Accelerating success.
May 2016
Las Vegas Insider A communication for brokers, employees, colleagues and friends
3 SON OF BOOM 4 WELCOME TO COLLIERS 5 FEATURED DEALS 8 NEW LISTINGS Colliers Las Vegas' Mike Stuart made Truffle Parmesan Risotto for the office on April 26th. Thank you Mike for the delicious risotto!
9 UPCOMING EVENTS 10 BROKER RANKINGS 11 BY THE NUMBERS 12 BROKER OF THE MONTH
Come join us for an afternoon snack! Parfaits with Pat!
STAY CONNECTED WITH COLLIERS LAS VEGAS facebook.com/collierslv
twitter.com/Colliers_LV
2
MAY 2016
Mike’s Corner The highest levels of performance come to people who are centered, intuitive, creative, and reflective – people who know to see a problem as an opportunity. -Deepak Chopra
Son of Boom
BY JOHN “MATT” STATER
On the cusp of Southern Nevada’s economy returning to form – i.e. the Recovery Index is almost back to its 2005 level, it might be a good idea to examine the economy we’ve built over the past 10 years. The “Son of Vegas Boom” is a different cat than the “Vegas Boom”, and there are pros and cons to what we have become. Recovery Index (Year-Over-Year) 140.0 Jan 2005 = 100 120.0
100.0
80.0
60.0
The recovery index above tells the tale. It shows numerous measures of the local economy, comparing their year-over-year performance. These indices compare current performance to an arbitrary date in the past, in this case January 2005. You can read the current level as a percent of the level in 2005.
40.0
On the positive side, we see Gaming Revenue, Employment, Taxable Sales and LA Port Traffic are all better than they were a decade ago (though not by much). Commercial Occupancy and Visitor Volume are nearly there. The takeaway – Southern Nevada’s gaming business is doing well. People are back to work and locals and visitors are spending money. 20.0
0.0
New Home Sales
Commercial Occupancy
Gaming Revenue
Mar 2015
Visitor Volume
In-Migration Employment Taxable Sales Port Traffic LA
Recovery Index
Mar 2016
Two measures are well below where they were a decade ago – New Home Sales and, the driver of the home sales, In-Migration. In-Migration here is actually the out-of-state drivers licenses turned in at the local DMV. It suggests that Southern Nevada is no longer growing at the rate we used to. This population explosion was a key driver of the construction sector Electric Meter Hookups in Southern Nevada, one of the two pillars (with gaming) of the old economy. 9::,:::
8::,:::
Electric meter hook-ups tell a similar story of slower growth, and construction jobs, while they have in recent months shown improvement, remain well below boom levels.
7::,::: 6::,::: 5::,::: 4::,::: 3::,:::
2::,:::
This leads us to the two problems with the new economy. First and foremost, our eggs are truly all in one basket now – hospitality. We also can no longer rely on population growth to get us out of national (or global recessions). In the good old days, hundreds of new incomes coming to the valley every month created a buffer for Southern Nevada in times of recession – that buffer is effectively gone. 1::,:::
Oct-14
Dec-12
Nov-13
Feb-11
Jan-12
Mar-1:
Apr-:9
May-:8
Jul-:6
Jun-:7
Aug-:5
Oct-:3
Sep-:4
Nov-:2
Jan-:1
Dec-:1
Apr-98
Mar-99
Feb-::
May-97
Jul-95
Jun-96
Aug-94
Oct-92
Sep-93
Nov-91
Jan-9:
Dec-9:
:
Electric Meter Hookups (CC)
That means that when the next recession hits – likely within the next one to three years – Southern Nevada can expect to experience it in much the same way as the rest of the country (or planet). Keep this in mind as you advise clients in terms of expected return on investment properties, assuming they plan to hold them for fewer than four or five years, and on tenant renewals. MAY 2016
3
THOMAS OLIVETTI | Associate Vice President Please join us in welcoming Thomas Olivetti to Colliers Las Vegas as an Associate Vice President in the Multifamily Division. Thomas covers Nevada for the Colliers HSK Multifamily team. Thomas and his team specialize in representing sellers and buyers of multifamily properties in Nevada, Arizona, New Mexico and West Texas. Prior to joining the HSK team, Thomas worked in commercial banking in Phoenix and Las Vegas. Thomas was born and raised in Las Vegas and obtained a B.S. in Finance from the W.P. Carey School of Business at Arizona State University. His hobbies include golfing, working out and watching sports.
Welcome aboard Thomas!
CHRIS CLIFFORD | Vice President Please join us in welcoming Chris Clifford to Colliers Las Vegas as Vice President in the Retail Division. Chris brings eleven and a half years of experience in the industry. As a leading broker, Chris’ unsurpassed skills have facilitated more than $250,000,000 in buy/sell/lease transactions over the course of his career. Chris’ main focus continues to be his affinity for buying and selling retail centers. His team of highly regarded real estate professionals have become innovators in the expansion of numerous large retail concepts. Clients turn to them not only to identify new commercial real estate investment opportunities, but also for their impeccable ability to ensure the greatest return on investment. Specializing in locales throughout the state of Nevada, Chris and his team have spearheaded the expansion of top retailers including, but not limited to Five Guys Burgers and Fries, Mattress Firm and Old Chicago. Chris’ energetic and professional approach coupled with his industrious work ethic enables him to continue to generate un-paralleled results for his clients.
Welcome aboard Chris!
STEVE NEIGER | Associate Vice President Please join us in welcoming Steve Neiger to Colliers Las Vegas as an Associate Vice President in the Retail Division. Steven brings with him over ten years of local retail market experience. At his previous company he represented retail investment sales and leasing. Prior to that he served as a commercial leasing and sales agent, as well as senior property manager for a local boutique company which he joined after graduating college. As a property manager he oversaw day-to-day operations of retail shopping centers across Southern Nevada as well as numerous major projects including shopping center redevelopment, rebuilds, and new construction. Steve is experienced with all aspects of retail brokerage, from being on both sides of investment sales and leasing (including a well-balanced Landlord/Tenant Rep portfolio), as well as Special User Representation, which includes commercial property development. His clients include Nevada’s largest commercial property owner, Harsch Investment Properties, owner users such DriveTime, and tenants like Firehouse Subs. Steven is currently pursuing the CCIM designation and is an involved member of NAIOP Southern Nevada. In 2015 he won the prestigious “NAIOP Developing Leader of the Year” award.
Welcome aboard Steve!
BRETT RATHER | Senior Associate Please join us in welcoming Brett Rather to Colliers Las Vegas a Senior Associate in the Retail Division. Brett began his career in commercial real estate in November of 2013. As a Senior Associate at Colliers International, Brett emphasizes in Tenant Representation, Landlord Representation and Leasing. He predominantly focuses on the Las Vegas retail market while maintaining involvement in other local trade associations such as NAIOP Southern Nevada. He serves NAIOP on the Membership and Communications Committees and is a part of the Developing Leaders Institute class of 2016. Brett’s drive for commercial real estate stems from his competitive nature and having the opportunity to develop his hometown of Las Vegas; in which he is a 3rd generation native. He is an Alumni of Green Valley High School and the University of Nevada Las Vegas with a Bachelor of Arts in Communication Studies. Brett’s ambitious personality can be traced to his boxing achievements prior to real estate. As an amateur boxer who won 2 NCBA Heavyweight Championships with UNLV, he also represented the United States in the 2012 Olympics as a Super Heavyweight Olympic Alternate and boxed professionally as a Heavyweight (3-0) before retiring. Brett also played fullback at UNLV from 2009-2011. After boxing Brett went on to work for his parents’ local Firehouse Subs franchises before joining the commercial real estate industry. Brett’s family has instilled in him the qualities of leadership, persistence, and motivation.
Welcome aboard Brett! 4
MAY 2016
FEATURED DEALS INDUSTRIAL SALE
Brian Riffel and Tyler Jones completed a ±24,408 square foot sale to Diamond Coast Group, LLC. The industrial property is located at 204 Mayflower Avenue in North Las Vegas. The transaction amount was $2,800,000. Riffel and Jones of Colliers International represented the seller, Harlan Land Co.
LAND SALE Steven Haynes finalized a ±1.14 acre sale to Friends of Las Vegas Youth Orchestras. The land parcel is located at 2750 South Maryland Parkway in Las Vegas. The transaction amount was $450,000. Haynes of Colliers International represented the seller, Time Square Properties, LLC.
RETAIL LEASE Al Twainy, CCIM and Amelia Hyden completed a ±2,000 square foot lease to Tasty Temptations Café N Bakery. The retail property is located in Parkview Plaza Shopping Center at 3935-3955 South Durango Drive, Suite A1 in Las Vegas. Twainy, CCIM and Hyden of Colliers International represented the tenant.
LAND SALE Robert Torres and Scott Gragson completed a ±2.16 acre sale to CHD Convenience, LLC. The land parcel is located at 9180 W. Post Road in Las Vegas. The transaction amount was $1,150,000. Torres and Gragson of Colliers International represented the seller, Sunset Post FF450, LLC.
OFFICE SALE Suzette LaGrange and Kara Walker, CCIM completed a ±7,861 square foot sale to BM Highland, LLC. The office property is located in Point North Office at 7326 West Cheyenne Avenue in Las Vegas. The transaction amount was $982,625. LaGrange and Walker, CCIM of Colliers International represented the buyer.
MAY 2016
5
22nd Annual Links for Life Golf Tournament 2016 | Anthem Country Club
Our raffle raised $10,000 for Charles Connors' children
6
MAY 2016
$80,000 raised for charity
Candlelighters sold $1,000 in necklaces for Camp Firefly
MAY 2016
7
NEW LISTINGS MULTI FAMILY - FOR SALE 501 East Lake Mead Parkway
MEDICAL & OFFICE - FOR LEASE Business Park Court
OFFICE - FOR LEASE 6785 South Eastern Avenue, Unit #3
Gary Cuff, CCIM, Tom Naseef, CCIM, SIOR & Jeff Naseef are representing a 2 story multi family listing that includes 320 units, 2 swimming pools, club house/laundry facility in Henderson, NV.
Stacy Scheer, CCIM LEED GA is representing a Medical & Office Suites available for $1.10/SF NNN & is located in the Northwest Medical District.
Renae Russo, KP, LEED GA, is representing a ±1,927 SF 2-Story office condo. The property has a parking ratio of 3.7/1000 & is zoned M-D. Base Rent $0.99 SF - $1.10 SF/MO/FSG in Las Vegas.
RETAIL - FOR LEASE Scottsdale Plaza
OFFICE - FOR LEASE Pointe North Office Park
LAND - FOR SALE Rainbow Boulevard Frontage
Chris Connell & Grant Traub are representing a turn-key 2nd generation office space available from ±344 SF to ±5,220 SF; Retail space available from ±1,151 SF to ±4,930 SF. Office Lease Rates: $2.25 PSF/Month FSG - Tenant only responsible for phones & internet services. Retail Lease Rates: $1.35 PSF/Month NNN; CAMs at $.38 PSF/Month. Approximately one (1) mile from I-215 Beltway.
Suzette LaGrange & Kara Walker, CCIM are representing a ±6,150 SF professional office suite. The property includes above-standard parking capability of 8:1,000 & is quick, turn-key, custom build-out also available. Asking $1.65 /SF, MG in Las Vegas.
Steven Haynes is representing a ±2.05 acre land parcel that is located on the northwest corner of South Rainbow Boulevard & West Cougar Avenue approximately ±0.6 miles north of Blue Diamond Road & ±2.9 miles south of I-215 Beltway.
Las Vegas Business Press “Retail market has turned ‘bullish,’ experts say” http://businesspress.vegas/real-estate/retail-market-has-turned-bullish-experts-say Nevada Business “A New Year and New Challenges: Colliers International – Las Vegas releases First Quarter Reports” http://www.nevadabusiness.com/2016/04/a-new-year-and-new-challenges/ Vegas Inc “Is apartment sector in Las Vegas heating up too quickly?’” http://vegasinc.com/business/2016/may/16/does-las-vegas-have-an-apartment-bubble/
8
MAY 2016
U P C O M I N G JUNE 2
nd
CREW Luncheon Las Vegas Country Club 11:30am
EVENTS JUNE 8th
JUNE 9th
SIOR Luncheon Maggiano’s Little Italy
Monthly Industrial Meeting Main Conference Room
12:00pm
9:00
JUNE 14th
JUNE 16th
JUNE 22nd
USGBC Breakfast inNEVation Center
NAIOP Lunch Orleans Hotel & Casino
CCIM Luncheon Palms Hotel & Casino
JUNE 21st
Monthly Office Meeting Main Conference Room
7:00am
Monthly Retail Meeting Main Conference Room 8:30am
11:30am
Chair Massages Main Conference Room
11:30am
9:30am
1:00pm
KEEPANDCALM GET A CHAIR MASSAGE
Don’t Miss This Stress Buster!
When: June 21st from 1:00pm - 4:00pm Where: Main conference room How: Sign up with Alisa at front desk for your 10 minute session
MAY 2016
9
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 MIKE MIXER MIKE STUART SCOTT GRAGSON DAN DOHERTY
MIKE DELEW TOM NASEEF SUSAN BORST
PAT MARSH* TABER THILL* RYAN MARTIN*
*THESE BROKERS QUALIFIED FOR THE PLANE IN APRIL ... WELCOME ABOARD!
BROKER RANKINGS YEAR TO DATE APRIL 2016 16.
DAN GLUHAICH
32.
CHRIS CONNELL
1.
DAN DOHERTY
17.
ERIC MOLFETTA
33.
REBECCA STANIEC
2.
MIKE MIXER
18.
DAVID GRANT
34.
ANDREW KILDUFF
3.
SCOTT GRAGSON
19.
JASON LESLEY
35.
AL TWAINY
4.
MIKE DELEW
20.
GREG PANCIROV
36.
PAT MCNAUGHT
5.
PAT MARSH
21.
BRIAN RIFFEL
37.
KEITH CUBBA
6.
TOM NASEEF
22.
ROBERT TORRES
38.
JOSEPH BONIFATTO
7.
SUSAN BORST
23.
VINCE SCHETTLER
39.
BRIDGET RICHARDS
8.
MIKE STUART
24.
CHRIS LANE
40.
CHRIS LOBELLO
9.
TABER THILL
25.
RENAE RUSSO
41.
GEORGE CONNOR
10.
RYAN MARTIN
26.
SCOT MARKER
42.
DAVE FREAR
11.
GARRY CUFF
27.
STEVE HAYNES
43.
FRANK MARRETTI
12.
PATTI DILLON
28.
PHILLIP DUNNING
44.
ERIC TUMBLESON
13.
SPENCER PINTER
29.
SUZETTE LAGRANGE
45.
JULIE BAUMAN
14.
DEAN WILLMORE
30.
KARA WALKER
46.
JOHN KILPATRICK
15.
STACY SCHEER
31.
GRANT TRAUB
10 MAY 2016
BY THE NUMBERS APRIL 2016
LAS VEGAS - APRIL 2016 RESULTS OTHER 5%
60 DEALS IN APRIL
OFFICE 18%
RETAIL 10%
LEASE 30%
PROPERTY TYPES
LAND 40%
APRIL 2016 Sale Revenue vs. Lease Revenue
INDUSTRIAL 27% SALES 70%
TOP 10 AGENTS: APRIL 2016 1. PAT MARSH
6. BRIAN RIFFEL
2. SCOTT GRAGSON 7. VINCE SCHETTLER 3. TOM NASEEF
8. DAN DOHERTY
4. MIKE DELEW
9. SCOT MARKER
5. JASON LESLEY
10. STACY SCHEER
tidbits of the month
A banana is actually a berry. A strawberry isn’t.
ANNIVERSARIES: APRIL 2016 1. MATT STATER 1996 / 20 YEARS 2. ANGELINA SCARCELLI 2013 / 3 YEARS 3. JENNIFER MAXIMINO 2013 / 3 YEARS
WAY TO GO DEAN! Dean Willmore, SIOR has earned the title of Executive Vice President! Way to go, Dean!
MAY 2016 11
BROKER OF THE MONTH APRIL 2016 What characteristic do you value the most in your coworkers? Honesty
If you HAD to give up one of your senses (hearing, seeing, feeling, smelling, tasting) which would it be and why? It would suck to lose any sense, but if I had to choose one I guess the least important is taste.
If you could have any kind of pet, what would you have? Dog
If you could tell your younger self one thing, what would it be? Shut up and listen
PROFILE Pat Marsh is a Senior Vice President in the Industrial Division of Colliers International, the leading commercial real estate firm in Nevada. Mr. Marsh began his industrial real estate career with CB Richard Ellis in 1996 and joined Colliers International in 1998 when Colliers International established a presence in Las Vegas. Mr. Marsh is experienced in all phases of industrial real estate including land sales, site selection, design, leasing, owner/user and investment sales. Besides land sales and buyer representation, Mr. Marsh currently lists over 2 million square feet of industrial property in the Las Vegas Valley. Some of the property owners Mr. Marsh has represented include: Archon Group, ProLogis, Panattoni Development, EJM Development Co., Weingarten Realty, Harsch Investment Properties, Rreef Funds, Nevada Real Estate Group and Rousso Investments.
PAT MARSH
EXECUTIVE VICE PRESIDENT INDUSTRIAL DIVISION
CONGRATULATIONS, PAT!
Colliers Las Vegas
ICEBREAKER
DO YOU PREFER TO TEXT OR TALK ON THE PHONE?
HOW MANY PAIRS OF SHOES DO YOU OWN?
I only rent
INTERESTING TIDBITS FROM PEOPLE YOU WORK WITH
uhm...
No
hello?
John Matt Stater RESEARCH & GIS MANAGER
IF YOU WERE TO BUY A CAR RIGHT NOW, WHAT WOULD YOU BUY?
Dog
12 MAY 2016
BE INVISIBLE OR BE ABLE TO READ MINDS?
Read minds, assuming it’s like in Scanners
WHAT IS YOUR FAVORITE ICE CREAM FLAVOR?
What’s with all these questions? I wasn’t expecting the Spanish Inquisition …
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 Scott Jun Laura Medina Matt Stater
+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 3721 +1 702 836 3769 +1 702 836 3781
+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
MAY 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