Accelerating success.
June 2016
Las Vegas Insider A communication for brokers, employees, colleagues and friends
3 PREDICTING RENTAL RATES 7 UPCOMING EVENTS 8 BROKER RANKINGS 4 WELCOME TO COLLIERS 9 BY THE NUMBERS 5 FEATURED DEALS 10 BROKER OF THE MONTH 6 NEW LISTINGS
Parfaits with Pat!
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JUNE 2016
MIKE'S QUOTE OF THE MONTH “Be more concerned with your character than with your reputation, for your character is what you are, while your reputation is merely what others THINK you are.” -Dale Carnegie
BY JOHN “MATT” STATER
Predicting Rental Rates What’s the trend in rental rates in Southern Nevada? I’m glad you asked, because I just happened to build some graphs that might shed some light on the subject.
These three charts – one each for Industrial, Office and Retail – show the ratio of effective lease rates to asking rates on numerous lease comps we’ve collected over the past few years. The idea is that when effective rates are higher than asking rates, it is likely that asking rates are going to rise. The industrial market, bless its little heart, has done just that over the past couple years. Industrial Rent Ratio (Effective Rent vs. Asking Rent) 12:.:%
11:.:%
1::.:%
9:.:%
8:.:%
7:.:%
6:.:%
You can see that the rent ratio for the industrial market has been on the rise for some time. The line shows the trend (actually a moving average, to quiet some of the noise). In turn, we’ve seen asking rates for industrial product rising. So the industrial market is doing well – we all know that. How about office and retail?
Office Rent Ratio (Effective Rent vs. Asking Rent) 11:.:% 1:5.:% 1::.:% 95.:% 9:.:% 85.:% 8:.:% 75.:%
The office graph is a bit noisier, even by charting the moving average. It suggests a very slow, and often unsteady, appreciation in rental rates, and that over the next few quarters we will see upward pressure on asking rates.
7:.:% 65.:% 6:.:%
Retail Rent Ratio (Effective Rent vs. Asking Rent) 13:.:%
12:.:%
11:.:%
1::.:%
9:.:%
8:.:%
7:.:%
6:.:%
Retail shows a rise starting in the third quarter of 2014 (the same time the industrial market saw its rent ratio increase above 100), but the past two quarters have seen a dramatic decline. This suggests that increases in retail asking rates might have gone too far, or that they’ve been slow to catch up to current demand realities. Either way, it seems likely that retail asking rates are headed down in the near future.
To sum up – Industrial and Office properties will probably see asking rates continue to increase over the next couple quarters, while Retail properties will see the opposite. Plan accordingly.
JUNE 2016
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CHRIS SUTTON | Senior Graphic Designer Please join us in welcoming Chris Sutton to the Colliers Las Vegas office as Senior Graphic Designer. As an awardwinning graphic designer with 15+ years of both agency and client-side experience, Chris possesses a solid grasp of brand-focused identity, print, packaging, and advertising. Across several organizations, he has helped to provide innovative solutions and has delivered compelling brand experiences. Chris previously served as Senior Designer at another local brokerage house where he helped provide creative direction and graphic design for business development pursuits and high-profile agency assignments across the nation. His experience on international and local campaigns in a variety of industries, including commercial real estate, health care, technology, travel/tourism, and non-profit demonstrates that he is capable of making any campaign visually outstanding. Chris was born in Hawaii but grew up in Las Vegas. He likes to skateboard and ride track bikes in his free time and is a world traveler.
Welcome aboard Chris!
On June 21st, the Colliers Las Vegas office had chair massages from Hired Hands Massage. Special thanks to Susan and Anna for the relaxing massages!
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JUNE 2016
FEATURED DEALS INDUSTRIAL LEASE
Dean Willmore, SIOR and Chelsy Cardin completed a ±44,051 square foot lease renewal to Maintenance Supply Headquarters. The industrial property is located at 880 Wigwam Parkway, Suite 140 in Henderson. Willmore, SIOR and Cardin of Colliers International represented the tenant.
OFFICE SALE Tom Naseef, CCIM, SIOR and Jeff Naseef completed a ±148,070 square foot sale to Sunland Properties, Inc. The office property is located at Bank of America Operations Center at 4101 East Charleston Boulevard in Las Vegas. The transaction amount was $4,600,000. Naseef, CCIM, SIOR and Naseef of Colliers International represented the seller, Gramercy Capital Corp.
CL
E
VILL
AGE CENTER C IR
LAND SALE Brian Fike finalized a ±0.63 acre sale to V Center, LLC. The land parcel is located at 1845 Village Center Circle in Las Vegas. The transaction amount was $560,000. Fike of Colliers International represented the seller, 1845 Village Center, LLC.
INDUSTRIAL LEASE Chris Clifford, Steve Neiger and Brett Rather completed a ±1,101 square foot lease to Penn Air Control, Inc. The industrial property is located in Cameron Hacienda at 5340 Cameron Street, Suite 15 in Las Vegas. Clifford, Neiger and Rather of Colliers International represented the landlord, VTT-Cameron Properties, LLC.
RETAIL SALE Phillip Dunning, CCIM finalized a ±2,925 square foot sale to Ani Frnzyan and David Abovian. The retail property is located at 4050 Losee Road in North Las Vegas. The transaction amount was $545,000. Dunning, CCIM of Colliers International represented the seller, Bank of the West.
JUNE 2016
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NEW LISTINGS GOLF CLUB - FOR SALE The Golf Club at SouthShore
OFFICE & RETAIL - FOR LEASE Scottsdale Plaza
OFFICE & RETAIL BROKER INCENTIVE: $25 GIFT CARD UPON RECEIPT OF VALID LOI INCLUSIVE OF TT APPLICATION & SUPPORTING FINANCIALS.
Keith Cubba is representing a ranked GolfWeek Top 100 Best Residential Course. The property is located in an exclusive guard gated Lake Las Vegas community at The Golf Club at SouthShore – 100 Strada Di Circolo, Henderson, NV 89011.
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Chris Connell & Grant Traub are representing both turn-key 2nd generation office space available from ±344 to ±5,220 SF & retail space available from ±344 SF to ±5,220 SF. Office Lease Rates Summer Promo through August 31st: $1.75 PSF/Month FSG - Tenant only responsible for phones, internet service, & janitorial. Reduced Retail Lease Rates: $1.25 PSF/Month NNN with CAMs at $.36 PSF/Month. Located NEC of Maryland Parkway & East Pebble Road in Las Vegas.
MULTIFAMILY - FOR SALE Parkside Gardens - Reno
INDUSTRIAL - FOR LEASE Las Vegas Boulevard & North Walnut Road
OFFICE - FOR LEASE Sahara Red Rock
Thomas Olivetti is representing the seller of a 288unit apartment complex that was built in 1973/1974. This property is unpriced & it is located at 1800 Sullivan Lane, Sparks, Nevada 89431, just four miles east of University of Nevada Reno & five miles north of Reno-Tahoe International Airport.
Susan Borst, SIOR, CCIM, Dan Doherty, SIOR, Chris Lane & Jerry Doty are representing a ±548,880 SF building that includes 36’ clear height, trailer parking & has excess land for additional parking in Las Vegas.
Renae Russo, KP, LEED GA is representing two buildings with office space for lease. The buildings have ±3,052 SF - ±7,678 SF & $1.60 FSG. The property is located at 2355 Red Rock Street.
RETAIL - FOR SALE 7215 South Durango Drive
MEDICAL - FOR LEASE Summerlin Surgery Center
BIG BOX INDUSTRIAL - FOR LEASE 4300 Flossmoor Street, Suite 400
David Grant is representing a Single Tenant/ Absolute Triple Net (NNN)/No Landlord Obligations auto services property. The property is the #2 Volume Jiffy Lube in Southern Nevada (#2 of 18 Locations). There is no debt on the property. Over 9½ years remaining on primary term. $2,290,000/6.0 Cap rate in Las Vegas.
Stacy Scheer, CCIM, LEED GA & Grant Traub are representing a freestanding ASC for lease. With 2 ORs & medical office space, the property is located at 9120 West Russell Road, Las Vegas, directly on Russell Road fronting I-215 on the border of Summerlin in the southwest.
Spencer Pinter is representing a big box industrial project. The property includes ±71,415 SF with ±1,800 SF of existing office space, 30’ ceiling, ESFR fire sprinklers, 13 dock loading doors & 1 grade loading door in North Las Vegas.
JUNE 2016
U P C O M I N G
EVENTS
JULY 4th Office Closed
JULY 7th
JULY 12th
JULY 13th
CREW Luncheon Las Vegas Country Club
USGBC Breakfast inNEVation Center
Monthly Industrial Meeting Main Conference Room
Monthly Retail Meeting Main Conference Room
SIOR Luncheon Maggiano’s Little Italy
JULY 22nd
JULY 27th
Aloha Friday
Monthly Office Meeting Main Conference Room
11:30am
7:00am
8:30am
JULY 20th
JULY 21st
CCIM Luncheon Palms Hotel & Casino
NAIOP Breakfast Orleans Hotel & Casino
11:30am
7:30am
Coffee Bar - Light Breakfast 9:00am Main Conference Room - Luau Luncheon 12:30pm
9:00am
12:00pm
9:30am
NAIOP Bowling Tournament Gold Coast Bowling Center 4:30pm
f
ory O m e M ing
In Lov
r o n n o C s e Charl
Colliers International Las Vegas held their 22nd Annual Links for Life Golf Tournament at Anthem Country Club on May 5th. In memory of our friend Charles Connors, all proceeds from this year’s raffle were placed in a college fund for his two young boys. We raised over $10,000 for Charlie and Zach. We miss you, Chuck.
NEVADA BUSINESS “Colliers International – Las Vegas Raises More Than $80,000 at Annual Golf Tournament” http://www.nevadabusiness.com/2016/05/ colliers-international-las-vegas-raises-more-than-80000-at-annual-golf-tournament/
JUNE 2016
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LOOK WHO MADE THE PLANE!
2016 SALES AWARD TRIP
MAUNA KEA - MARCH 17, 2017 - MARCH 22, 2017
YEAR-TO-DATE BROKERS WHO QUALIFY FOR THE HAWAII TRIP SUSAN BORST MIKE DELEW DAN DOHERTY SCOTT GRAGSON
PAT MARSH RYAN MARTIN MIKE MIXER TOM NASEEF
MIKE STUART TABER THILL SPENCER PINTER* DEAN WILLMORE*
*THESE BROKERS QUALIFIED FOR THE PLANE IN MAY ... WELCOME ABOARD!
BROKER RANKINGS YEAR TO DATE MAY 2016
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1.
SCOTT GRAGSON
17.
STACY SCHEER
33.
AL TWAINY
2.
DAN DOHERTY
18.
SCOT MARKER
34.
REBECCA STANIEC
3.
MIKE MIXER
19.
ROBERT TORRES
35.
ANDREW KILDUFF
4.
PAT MARSH
20.
ERIC MOLFETTA
36.
PAT MCNAUGHT
5.
MIKE DELEW
21.
GREG PANCIROV
37.
KEITH CUBBA
6.
TOM NASEEF
22.
DAVID GRANT
38.
CHRIS LOBELLO
7.
SUSAN BORST
23.
PHILLIP DUNNING
39.
CHRIS CLIFFORD
8.
SPENCER PINTER
24.
VINCE SCHETTLER
40.
DAVE FREAR
9.
MIKE STUART
25.
CHRIS LANE
41.
FRANK MARRETTI
10.
DEAN WILLMORE
26.
RENAE RUSSO
42.
GEORGE CONNOR
11.
RYAN MARTIN
27.
SUZETTE LAGRANGE
43.
ERIC TUMBLESON
12.
TABER THILL
28.
KARA WALKER
44.
JULIE BAUMAN
13.
GARRY CUFF
29.
STEVE HAYNES
45.
JOHN KILPATRICK
14.
PATTI DILLON
30.
JOE BONIFATTO
15.
DAN GLUHAICH
31.
GRANT TRAUB
46. 47.
STEVE NEIGER BRETT RATHER
16.
BRIAN RIFFEL
32.
CHRIS CONNELL
48.
THOMAS OLIVETTI
JUNE 2016
BY THE NUMBERS MAY 2016
LAS VEGAS - MAY 2016 RESULTS TOP 10 AGENTS: MAY 2016
MULTI FAMILY 1%
RETAIL 6%
1. SCOTT GRAGSON
6. MIKE DELEW
2. PAT MARSH
7. SCOT MARKER
3. DAN DOHERTY
8. BRIAN RIFFEL
4. SPENCER PINTER
9. SUSAN BORST
5. DEAN WILLMORE
10. PHILLIP DUNNING
LAND 31%
ANNIVERSARIES: MAY 2016
LEASE 54%
1.
GINA JONES 1998 / 18 YEARS
7.
JULIE BAUMAN 2014 / 2 YEARS
2.
KIM HAMILTON 2007 / 9 YEARS
8.
ROBERT HENN 2014 / 2 YEARS
3.
ERIC TUMBLESON 9. 2010 / 6 YEARS
JESSIE NOCHE 2014 / 2 YEARS
4.
DAN GLUHAICH 2012 / 4 YEARS
10.
GARRETT CONNOR 2015 / 1 YEAR
5.
ERIC MOLFETTA 2012 / 4 YEARS
11.
FRANK LEE 2015 / 1 YEAR
6.
SARA JOHANSSON 2013 / 3 YEARS
CONGRATS GRADUATES!
73 DEALS IN MAY
OFFICE 8%
SALES 46%
INDUSTRIAL 54%
We're so proud of our recent high school graduates: Congratulations
Congratulations
to Allie Shea Doherty,
to Samuel Julian Grant,
daughter of Dan Doherty.
son of David Grant. He will
She will be attending the
be attending the University
University of Washington.
Southern California – Marshall School of Business.
Congratulations
Congratulations
to Sierra Kamalani Marker,
to Addison Gragson,
daughter of Scot Marker.
daughter of Scott Gragson.
She will be attending
She will be attending
Barrett Honors College at
Southern Methodist
Arizona State University.
University.
JUNE 2016
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BROKER OF THE MONTH MAY 2016 What characteristic do you value the most in your coworkers? Integrity
If you HAD to give up one of your senses (hearing, seeing, feeling, smelling, tasting) which would it be and why? Smelling as I think the other senses are more important and there are a lot of horrible smelling people and things.
If you could have any kind of pet, what would you have? One of those pygmy baby goats that jump around all the time.
If you could tell your younger self one thing, what would it be? Life goes by pretty quick so enjoy the ride…travel and try more experiences and try not to procrastinate on doing the important things that are productive and will be lasting memories.
PROFILE Scott Gragson is the Executive Vice President of the Las Vegas Land Division with Colliers International, the third largest commercial real estate firm in the world, a position he has held since joining the company in 1997. As a second generation land professional in Las Vegas, Mr. Gragson has a vast wealth of knowledge and contacts in the local marketplace.
SCOTT GRAGSON EXECUTIVE VICE PRESIDENT LAND DIVISION Colliers Las Vegas
With over 25 years of Commercial Real Estate expertise Gragson has sold over a $1,000,000,000 in land transaction in his career. His specialty is vacant land acquisition and disposition as well as the assemblage of land parcels. His has also been tasked as a site-selection specialist for many local and national companies. In addition, Mr. Gragson has amassed a portfolio of over 4,000 acres in the State of Nevada as managing member of GKT Acquisitions.
CONGRATULATIONS, SCOTT!
ICEBREAKER
INTERESTING TIDBITS FROM PEOPLE YOU WORK WITH
HOW MANY PAIRS OF SHOES DO YOU OWN?
Courtney Goffstein
Too many to count actually. It is a problem. They sit in my closet like little trophies & yet I really only wear the same 3 pairs in rotation. I generally can’t bear to part with them so my husband has a minor celebration every time I retire a pair. He calls it a “Shoeneral" and he lets me say a few words about the good times we’ve shared together (me & the shoes). Its like Cinderella said, “One shoe can change your life…"
MARKETING PROJECT MANAGER
IF YOU WERE TO BUY A CAR RIGHT NOW, WHAT WOULD YOU BUY?
Haha yea right… Ill be driving my Corolla until it dies. But if I could buy anything right now, I would maybe go Acura NSX… good lookin’ car and I think I could adopt the attitude to match. Hard time fitting a baby car seat in that one though…
10 JUNE 2016
DO YOU PREFER TO TEXT OR TALK ON THE PHONE?
Depends on who is on the other line. Usually I get more done through text message. Emojis are everything.
woah! what?
BE INVISIBLE OR BE ABLE TO READ MINDS?
I think I would rather read minds. People say some pretty absurd things out loud… I would be curious to see what sort of thoughts they have that they hold back or don’t express.
WHAT IS YOUR FAVORITE ICE CREAM FLAVOR?
All the flavors. Duh! What kind of question is this? P. S. I also like frozen yogurt, frozen custard, sorbet, gelato, etc. etc. etc.
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
Julie Bauman Scott Gragson Steven Haynes John Kilpatrick Pat McNaught Vince Schettler Mike Stuart Robert Torres
+1 702 836 3790 +1 702 836 3718 +1 702 836 3780 +1 702 836 3720 +1 702 836 3792 +1 702 836 3796
GOLF COURSE
OFFICE Patti Dillon Andrew Kilduff Ryan Martin Tom Naseef Rebecca Staniec Taber Thill
RETAIL Chris Clifford Garrett Connor George Connor Chris Connell Phillip Dunning Dan Gluhaich David Grant 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 3709 +1 702 836 3766 +1 702 836 3757 +1 702 836 3785 +1 702 836 3782 +1 702 836 3760 +1 702 836 3794 +1 702 836 3708 +1 702 836 3725
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
Erica Aulino Brandy Dumas Jennifer Kennedy Gretchen Lee Jennifer Maximino Susan McMasters Jessie Noche Jessica Rothwell Angelina Scarcelli
+1 702 836 3777 +1 702 836 3713
STAFF
HOTEL/RESORT Mike Mixer Dharmesh Patel
INVESTMENT SERVICES Joe Bonifatto Brian Fike Robert Henn Frank Marretti Grant Traub
Keith Cubba
+1 702 836 3729 +1 702 836 3744 +1 702 836 3767 +1 702 836 3758 +1 702 836 3789
Nicole Cauilan Courtney Goffstein Alisa Husic Sara Johansson Gina Jones Laura Medina Matt Stater Chris Sutton
+1 702 836 3745 +1 702 836 3761 +1 702 836 3772 +1 702 836 3704 +1 702 836 3726 +1 702 836 3750 +1 702 836 3752 +1 702 836 3748 +1 702 836 3768
+1 702 836 3706 +1 702 836 3710 +1 702 836 3701 +1 702 836 3771 +1 702 836 3783 +1 702 836 3769 +1 702 836 3781 +1 702 836 3721
+1 702 836 3733
MULTI-FAMILY Garry Cuff Jeff Naseef Tom Naseef Thomas Olivetti
+1 702 836 3716 +1 702 836 3731 +1 702 836 3720 +1 702 836 3740
RECEIVERSHIP Christopher LoBello +1 702 836 3714
MEDICAL OFFICE Stacy Scheer
+1 702 836 3762
VALUATION SERVICES Tom Hoover
+1 702 836 3749
JUNE 2016 11
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