Las Vegas Insider | August 2018

August 2018

LAS VEGAS

INSIDER A COMMUNICATION FOR BROKERS, EMPLOYEES, COLLEAGUES AND FRIENDS

18,000-SEAT MSG SPHERE A massive high-tech, sphere-shaped venue that will host concerts and other events while engaging multiple senses will break ground this summer in Las Vegas.

LAS VEGAS INSIDER | AUGUST 2 018

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VEGAS FĂšTBOL

IN SOUTHERN NEVADA Founded by Las Vegas resident Brett Lashbrook & his family, Las Vegas Lights Football Club was formed with the goal of bringing pro soccer to Southern Nevada. Tickets on sale now.

www.lasvegaslightsfc.com

Accelerating success.

C

FACEBOOK.COM/COLLIERSLV

TWITTER.COM/COLLIERS_LV

TABLE OF CONTENTS: VEGAS NEXT – LV RESEARCH 4 FEATURED DEALS 9 FEATURED LISTINGS 10

COLLIERS IN THE NEWS 11 ICE CREAM SOCIAL WRAP-UP 12 UPCOMING EVENTS 13

VEGAS BY THE NUMBERS 14 BROKER OF THE MONTH 15 DIRECTORY 16

LAS VEGAS HAS A NEW $30 MILLION VERTICAL FARM THAT AIMS TO PRODUCE OVER 1 MILLION POUNDS OF PRODUCE EVERY YEAR Las Vegas isn’t the first place that springs to mind as a hub for sustainable agriculture. But the city could soon become a major purveyor of fresh greens, thanks to a new $30 million vertical-farming facility. At 215,000 square feet, it’s one of the largest indoor vertical farms in the United States. The facility is home to Oasis Biotech, a startup that transformed a vacant Las Vegas industrial property into a center for hydroponic farming, a process of growing plants without soil to conserve water and speed up the maturation process.

CITY GROWTH LAS VEGAS INSIDER | AUGUST 2 018

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VEGAS NEXT

To quote the bard, who in this case is Guns N’ Roses, “Where do we go… where do we go now?” For Southern Nevada, that is the question. As development fills in the Las Vegas Valley over the next decade, where will growth go next? It may seem a bit premature to ask, but the time to invest in land is not while the buildings are being built, but before they are even a gleam in the architect’s eye.

LAS VEGAS RESEARCH

BY JOHN MATT STATER

In this article, I’m going to run down some possibilities for future growth outside the Las Vegas Valley, both likely and unlikely. The idea here is not to write the definitive development plan for Las Vegas 2040, but rather to provoke thought and discussion on the future of commercial real estate in Southern Nevada.

JEAN

PAHRUMP

K YLE CANYON AREA

Mention Pahrump as a potential location for new master planned residential to serve Southern Nevada to a local, and the cons will flow from their mouths like Niagara Falls. It is too far, for one thing, which is probably true. Driving from the center of Las Vegas to the center of Pahrump takes over one hour. On the other hand, driving from the outskirts of Pahrump to the Beltway takes about 45 minutes – not too shabby. There is also a great deal of empty space between the Spring Mountains and Pahrump that could potentially be developed, reducing the drive time to 30 minutes. The cost, of course, is infrastructure, making such a development in Nye County a longshot at the present. Pahrump also has a reputation among Las Vegans as a seedy little backwater, but then so did Henderson prior to the development of the Green Valley MPC.

Jean has been on the Las Vegas radar for quite a while. It is 34 minutes away from the heart of Las Vegas, and only about 20 minutes away from significant residential development.

Most development discussion about Jean revolves around industrial development. Talk of constructing a freight airport in Jean so the McCarran International Airport could focus on passenger traffic seems to have gone nowhere since the Great Recession, but could be revived. As warehouse/ distribution development moves into West Henderson, the likely next target is Sloan, NV, and then Jean. Residential development could also move into this area, and tourist traffic along the I-15 Interstate could make retail to serve that residential more viable than it might otherwise be.

The most likely spot for residential development serving Southern Nevada is the Kyle Canyon area, especially because such development is already essentially moving forward at the Skye Canyon MPC. As infrastructure is brought out to serve that development, additional developments can be piggybacked off of it, moving the Valley’s residential to the Northwest. The main benefits, besides some existing infrastructure in the area, is that it is about 20 minutes away from the heart of Las Vegas.

APEX One does not have to surmise that industrial development might shift to Apex in the future, because it is happening there already. Apex offers space for manufacturing as well as warehousing operations, and has the added bonus of being located between Las Vegas and Moapa, NV, giving developers a potential spot to build worker housing for Apex operations outside of the Las Vegas Valley – though presumably the need for such housing would be light.

TR ANSPORTATION

BOULDER CIT Y Boulder City is notoriously resistant to development, and will likely remain so for the foreseeable future. Situated just 30 minutes from the heart of Las Vegas, it also has large land holdings along the new I-11 Interstate route, and warehouse/distribution development could be welcomed where residential development is not. More importantly, land located near the I-11/US-95 junction near Boulder City is not all owned by Boulder City – Henderson and the US of A own a bit, and that land could be more readily used for industrial development.

The caveat in all of these discussions is transportation.

A major public works operation to retrofit the Valley with trains linking the outskirts to the center of town might be a tough sell given the price tag, but it would not be impossible. That being said, evidence is mounting that automobiles, despite the publicity campaign that has been waged against them for years, are the most efficient way of getting thousands of people where they need to be when they need to be there. The most likely solution to moving ever further population clusters to work in Southern Nevada is probably the solution that is happening now, as office space moves from the middle core of the city to the Southwest beltway and Summerlin – in other words, move the workplaces to the workers. Laying down telecommunication cable will always be cheaper and easier than building light rail.

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WELCOME TO COLLIERS! Broker Intern Logan Etherington Please join us in welcoming Logan Etherington to the Colliers Las Vegas office as a Broker Intern. Logan has been licensed in Nevada for a year and half. He began his real estate career in the residential market with Realty Executives where he specialized in buyer representation. He is currently in his final semester at the University of Nevada, Las Vegas where he is studying Economics.

Logan will be spending the next six months interning under Mike Mixer to learn the intricacies and various disciplines of Commercial Real Estate. He aspires to develop the skills and knowledge base required to become a successful Commercial Broker at Colliers International.

Logan is an avid Golden Knights fan and enjoys spending his free time with friends, playing sports, and being outdoors.

Please stop by and introduce yourself. Welcome aboard Logan!

Welcome aboard, Logan!

LAS VEGAS: HOTTEST REAL ESTATE MARKET IN THE COUNTRY

THE LAS VEGAS REAL ESTATE MARKET IS AS HOT AS THE DESERT HEAT. Las Vegas home values reported the highest year-over-year gains in home values, totaling a 13 percent increase, according to the S&P’s Corelogic Case-Shiller Index (the leading measure of U.S. home prices). Seattle came in a close second with a 12.8 percent increase, San Francisco in third with a 10.7 percent increase. “The prices that are really moving the quickest are homes under $300,000,” Zar Zanganeh said. “Affordable housing is the hardest thing to find, right now, in Las Vegas.”

“The Vegas market is growing very quickly,” he said. “We’ve got a lot of new businesses, we have 3 new casino projects being built, we have a stadium coming along, we have a medical school that just started in Las Vegas, so there are a lot of people moving to Las Vegas and a lot of money coming to Las Vegas.”

BELLAGIO LAS VEGAS

3,933 ROOMS

With 3,933 rooms, the Bellagio hotel has more rooms than the number of residents in Bellagio, Italy.

DID YOU KNOW? THE LUXOR LAS VEGAS’ SPHINX, A RE-CREATION OF THE GREAT SPHINX OF GIZA, IS 101 FEET HIGH AND LARGER THAN THE ORIGINAL.

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LINKS FOR LIFE

F O U N D A T I O N

WE NEED YOUR HELP

SIGN-UP

YO U ’ R E T H E M I S S I N G L I N K

SEPTEMBER 15 MOUNTAIN’S EDGE EXPLORATION PEAK PARK – 9700 S. BUFFALO DRIVE,LAS VEGAS, NV 89178

FEATURED DEALS

MULTIFAMILY SALE

INDUSTRIAL SALE

209 UNIT MULTIFAMILY PROPERTY A sale to 3D Investments LLC. The ±14.50 acre Boca Raton Luxury Condominiums with 209 units is located at 2405-2445 Serene Avenue in Las Vegas. The transaction amount was $44,032,000.00. Tom Naseef, CCIM, SIOR, Garry Cuff, CCIM and Jeff Naseef of Colliers International represented the seller, Palm Beach Resort Condominiums LLC.

±155,790 SQUARE FOOT INDUSTRIAL PROPERTY A sale to Christie Lites Las Vegas, LLC. The ±155,790 square foot industrial property was developed by Matter Real Estate Group and is located at 4325 Corporate Center Drive in North Las Vegas. The transaction amount was $16,231,760.00. Dan Doherty, SIOR, Paul Sweetland, SIOR and Chris Lane of Colliers International represented the seller, Matter Real Estate Group and Jerry Doty of Colliers International represented the buyer.

INDUSTRIAL LEASE

OFFICE SALE

±39,875 SQUARE FOOT INDUSTRIAL PROPERTY A lease to Advanced Wheel Sales, Inc. The ±39,875 square foot industrial property is located in Freeport West Distribution Center at 3030 North Lamb Boulevard, Suite 106 in Las Vegas.

Dean Willmore, SIOR of Colliers International represented the landlord, Natomas Creek Nevada, LLC.

±12,356 SQUARE FOOT OFFICE PROPERTY A sale to NOSREDNA Real Estate Holdings. The ±12,356 square foot office property is located at 3675 Pecos McLeod in Las Vegas. The transaction amount was $1,111,200.00.

Stacy Scheer, CCIM of Colliers International represented the seller, Creekside Health Care Inc.

OFFICE LEASE ±5,444 SQUARE FOOT OFFICE PROPERTY A lease to Destinations to Recovery, LLC. The ±5,444 square foot office property is located in Mountain View Professional Plaza at 2851 North Tenaya Way, Suite 205 in Las Vegas. Andrew Kilduff of Colliers International represented the landlord, Dennee Mountain View, LLC.

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FEATURED LISTINGS

127 EAST WARM SPRINGS ROAD DEAN WILLMORE, SIOR AND MIKE WILLMORE • ±6,000 SF freestanding professional office building at The Park At Warm Springs • Professionally managed office park with CC&R’s • Sale Price: $1,595,000.00/Lease Rate: $1.45/SF NNN

NEC S RAINBOW BLVD AND SERENE AVENUE ROBERT TORRES AND SCOTT GRAGSON •

±22.5 acres for sale

•

Light Manufacturing (M-1) / Rural Estates Residential (R-E)

•

Asking: $10,300,000

4717 & 4731 WEST POST ROAD

1353 EAST SILVERADO RANCH BOULEVARD

BRIAN RIFFEL, SIOR AND TYLER JONES • Each unit totals ±6,681 SF • Post Industrial Park is a profesionally managed business park • Sale Price: $1,369,605 per building

DAVID GRANT

2370 CORPORATE CIRCLE, SUITES 200-209

4850 STATZ STREET, SUITE 103

STACY SCHEER, CCIM, LEED GA AND STEVEN HAYNES

JERRY DOTY AND CHRIS LANE

•

±10,261 SF 2nd Generation Office Within Green Valley

•

±81,103 Total SF

Corporate Center

•

The Golden Triangle Industrial Park is a master-planned

•

Offers high end finishes, covered parking, and a functional floorplan

•

Lease Rate: $1.90-$2.10 SF

•

±3,091 SF restaurant with drive-thru

•

Built in 2001

•

Zoning Clark County General Commercial (C-2)

industrial park consisting of ±4.5 million square feet with eleven buildings.

•

Lease Rate: $0.35 PSF NNN/CAMs: $0.11

SA L SA

EMPLOYEE PERKS

S H OW D OW N

B E R 19 M E T P E S :: E T A D E S AV E T H

IN THE NEWS CLARK COUNTY CALL CENTER EMPLOYMENT TRIPLES SINCE RECESSION https://www.reviewjournal.com/business/clarkcounty-call-center-employment-triples-sincerecession/

August 06

NAIOP SOUTHERN NEVADA PRESENTS “MAYORS PANEL” AT AUGUST BREAKFAST https://www.nevadabusiness.com/2018/08/ naiop-southern-nevada-presents-mayors-panelat-august-breakfast/

August 07

COLLIERS INTERNATIONAL – LAS VEGAS CLOSES $18M SALE OF INDUSTRIAL PROPERTY IN HUGHES AIRPORT CENTER https://creconfidential.com/las-vegas/colliersinternational-las-vegas-closes-18m-sale-ofindustrial-property-in-hughes-airport-center/

FOR 3,000 YEARS, UNTIL 1883, HEMP WAS THE WORLD’S LARGEST AGRICULTURAL CROP, FROM WHICH THE MAJORITY OF FABRIC, SOAP, PAPER, MEDICINES, AND OILS WERE PRODUCED.

August 23

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FLA VOR S

ANNUAL ICE CREAM SOCIAL BROUGHT THE TOPPINGS & FLAVORS

On August 16th we filled the conference room with a myriad of sweets including: Cones, Root Beer Floats, Banana Splits, Waffle Bowls, nine different kinds of ice cream, toppings, sauces, whipped cream and cherries. The hot fudge in the miniature crock pot stole the show. We hope you enjoyed this end of summer treat.

CONGRATULATIONS, YOU MADE THE PLANE!

2018 SALES AWARD TRIP MAUNA KEA BEACH RESORT, BIG ISLAND, HAWAII

FRIDAY, MARCH 8 – TUESDAY, MARCH 12, 2019 VINCE SCHETTLER

PAT MARSH, SIOR

GRANT TRAUB

DAN DOHERTY, SIOR

SCOTT GRAGSON

DAN GLUHAICH

MICHAEL STUART

PAUL SWEETLAND, SIOR

PATTI DILLON, SIOR*

CHRIS BENTLEY

CHRIS CLIFFORD

TABER THILL, SIOR*

DEAN WILLMORE, SIOR

SPENCER PINTER

KEITH CUBBA*

BRIAN RIFFEL, SIOR

AL TWAINY, CCIM

*These brokers qualified for the plane in July

UPCOMING EVENTS MONTHLY RETAIL MEETING 8:30am Main Conference Room SEPTEMBER 18

LABOR DAY HOLIDAY Office Closed SEPTEMBER 3 SIOR LUNCHEON 11:30am Maggiano’s Fashion Show SEPTEMBER 12

SALSA SHOWDOWN 2:30pm Main Conference Room SEPTEMBER 19

MONTHLY BIRTHDAY CELEBRATION 2:30pm Main Conference Room SEPTEMBER 27

NAIOP BREAKFAST 7:30pm Orleans Hotel & Casino SEPTEMBER 20

CCIM WINE SOIREE 5:00pm Cili at Bali Hai SEPTEMBER 27

MONTHLY OFFICE MEETING 9:00am Main Conference Room SEPTEMBER 26

CALV EDUCATIONAL SYMPOSIUM 7:30am Gold Coast Hotel & Casino SEPTEMBER 26

8:00am Exploration Peak Park Mountains Edge SEPTEMBER 15

MONTHLY INDUSTRIAL MEETING 9:00am Main Conference Room SEPTEMBER 27

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LAS VEGAS BY THE NUMBERS: OTHER 9%

MULTIFAMILY 3%

RETAIL 6%

OFFICE 14%

SALE 66%

JULY

JULY PROPERTY TYPES

SALES VS. LEASE INDUSTRIAL 38% LEASE 34%

LAND 30%

TOP 10 AGENTS OF THE MONTH JULY 2018 1.

2.

3.

4.

5.

Vince Schettler Dan Doherty Scott Gragson Keith Cubba Dean Willmore

63

6. Paul Sweetland 7. Stacy Scheer 8. Taber Thill 9. Patti Dillon 10. Brian Riffel

JULY OFFICE TRANSACTIONS

JULY 2018 ANNIVERSARIES Grant Traub

1998

20 Years

George Connor

1998

20 Years

Rebecca Staniec

2004

14 Years

Sandra Naseef

2014

4 Years

Paul Sweetland

2017

1 Year

BROKER RANKINGS YTD 2018 1. Dan Doherty 2. Mike Stuart 3. Vince Schettler 4. Dean Willmore 5. Pat Marsh 6. Scott Gragson 7. Paul Sweetland 8. Spencer Pinter 9. Brian Riffel 10. Chris Clifford 11. Christopher Bentley 12. Al Twainy 13. Grant Traub 14. Patti Dillon 15. Taber Thill 16. Keith Cubba

17. Dan Gluhaich 18. Chris Connell 19. David Grant 20. Mike Mixer 21. Phillip Dunning 22. Chris Lane 23. Patrick McNaught 24. Tom Naseef 25. Garry Cuff 26. Scot Marker 27. Jerry Doty 28. Stacy Scheer 29. Brian Fike 30. Susan Borst 31. Steve Haynes 32. Robert Torres

33. Steve Neiger 34. Alexia Crowley 35. Eric Molfetta 36. Jeff Naseef 37. Sam Newman 38. Andrew Kilduff 39. Kara Walker 40. Suzette Lagrange 41. Phillip Frank 42. Rebecca Staniec 43. Chris Lobello 44. Joe Bonifatto 45. George Connor 46. John Kilpatrick

Vince Schettler Brian Riffel

Scott Gragson Dean Willmore

Spencer Pinter Al Twainy

Patti Dillon Taber Thill

Dan Doherty Chris Clifford

Pat Marsh Chris Bentley

Dan Gluhaich Mike Mixer

Chris Connell David Grant

Mike Stuart

Paul Sweetland

Grant Traub

Keith Cubba

85/15 CLUB

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BROKER OF THE MONTH

CO NG RA T UL A T IO NS VINCE SCHETTLER Senior Vice President Land Division

Mr. Schettler was a visionary for the Mountain’s Edge Master Planned Community from its inception, where he served as the sole acquisitions contact, successfully negotiating more than 300 separate land acquisitions that make up the 3,500 acre master planned community. From the beginning, he was engaged in all strategies relating to planning, engineering, budgeting, construction and sales of the Mountain’s Edge project. Mountains Edge was certified by Robert Charles Less Company as the No. 1 selling community in America in 2007 and 2008.

Q A

What irritates you the most?

Probably the rash

Q

Which planet in the solar system would you visit?

A

Probably “Xerxes-10KX”, because nobody knows about it yet

Q

What is your favorite book?

.O.T.M. ONATION

A

Green Eggs N Ham

ERICA AULINO Assistant Property Manager REMS Division

Erica assists in the management of dayto-day operations of contracted retail, office and industrial properties. Erica has been working as a Property Assistant in the Property Management department for almost two years and brought seven years of experience in real estate and ten years of experience in accounting to the team. She is originally from Boston, Massachusetts but has lived in Las Vegas since 1994. She attended UNLV where she studied Finance and Accounting.

Q

If you could host a talk show, who would be your first guest?

A

ROB GRONKOWSKI

LINKS FOR LIFE Q

How would your friends describe you?

A

Positive and energetic.

Single, ready to mingle. Call me.

Q

What’s your favorite season?

A

Fall

F O U N D A T I O N

The Links for Life Foundation is donating in Vince Schettler’s name to the Jamie Thompson Memorial Fund to support a Bishop Gorman Scholarship

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LAS VEGAS PHONE DIRECTORY INDUSTRIAL Susan Borst Dan Doherty Jerry Doty Tyler Jones Suzette LaGrange Chris Lane Pat Marsh Eric Molfetta Sam Newman Alyssa Parks Spencer Pinter Brian Riffel Alexander Stanisic Paul Sweetland Kara Walker Dean Willmore Mike Willmore Chris Zunis

LAND +1 702 836 3719 +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 3755 +1 702 836 3776 +1 702 836 3773 +1 702 836 3742 +1 702 836 3750 +1 702 836 3705 +1 702 836 3763 +1 702 836 3748 +1 702 836 3703

OFFICE Chris Connell Patti Dillon Phillip Frank Andrew Kilduff Rebecca Staniec Taber Thill

+1 702 836 3709 +1 702 836 3790 +1 702 836 3775 +1 702 836 3718 +1 702 836 3792 +1 702 836 3796

Scott Gragson Steven Haynes John Kilpatrick Pat McNaught Taylor Schettler Vince Schettler Mike Stuart Robert Torres

+1 702 836 3730 +1 702 836 3727 +1 702 499 8999 +1 702 836 3798 +1 702 836 3717 +1 702 836 3764 +1 702 836 3739 +1 702 836 3788

HOTEL/RESORT Mike Mixer Dharmesh Patel

+1 702 836 3777 +1 702 836 3713

INVESTMENT SERVICES Joe Bonifatto Brian Fike Tom Naseef Gabriel Skerlich Grant Traub

+1 702 836 3729 +1 702 836 3744 +1 702 836 3720 +1 702 836 3708 +1 702 836 3789

Chris Clifford George Connor Phillip Dunning Dan Gluhaich David Grant Amelia Henry Scot Marker Steve Neiger Brett Rather Al Twainy

+1 702 836 3746 +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 Richard Koldewyn Evan Ranes

+1 702 836 3738 +1 702 836 3749

PROPERTY MANAGEMENT Erica Aulino Valerene Corbin Kiara Davis Stacy Inness Jennifer Kennedy Breanna Lara Gretchen Lee Angelina Scarcelli

+1 702 836 3745 +1 702 836 3761 +1 702 836 3740 +1 702 836 3726 +1 702 836 3772 +1 702 836 3753 +1 702 836 3704 +1 702 836 3768

STAFF GOLF COURSE Keith Cubba

+1 702 836 3733

MULTI-FAMILY RETAIL

MEDICAL OFFICE

Christopher Bentley Garry Cuff Jeff Naseef Tom Naseef

+1 702 836 3779 +1 702 836 3716 +1 702 836 3731 +1 702 836 3720

Nicole Cauilan Courtney Goffstein Sara Johansson Gina Jones Megan McInerney Matt Stater Chris Sutton

+1 702 836 3706 +1 702 836 3710 +1 702 836 3771 +1 702 836 3783 +1 702 836 3701 +1 702 836 3781 +1 702 836 3721

RECEIVERSHIP Christopher LoBello

+1 702 836 3714

MIKE MIXER

Executive Managing Director | Las Vegas

+1 702 735 5700