranging from ±1,200 SF – ±2,400 SF. Anchored by Smith’s, Smith’s Fuel Center and Wells Fargo Bank. Join Great Harvest Bread Co., Tropical Smoothie Cafe, Subway, China A Go Go, Snap Fitness, Dotty’s, State Farm, and UPS in Las Vegas, NV 89147
INDUSTRIAL - FOR SALE Spencer Airport Plaza II
MEDICAL/OFFICE - FOR LEASE Dignity St. Rose Medical Plaza
INDUSTRIAL/OFFICE - FOR SALE Seven Hills Medical & Professional Center II
Pat Marsh, SIOR, Susan Borst, CCIM, Dan Doherty, SIOR, and Sam Newman, are representing a ±9,862 SF industrial property with ±5,299 SF of office, ±4,563 SF of warehouse, 22’ – 24’ Clear Height and Grade Level Loading in Las Vegas, NV 89119.
Stacy Scheer, CCIM, LEED Green Associate is representing a ±1,000 - ±28,000 SF Medical Suite. Dignity St. Rose Dominican- DeLima On-Campus MOB and $1.25/SF NNN in Henderson, NV.
Suzette LaGrange and Kara Walker, CCIM are representing an industrial/office condominiums that has excellent owner/user opportunity. Multiple suites available ranging from ±4,925 SF, ±5,570 SF and ±11,140 SF. Located in a highdemand Southwest Submarket and asking $125 PSF in Las Vegas, NV 89118.
Nevada Business “Southern Nevada’s Industrial Market Has Left the Great Recession Behind” http://www.nevadabusiness.com/2016/01/southern-nevadas-industrial-market-left-great-recession-behind/ Golf Inc Magazine “Most Influential Architects | Top sales of 2015” http://www.golfincmagazinemonthly-digital.com/golfincmagazinemonthly/january_february_2016?pg=1#pg1 Las Vegas Business Press “Office, retail markets showing some life” http://businesspress.vegas/real-estate/office-retail-markets-showing-some-life
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FEBRUARY 2016
U P C O M I N G MARCH 3rd
MARCH 4th
CREW LUNCHEON Las Vegas Country Club
CANDLELIGHTERS EVENING OF HOPE World Market Center
11:30am
INDUSTRIAL MEETING Main Conference Room
EVENTS
6:30pm
MARCH 7th
MARCH 9th
MARCH 12th
CHICAGO TITLE - 1031 EXCHANGE CLASS CE CREDITS Main Conference Room
RETAIL MEETING Main Conference Room
NAIOP SPOTLIGHT AWARDS EVENT Hard Rock Hotel & Casino
1:00pm
9:00am
9:00am
IREM LUNCHEON Lawry’s
6:00pm
11:30am
MARCH 16th
MARCH 17th
MARCH 18th-22nd
MARCH 30th
MARCH 31st
INDUSTRIAL MEETING Main Conference Room
NAIOP LUNCHEON Orleans Hotel & Casino
BROKER HAWAII TRIP Mauna Kea Beach Resort
CCIM LUNCHEON Palms Casino Resort
SEÑOR BLUES TACO TRUCK Parking Lot
9:00am
11:30am
Hawaii
SIOR LUNCHEON Maggiano’s
11:30am
OFFICE MEETING Main Conference Room
11:45am
11:30am
9:30am
Dan Doherty honored as top company achiever At the annual awards banquet, Colliers recognized Dan Doherty, SIOR as being among the companie’s top performers for 2015 across the United States, Canada and Latin America. Dan Doherty placed number nine in the firm’s top 10 inductees into the Colliers 2015 Everest Club, which recognizes the firm’s top 10% of producers annually.
Congratulations Dan!
ICEBREAKER HOW MANY PAIRS OF SHOES DO YOU OWN?
I am not sure, maybe fifteen.
Chris Lane SENIOR ASSOCIATE
IF YOU WERE TO BUY A CAR RIGHT NOW, WHAT WOULD YOU BUY?
1978 Ford Pinto with wood siding.
BE INVISIBLE OR BE ABLE TO READ MINDS?
I would rather be able to turn invisible.
INTERESTING TIDBITS FROM PEOPLE YOU WORK WITH DO YOU PREFER TO TEXT OR TALK ON THE PHONE?
I prefer to talk on the phone if I have something longer than a sentence to communicate. WHAT IS YOUR FAVORITE ICE CREAM FLAVOR?
It is hard to choose only one flavor. I have been enjoying Breyers Blasts – Snickers Bar Ice Cream at home lately.
FEBRUARY 2016
9
LOOK WHO MADE THE PLANE!
2016 SALES AWARD TRIP
THE FAIRMONT ORCHID - MARCH 17, 2017 - MARCH 22, 2017
YEAR-TO-DATE BROKERS WHO QUALIFY FOR THE HAWAII TRIP MIKE MIXER MIKE STUART SCOTT GRAGSON
BROKER RANKINGS YEAR TO DATE JANUARY 2016 16.
JOE BONIFATTO
32.
REBECCA STANIEC
1.
MIKE MIXER
17.
RYAN MARTIN
33.
GEORGE CONNOR
2.
MIKE STUART
18.
TABER THILL
34.
CHARLES CONNORS
3.
SCOTT GRAGSON
19.
SUZETTE LAGRANGE
35.
KEITH CUBBA
4.
DAN DOHERTY
20.
KARA WALKER
36.
PHILLIP DUNNING
5.
GARRY CUFF
21.
RENAE RUSSO
37.
DAVE FREAR
6.
TOM NASEEF
22.
VINCE SCHETTLER
38.
DAN GLUHAICH
7.
MIKE DELEW
23.
PATTI DILLON
39.
JASON LESLEY
8.
SUSAN BORST
24.
BRIAN RIFFEL
40.
CHRIS LOBELLO
9.
ERIC MOLFETTA
25.
CHRIS CONNELL
41.
SCOT MARKER
10.
ROBERT TORRES
26.
GRANT TRAUB
42.
FRANK MARRETTI
11.
STEVEN HAYNES
27.
STACY SCHEER
43.
PATRICK MCNAUGHT
12.
GREG PANCIROV
28.
DAVID GRANT
44.
BRIDGET RICHARDS
13.
SPENCER PINTER
29.
PAT MARSH
45.
ERIC TUMBLESON
14.
ANDREW KILDUFF
30.
AL TWAINY
46.
JULIE BAUMAN
15.
CHRIS LANE
31.
DEAN WILLMORE
47.
JOHN KILPATRICK
10 FEBRUARY 2016
BY THE NUMBERS JANUARY 2016
LAS VEGAS - JANUARY 2016 RESULTS OFFICE 4% MULTI FAMILY 13%
INDUSTRIAL 17%
53 DEALS IN JANUARY LEASE 15%
RETAIL 3% PROPERTY TYPES
JANUARY 2016 Sale Revenue vs. Lease Revenue
LAND 63%
TOP 10 AGENTS: JANUARY 2016
SALES 85%
ANNIVERSARIES: JANUARY 2015
1. MIKE MIXER
6. TOM NASEEF
2. MIKE STUART
7. MIKE DELEW
3. SCOTT GRAGSON
8. SUSAN BORST
4. DAN DOHERTY
9. ERIC MOLFETTA
3. KEITH CUBBA 2005 / 11 YEARS
5. GARRY CUFF
10. ROBERT TORRES
4. GRETCHEN LEE 2007 / 9 YEARS
1. PATRICK MCNAUGHT 2003 / 13 YEARS 2. PATTI DILLON 2004 / 12 YEARS
JESSICA ROTHWELL | Property Assistant Please join us in welcoming Jessica Rothwell to the Colliers Las Vegas office as a Property Assistant in the Property Management department. Jessica brings six years of real estate experience varying in residential property management with apartment homes and single family homes. She has always been interested in commercial real estate and is extremely excited to be assisting in commercial properties with Colliers International. Jessica was born and raised in Las Vegas and is currently attending College of Southern Nevada for business management. Outside of work and school she enjoys playing classical guitar, working on her fitness and spending time with friends and family. Welcome aboard Jessica!
Welcome aboard Jessica! FEBRUARY 2016 11
BROKER OF THE MONTH JANUARY 2016 If you had to give up a favorite food, which would be the most difficult to give up? Pasta. I love all kinds of pasta. Spaghetti, lasagna, tortellini, ravioli, strozzaprete, priest-stranglers, etc. This is a perfect Segway into my favorite pasta jokes: Q: Did you hear about the Italian chef that died? A: He pasta way. Q: What do Italians eat on Halloween? A: Fettuccini A-fraid-o Q: What do you call a fake noodle? A: An impasta. Q: What do you call a dodgy neighborhood in Italy? A: A Spaghetto. Q: Where did the spaghetti go to dance? A: The meat ball! Q: What do you call a pasta that is sick? A: Mac and sneeze. Q: What is the dress code at a pasta convention? A: Bowtie What can I say, I Cannoli do so much…
What is the best vacation you’ve ever had? A week long adventure surf trip in Costa Rica
What do you enjoy doing to relieve stress?
Depends on the amount of stress. Yoga is my go-to stress reliever, but just about any athletic activity will do the trick. Macallan 18 may be necessary at times
MIKE MIXER
Where would you retire to?
EXECUTIVE MANAGING DIRECTOR HOTEL DIVISION Colliers Las Vegas
Most likely near an ocean. However, I hope retirement offers more than one place to enjoy.
PROFILE Mike Mixer is the Executive Managing Director of the Colliers International US Hotels Practice Group and the Executive Managing Director and co-founder of the Colliers International Las Vegas office, the leading full-service commercial real estate firm in Southern Nevada. An expert in the resort and gaming market, Mike’s expertise has been used by many of the top development and investment firms throughout the world. Mike has been a dominant force in the company’s success in all aspects of the real estate business and has consistently been ranked one of the top three brokers at Colliers International with billions of dollars in real estate transactions.
CONGRATULATIONS, MIKE! Colliers Las Vegas Congratulates... The Las Vegas office would like to congratulate the following brokers for achieving new titles for 2016. Mike Mixer, Executive Managing Director, says of their accomplishments, “We are proud to have each of these professionals in our Colliers family and we are looking forward to their continued success in 2016.” Congratulations!
Patti Dillon Senior Vice President
12 FEBRUARY 2016
Rebecca Staniec Associate Vice President
Phillip Dunning Associate Vice President
Eric Molfetta Vice President
Renae Russo Senior Associate
Chelsy Cardin Associate
Las Vegas Phone Directory INDUSTRIAL Susan Borst Mike De Lew Dan Doherty Jerry Doty David Frear Tyler Jones Suzette LaGrange Chris Lane Pat Marsh Eric Molfetta Sam Newman Greg Pancirov Spencer Pinter Brian Riffel Renae Russo Kara Walker Dean Willmore Chris Zunis
LAND +1 702 836 3719 +1 702 836 3736 +1 702 836 3707 +1 702 836 3735 +1 702 836 3723 +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 3775 +1 702 836 3705 +1 702 836 3763 +1 702 836 3703
OFFICE Patti Dillon Andrew Kilduff Ryan Martin Tom Naseef Rebecca Staniec Taber Thill
+1 702 836 3790 +1 702 836 3718 +1 702 836 3780 +1 702 836 3720 +1 702 836 3792 +1 702 836 3796
RETAIL Garrett Connor George Connor Charles Connors Chris Connell Phillip Dunning Dan Gluhaich David Grant Scot Marker Eric Tumbleson Al Twainy
+1 702 836 3738 +1 702 836 3786 +1 702 836 3778 +1 702 836 3709 +1 702 836 3766 +1 702 836 3757 +1 702 836 3785 +1 702 836 3782 +1 702 836 3708 +1 702 836 3725
Julie Bauman Scott Gragson Steven Haynes John Kilpatrick Pat McNaught Vince Schettler Mike Stuart Robert Torres
PROPERTY MANAGEMENT +1 702 836 3753 +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
+1 702 836 3777 +1 702 836 3713
INVESTMENT SERVICES Joe Bonifatto Brian Fike Robert Henn Jason Lesley Frank Marretti Bridget Richards Grant Traub
+1 702 836 3745 +1 702 836 3761 +1 702 836 3772 +1 702 836 3704 +1 702 836 3726 +1 702 836 3752 +1 702 836 3748 +1 702 836 3768
STAFF
HOTEL/RESORT Mike Mixer Dharmesh Patel
Erica Aulino Brandy Dumas Jennifer Kennedy Gretchen Lee Jennifer Maximino Jessie Noche Jessica Rothwell Angelina Scarcelli
+1 702 836 3729 +1 702 836 3744 +1 702 836 3767 +1 702 836 3742 +1 702 836 3758 +1 702 836 3743 +1 702 836 3789
Nicole Cauilan Courtney Goffstein Alisa Husic Sara Johansson Gina Jones Scott Jun Laura Medina Elizabeth Valles Matt Stater
+1 702 836 3706 +1 702 836 3710 +1 702 836 3701 +1 702 836 3771 +1 702 836 3783 +1 702 836 3721 +1 702 836 3769 +1 702 836 3791 +1 702 836 3781
GOLF COURSE Keith Cubba
+1 702 836 3733
MULTI-FAMILY Garry Cuff Jeff Naseef Tom Naseef
+1 702 836 3716 +1 702 836 3731 +1 702 836 3720
RECEIVERSHIP Christopher LoBello +1 702 836 3714
MEDICAL OFFICE Stacy Scheer
+1 702 836 3762
VALUATION SERVICES Tom Hoover
+1 702 836 3749
FEBRUARY 2016 13
Accelerating success.
www.colliers.com/lasvegas Colliers International Mike Mixer, Executive Managing Director 3960 Howard Hughes Parkway, Suite 150 Las Vegas, Nevada 89169 T +1 702 735 5700 | F +1 702 731 5709
14 FEBRUARY 2016