Las Vegas Insider | December 2017

December 2017

LAS VEGAS

INSIDER A COMMUNICATION FOR BROKERS, EMPLOYEES, COLLEAGUES AND FRIENDS

Accelerating success.

LAS VEGAS INSIDER | NOVE DEC E M BE R 2 017

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MIKE’S QUOTE OF THE MONTH:

HACI EN DA H O RSE AN D R I D ER In 2009, the stretch of Las Vegas Boulevard, between Sahara Avenue and Washington Avenue, was designated a National Scenic Byway, one of only three urban byways in the country. The National Scenic Byways Program is part of the U.S. Department of Transportation, Federal Highway

Administration. The first sign was the Hacienda Horse and Rider, installed at Fremont Street. Other signs include Binion's Horseshoe, the Bow & Arrow Motel, the Silver Slipper, Society Cleaners, Lucky Cuss Motel, and the Normandie Motel.

Accelerating success.

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TABLE OF CONTENTS: PACE OF CHANGE – LV RESEARCH 4 FEATURED DEALS 9 A YEAR OF GOOD FORTUNE 10

FEATURED LISTINGS 12 COLLIERS IN THE NEWS 13 UPCOMING EVENTS 15

VEGAS BY THE NUMBERS 16 BROKER OF THE MONTH 17 DIRECTORY 18

T R AV E L D E S T I N AT I O N More than 41 million people visit

Las Vegas each year. That number is expected to grow in 2018.

Downtown Vegas Alliance

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THE SURPRISING PACE OF CHANGE We’ve all heard the joke about “I was promised flying cars and jetpacks, and only got X” – the future just isn’t what it was cracked up to be in past. We’re now hearing quite a bit about how rapidly our lives are going to be overturned by technology. I mean – in just a few years we’ll have a paperless office and we’ll all work from home, right? Or were they making that prediction in the 1990’s?

LAS VEGAS RESEARCH

THE TRUTH OF THE MATTER IS THAT TECHNOLOGICAL CHANGE, WHILE SEEMINGLY UNSTOPPABLE, IS OFTEN NOT AS FAST AS PEOPLE THINK IT WILL BE. WE STILL HAVE PLENTY OF PAPER IN OUR OFFICES, AND MOST OF US WHO WORK IN OFFICES ARE STILL GOING THERE TO BE PRODUCTIVE – THOUGH WE CAN DO A BIT MORE ON THE WAY THERE USING OUR PHONES (which is dangerous, so stop texting and driving).

For a technology to “change the world”, it needs to meet a few requirements. First, it needs to perform a task better or cheaper than the tools we have already. If it’s expensive, it needs to perform those tasks much better – in essence, it needs to multiply productivity to the extent that it pays for itself. The economics of innovation is really the key.

Let’s review the “world of tomorrow” we could have had if the key point of innovation was just the “inventing” part.

In our imaginary world of tomorrow, we had our first manned space station by 1962, the first moon landing and moon bases in 1965 and we had men on Mars 17 years ago. June Cleaver was cooking with a microwave in the 1950’s, and

she had a robot vacuum cleaner (not unlike the Roomba) as well. In the office, we had “Windows” and computer mouses (mice?) by 1965, along with video phones. DVDs were introduced in late 1960’s, laptop computers by the mid-1970’s and the equivalent of iPods by 1980.

If you review those innovations, which were all actually invented or well within reach in the time periods mentioned above, you might notice that most of these items wouldn’t really become mainstream for 20 to 30 years after they

were invented. They needed refinement, improvement and, most importantly, they needed to be economically

viable and pay for themselves. A $5,000 microwave oven will cook food fast (and badly), but most folks can’t afford it. This is why futurists are often so premature on their predictions of technological change. They are in tune with

what has been invented – they know it exists – but they don’t realize how long it takes to make it economically viable.

IT’S ALSO WORTH THINKING ABOUT HOW MANY OLD INVENTIONS ARE STILL IN USE TODAY – BEN FRANKLIN’S BIFOCALS, FOR EXAMPLE, OR SIMPLE OVENS. FIRE AND WHEELS ARE BOTH PRETTY RELEVANT THOUSANDS OF YEARS AFTER THEY WERE INVENTED AND/ OR DISCOVERED.

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TH E SU R PR ISI N G PACE OF CHAN G E

WILL DRIVERLESS CARS C O M P L E T E LY R E P L AC E O L D FA S H I O N E D C A R S WITHIN FIVE YEARS? P R O B A B LY N OT. The expense might be prohibitive, but at a minimum the infrastructure probably couldn’t handle it. In 20 years – maybe so, though very few technologies are completely replaced. Take a drive through Amish country and you’ll still see horse-drawn wagons – hey, they still work!

We also hear about how different Millennials are than past generations. They don’t want to live in the suburbs – they want the density of a walkable city – art, restaurants, etc. Oh wait, that was actually the Baby Boomers. And Generation X. The truth of the matter is that most people in their 20’s, regardless of the generation, want things like this. Then they get better jobs, meet people, have kids, and decide they want a little more space. Millennials are becoming the dominant demographic buying single-family homes – after all, Generation X and the Boomers made that move a few decades ago. Generation Z will follow suit.

FUTURE Keep those eyes on the horizon, but make sure your feet are planted securely on the ground.

Things change, but never at the pace we expect, and not always in the ways we expect.

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AMERICAS CONFERENCE February 20-22nd- Phoenix

SAVE THE DATE www.colliersamcon.com

FEATURED DEALS

MULTIFAMILY SALE

OFFICE LEASE

87 UNIT MULTIFAMILY PROPERTY A sale to CALCAP Advisors. The 87-unit multifamily property, Skyline Place Apartments, is located at 5055 Tamarus Street in Las Vegas. The transaction value was $6,075,000.00. Thomas Olivetti of Colliers International represented the buyer and the seller, Alpha Wave Investors.

±6,186 SQUARE FOOT OFFICE PROPERTY A lease to IGLESIA CRISTIANA SALEM TIERRA. The ±6,186 square foot office property is located at 600 South Rancho Drive, Suite 103A & 103B in Las Vegas. Alexia Crowley, CCIM of Colliers International represented the landlord, B K L P Nevada.

INDUSTRIAL SALE

RETAIL LEASE

±22,750 SQUARE FOOT INDUSTRIAL PROPERTY A sale to BACIO, LLC. The ±22,750 square foot industrial property is located in Craig Corporate Park at 4620 Calimesa Street in Las Vegas. The transaction value was $2,661,750.00.

Dan Doherty, SIOR, Paul Sweetland, SIOR, Chris Lane and Jerry Doty of Colliers International represented the seller, NLV Sagebrush, LLC.

±49,000 SQUARE FOOT RETAIL PROPERTY A lease to Autosource Motors of Las Vegas, LLC. The ±49,000 square foot retail property is located at 2121 East Sahara Avenue in Las Vegas. Grant Traub and Chris Connell of Colliers International represented the tenant.

INDUSTRIAL SALE ±98,334 SQUARE FOOT INDUSTRIAL PROPERTY A sale to Russell Commerce Center, LLC. The ±98,334 square foot industrial property is located in Russell Commerce Center at 5720 & 5740 South Arville Street in Las Vegas. The transaction value was $13,000,000.00.

Mike DeLew, SIOR and Greg Pancirov, SIOR of Colliers International represented the buyer.

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On December 1st we gathered for an elegant lunch at Del Friscos to celebrate another successful year. We had fortune tellers predicting what is to come for 2018 and a time capsule of some relics from the Colliers team of 20 years ago.

WE ALSO HOSTED OUR ANNUAL AWARDS PRESENTATION, CONGRATULATIONS TO OUR WINNERS:

EMPLOYEE OF THE YEAR Sara Johansson ROOKIE OF THE YEAR Thomas Olivetti SMALLEST DEAL Brian Riffel BIGGEST DEAL Tom Naseef/Garry Cuff COMMITMENT TO EXCELLENCE Chris Sutton BROKER OF THE YEAR Mike DeLew

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FEATURED LISTINGS

2255 & 2275 MARION DRIVE

NORTH PECOS ROAD AND CLIFFORD STREET

BRIAN RIFFEL, SIOR AND TYLER JONES

STEVEN HAYNES • 5.5 acres High Density Apartment development site • R-4 Zoning • Asking Price: $1,320,000 or $240,000 per acre

•

2,500 SF – 50,000 SF Office/Warehouse Development For Lease

•

Each building is divisible to 2,500 SF

•

Lease Rate: $0.45 NNN/PSF/Mo 5,000 SF

$0.50 NNN/PSF/Mo 2,500 SF

6060 SOUTH FORT APACHE ROAD

2360 CORPORATE CIRCLE

STACY SCHEER, CCIM, LEED GA, ALEXIA CROWLEY, CCIM, LEED GA

RYAN MARTIN, SIOR, CCIM, PATTI DILLON, SIOR, TABER THILL, SIOR AND TEDDIE HICKEY • 134,163 SF, four-story, Class A office building for lease • Located in the heart of Henderson within the 90 acre masterplanned office park of Green Valley Corporate Center • $2.10 - $2.20 per RSF, NNN

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10 acre, mixed use office development

•

Build-to-suit opportunity consisting of three (3) freestanding medical and office buildings

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Sale Price Starting at $175-195/SF

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Lease Rate : $1.70 SF NNN

8810 SOUTH MARYLAND PARKWAY

3325 EAST RUSSELL ROAD

CHRIS CONNELL AND GRANT TRAUB

STEVE NEIGER, CHRIS CLIFFORD AND BRETT RATHER

•

3,941 RSF turn-key restaurant space for lease

•

16,021 SF retail space available for lease

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Space Contains Grease Trap, Hood, and Bar

•

Grey shell including 3 dock doors and a grease trap

•

Lease Rate: $1.50 PSF/Mo. NNN, CAMs estimated at $0.37/PSF/Mo.

•

Lease Rate: $1.00 - $1.25 PSF NNN

ENTERTAINMENT CAPITAL OF THE WORLD THERE ARE MORE THAN 150 CASINOS AND AT LEAST 150,000 HOTEL/MOTEL ROOMS IN THE LAS VEGAS VALLEY AREA.

1,149 FT THE STRATOSPHERE IS THE TALLEST OBSERVATION TOWER IN THE UNITED STATES AND THE SECOND TALLEST FREESTANDING STRUCTURE WEST OF THE MISSISSIPPI RIVER.

IN THE NEWS HENDERSON APARTMENT COMPLEX SELLS FOR MORE THAN DOUBLE AVERAGE PRICE https://www.reviewjournal.com/business/ housing/henderson-apartment-complex-sells-formore-than-double-average-price/

December 05 INVESTORS HOPE TO SELL MORE THAN 200 CONDOS OFF LAS VEGAS STRIP https://www.reviewjournal.com/business/businesscolumns/real-estate-insider/Investors-hopeto-sell-more-than-200-condos-off-Las-VegasStrip/?email_subscriber=yes December 08 NAIOP SOUTHERN NEVADA PUTS MAJOR COMMERCIAL REAL ESTATE PROJECTS IN LAS VEGAS ON DISPLAY https://businesspress.vegas/real-estate/naiopsouthern-nevada-puts-major-commercial-realestate-projects-in-las-vegas-on-display/

The Office Will Be Closed January 1

December 11

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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 TOM NASEEF, SIOR, CCIM DAN DOHERTY, SIOR CHRIS CLIFFORD** DAN GLUHAICH BRIAN RIFFEL, SIOR GRANT TRAUB AL TWAINY, CCIM DEAN WILLMORE, SIOR DAVID GRANT GREG PANCIROV, SIOR MIKE STUART KEITH CUBBA

PAT MARSH, SIOR STEVEN HAYNES** CHRIS CONNELL THOMAS OLIVETTI** RYAN MARTIN, CCIM, SIOR TABER THILL, SIOR PATTI DILLON, SIOR ERIC MOLFETTA, CCIM SPENCER PINTER PHILLIP DUNNING, CCIM** BRIAN FIKE* ** SCOT MARKER* STACY SCHEER, CCIM*

**First timers on the plane! *These brokers qualified for the plane in November!

UPCOMING EVENTS SIOR LUNCHEON 11:30am Maggiano’s at Fashion Show Mall JANUARY 17 NAIOP 2018 FORECAST 7:30am Orleans Hotel & Casino JANUARY 18

HAPPY NEW YEAR OFFICE CLOSED JANUARY 1

MONTHLY INDUSTRIAL MEETING 9:00am Main Conference Room JANUARY 18

SAVE THE DATE

LINKS FOR LIFE KICKOFF

1:00pm – TBD January 31

MONTHLY OFFICE MEETING 9:00am Main Conference Room JANUARY 24 CCIM LUNCHEON 11:30am Palms Casino Resort JANUARY 25 IREM 2018 FORECAST 8:00am Lawry’s The Prime Rib JANUARY 10

MARTIN LUTHER KING JR. DAY OFFICE CLOSED JANUARY 15 MONTHLY RETAIL MEETING 8:30am Main Conference Room JANUARY 16 CREW LUNCHEON 11:30am Las Vegas Country Club JANUARY 16

MONTHLY BIRTHDAY CELEBRATION 2:30pm Main Conference Room JANUARY 25 NAIOP MIXER 5:00pm MacKenzie River Pizza Grill Pub JANUARY 25

LET’S MAKE THIS YEAR GREAT FOR THE KIDS.

PREVIEW LAS VEGAS 7:00am UNLV JANUARY 26

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OFFICE HAPPENINGS

THE NUMBERS: OTHER

MULTIFAMILY

1%

6%

SALES 38%

OFFICE 14%

RETAIL 14%

NOVEMBER SALES VS. LEASE

NOVEMBER PROPERTY TYPES

LAND 20%

LEASES

INDUSTRIAL 45%

TOP 10 AGENTS OF THE MONTH NOVEMBER 2017 1.

2.

3.

4.

5.

Mike Delew Brian Fike Thomas Olivetti Mike Stuart Brian Riffel

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6. Dan Doherty 7. Chris Clifford 8. Pat Marsh 9. Dan Gluhaich 10. Pat McNaught

NOVEMBER OFFICE TRANSACTIONS

NOVEMBER 2017 ANNIVERSARIES Mike Mixer

1993

24 Years

Ryan Martin

2006

11 Years

Tom Naseef

2011

6 Years

Jeff Naseef

2011

6 Years

62%

BROKER RANKINGS YTD 2017 1. Mike Delew 2. Dan Doherty 3. Mike Stuart 4. Dean Willmore 5. Brian Riffel 6. Chris Clifford 7. Grant Traub 8. Taber Thill 9. Pat Marsh 10. Thomas Olivetti 11. Patti Dillon 12. Spencer Pinter 13. Greg Pancirov 14. Chris Connell 15. Tom Naseef 16. Dan Gluhaich

Mike Delew David Grant Tom Naseef Chris Clifford Dan Doherty Greg Pancirov Grant Traub Chris Connell

85/15 CLUB

17. David Grant 18. Al Twainy 19. Ryan Martin 20. Brian Fike 21. Phillip Dunning 22. Eric Molfetta 23. Keith Cubba 24. Steve Haynes 25. Stacy Scheer 26. Scot Marker 27. Chris Bentley 28. Andrew Kilduff 29. Kara Walker 30. Suzette Lagrange 31. Susan Borst 32. Mike Mixer

Dan Gluhaich Mike Stuart Dean Willmore Ryan Martin Al Twainy Taber Thill Brian Riffel Thomas Olivetti

33. Garry Cuff 34. Pat McNaught 35. Scott Gragson 36. Chris Lane 37. Christopher Lobello 38. Vince Schettler 39. Alexia Crowley 40. Joe Bonifatto 41. Paul Sweetland 42. Rebecca Staniec 43. George Connor 44. Robert Torres 45. Phillip Frank 46. Steven Neiger 47. John Kilpatrick

Eric Molfetta Spencer Pinter Pat Marsh Keith Cubba Patti Dillon Scot Marker Steven Haynes Christopher Bentley

Phillip Dunning Stacy Scheer Andrew Kilduff Brian Fike

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BROKER OF THE MONTH

CO NG RA T UL A T IO NS MIKE DELEW, SIOR

ALEXIA CROWLEY, CCIM, LEED GA

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.

Q

What is one important skill everyone should have?

A

The skill of listening

Q

Would you rather be invisible or be able to read minds?

A

Read minds

Q

Would you rather be the most popular or the smartest person you know?

A

SMARTEST

Q

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

A

Senior Associate Industrial Division

Alexia is a Sales and Leasing Specialist in the Healthcare Services and Office Division for Las Vegas. She brings a broad range of healthcare experience, working with industrial grade assets, as well as value-add lease up. Some of her past clients include CIII-Capital Partners, Comprehensive and Interventional Pain Management, LLP, Seasons Hospice and Welltower. Alexia has been a medical practice manager for the past 14 years. She has an in-depth understanding of a the needs of physicians, their staff and patient flow. She has a great comprehension of referral sources and reimbursements. Alexia specializes in providing real estate solutions for owners and occupants of healthcare and office properties throughout Southern Nevada. Alexia began her commercial real estate career in 2000.

Q

What’s your favorite season (Summer, Fall, Winter, Spring)?

Q

Which do you prefer, sweet or salty?

A

Salty

Q

What is your favorite ice cream flavor?

A

Mint chocolate chip

Q

What is your favorite color?

A

Light blue

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LAS VEGAS PHONE DIRECTORY LAND

INDUSTRIAL Susan Borst 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 Paul Sweetland Kara Walker Dean Willmore Chris Zunis

+1 702 836 3719 +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 3750 +1 702 836 3705 +1 702 836 3763 +1 702 836 3703

OFFICE Chris Connell Patti Dillon Phillip Frank Teddie Hickey Andrew Kilduff Ryan Martin Rebecca Staniec Taber Thill

+1 702 836 3709 +1 702 836 3790 +1 702 836 3775 +1 702 836 3700 +1 702 836 3718 +1 702 836 3780 +1 702 836 3792 +1 702 836 3796

Scott Gragson Steven Haynes John Kilpatrick Pat McNaught 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 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 Grant Traub

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

GOLF COURSE Keith Cubba

MEDICAL OFFICE Alexia Crowley Stacy Scheer

+1 702 836 3778 +1 702 836 3762

PROPERTY MANAGEMENT Erica Aulino Valerene Corbin Jennifer Kennedy Breanna Lara Gretchen Lee Angelina Scarcelli

+1 702 836 3745 +1 702 836 3761 +1 702 836 3772 +1 702 836 3753 +1 702 836 3704 +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

+1 702 836 3733

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

RETAIL Chris Clifford George Connor Phillip Dunning Dan Gluhaich David Grant Amelia Hyden 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

RECEIVERSHIP Christopher LoBello

+1 702 836 3714

MIKE MIXER

Executive Managing Director | Las Vegas

+1 702 735 5700