Las Vegas Insider | December 2018

December 2018

LAS VEGAS

INSIDER A COMMUNICATION FOR BROKERS, EMPLOYEES, COLLEAGUES AND FRIENDS

LADY GAGA VEGAS RESIDENCY

The holidays will be extra special for Little Monsters when Lady Gaga brings her new residency to the MGM Park Theater December 28.

LAS VEGAS INSIDER | DEC E M BE R 2 018

1

Accelerating success.

5,200 SEATS PARK THEATER AT PARK MGM – YOU’RE LOOKING FOR THE KIND OF PERFORMANCE THAT FEELS MORE SERENDIPITOUS THAN SCRIPTED: WHERE THERE’S A SPECIAL KIND OF MAGIC THAT PASSES BETWEEN PERFORMERS AND THE AUDIENCE - WHERE THE SET LIST IS NEVER THE SAME AND YOU CAN ALWAYS COUNT ON AN ENCORE.

TABLE OF CONTENTS: ECONOMIC EXPANSION

4

UPCOMING EVENTS

8

FEATURED DEALS

9

FEATURED LISTINGS

10

COLLIERS IN THE NEWS

11

WINTER WONDERLAND

12

VEGAS BY THE NUMBERS

14

BROKER OF THE MONTH

15

DIRECTORY

16

FACEBOOK.COM/COLLIERSLV

TWITTER.COM/COLLIERS_LV

LAS VEGAS INSIDER | DEC E M BE R 2 018

3

THE LONG ECONOMIC EXPANSION LOOKS TO SLOW – PROPERT Y MARKETS WILL FOLLOW

KNOWLEDGE LEADER

BY ANDREW NELSON

In our State of the U.S. Market and 2019 Outlook, Colliers outlines current economic and property market conditions and provides insight into what we can expect in the coming year and beyond.

We take stock of key economic and market indicators, including the changing global backdrop. This analysis was prepared by Colliers’ national research team, with input from Colliers’ top professionals throughout the U.S. practice.

KEY TAKEAWAYS FROM THIS REPORT INCLUDE:

• Despite current strength in economic drivers, slower economic and job growth will soon begin to challenge property fundamentals.

• Tapering global growth, fading fiscal stimulus and rising interest rates are combining to slow our economy, while escalating trade tensions represent a significant downside risk. Expect a material slowdown (but not necessarily a recession) by mid-2020.

• The industrial sector will continue to be the top-performing property type, and the sector most favored by investors. Much of its gains have come at the expense of the beleaguered retail sector, where the shakeout is still far from over, despite recent successes in omnichannel retailing.

• The multifamily sector’s strong demand shook off the supply challenges of the past couple of years. The sector will perform relatively well during a downturn due to structural changes and cyclical dynamics favoring renting over homebuying.

• Supply and demand dynamics in the office sector have remained broadly balanced. This notoriously cyclical sector should perform relatively well in the next downturn, as construction has been relatively moderate and the new coworking segment may provide a downside buffer.

• Though property markets peaked for this cycle in 2015, leasing and sales transaction activity remain robust and pricing firm.

Both may slow sharply in the next two years, along with price appreciation and rent growth.

• Tenants and investors alike should adopt more defensive strategies in advance of the slowdown. Tenants will want to seek out flexible terms, while landlords look to shed under-performing assets.

U.S. MARKET & 2019 OUTLOOK AVAILABLE NOW

LAS VEGAS INSIDER | DEC E M BE R 2 018

5

2018

CCIM AWARDS

Angelina Scarcelli

Committee Member of the Year

DID YOU KNOW? HAS A LAST NAME (AND A MIDDLE NAME, TOO) – HER FULL NAME IS BARBARA MILLICENT ROBERTS.

DID YOU KNOW? IN THE PHILIPPINES, MCDONALD’S SERVES SPAGHETTI WITH FRIED CHICKEN

Phillip Dunning

The 2018 Gregg Corlyn Award

LAS VEGAS INSIDER | D EC E M BE R 2 018

7

*These brokers qualified for the plane in November!

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

CHRIS CLIFFORD

TOM NASEEF, CCIM, SIOR

DAN DOHERTY, SIOR

SPENCER PINTER

STEVEN HAYNES

MICHAEL STUART

AL TWAINY, CCIM

CHRIS CONNELL

CHRIS BENTLEY

GRANT TRAUB, SIOR

DAVID GRANT

DEAN WILLMORE, SIOR

DAN GLUHAICH

SUSAN BORST, CCIM, SIOR

BRIAN RIFFEL, SIOR

PATTI DILLON, SIOR

SCOT MARKER

PAT MARSH, SIOR

TABER THILL, SIOR

MIKE MIXER, SIOR*

SCOTT GRAGSON

KEITH CUBBA

CHRIS LANE, CCIM*

PAUL SWEETLAND, SIOR

GARRY CUFF, CCIM

STACY SCHEER, CCIM*

UPCOMING EVENTS

MONTHLY RETAIL MEETING 8:30am Main Conference Room JANUARY 15

MONTHLY OFFICE MEETING 9:00am Main Conference Room JANUARY 23

CCIM/IREM FORECAST 8:00am Palms Casino Moon 53rd Floor JANUARY 16

PREVIEW LAS VEGAS 7:00am Cox Pavilion JANUARY 24

NAIOP BREAKFAST 7:00am Orleans Hotel & Casino JANUARY 17 MONTHLY BIRTHDAY CELEBRATION 2:30pm Main Conference Room JANUARY 24

NEW YEAR’S HOLIDAY Office Closed DECEMBER 31 & JANUARY 1

Office Closed JANUARY 21

MONTHLY INDUSTRIAL MEETING 9:00am Main Conference Room JANUARY 31

FEATURED DEALS

LAND SALE

RETAIL LEASE

±3.53 ACRE LAND PARCEL A sale to McCarran Opportunity Zone, LLC. The ±3.53 acre land parcel is located in 2180 Pama Lane in Las Vegas. The transaction amount was $3,075,000.00. Dean Willmore, SIOR of Colliers International represented the seller, ABS Auto Auctions, Inc.

±135,000 SQUARE FOOT RETAIL PROPERTY A lease to Lowes Home Center. The ±135,000 square foot retail property is located in Buffalo Square at 7550 Washington Avenue in Las Vegas. Scot Marker of Colliers International represented the landlord, CIII Asset Management.

LAND SALE

INDUSTRIAL LEASE

±9.87 ACRE LAND PARCEL A sale to Prologis LP. The ±9.87 acre land parcel is located on North Las Vegas Boulevard (APN: 123-34-701-001) in Las Vegas.

The transaction amount was $1,600,000.00. Vince Schettler of Colliers International represented the seller, Pinhead Holding LP.

±21,600 SQUARE FOOT INDUSTRIAL PROPERTY A lease to Laser Exhibit Services of Las Vegas. The ±21,600 square foot industrial property is located in Black Mountain Industrial Park at 150 Cassia Way, Suite 400 in Henderson.

Susan Borst, CCIM, SIOR, Dan Doherty, SIOR, Paul Sweetland, SIOR, Chris Lane, CCIM and Jerry Doty of Colliers International represented the landlord, DPIF NV 3 Black Mountain, LLC (Dermody Properties).

MEDICAL OFFICE LEASE ±7,953 SF MEDICAL OFFICE PROPERTY A lease to Hyper Networks, LLC. The ±7,953 square foot office property is located in Seven Hills at 3195 St. Rose Parkway, Suite 131 in Henderson. Andrew Kilduff of Colliers International represented the landlord, SHP Buildings II, LLC.

LAS VEGAS INSIDER | DEC E M BE R 2 018

9

FEATURED LISTINGS

HENDERSON FREEWAY CROSSING SCOT MARKER AND JULIE DORNAK

SWC OF EAST CACTUS AVENUE & BERMUDA ROAD

•

Retail pads total ±63,886 SF on ±1.47 acres

TOM NASEEF, CCIM, SIOR AND JEFF NASEEF, CCIM

•

Ideal location for Gas Station, C-Store or Fast Food/QSR Restaurant

•

±1.69 Acres

•

Sale Price: $953,965 // Lease $96,000 Annum

•

1.4 miles to Las Vegas Blvd. and Interstate I-15

•

Asking Price: $950,000

4420 EAST CRAIG ROAD

30 CONESTOGA WAY

DEAN WILLMORE, SIOR AND MIKE WILLMORE

DAN DOHERTY, SIOR, PAUL SWEETLAND, SIOR, CHRIS LANE, CCIM AND JERRY DOTY

•

±15,000 SF building on ±2.14 acre parcel

•

±10,446 SF evap cooled warehouse and ±4,554 SF office/ showroom

•

Lease Rate: $0.86/SF (NNN) $0.09/SF CAM

•

±13.38 acres of land for sale

•

The property is located along the I-II/US 95 transportation corridor with great access to Arizona or Southern California Markets

•

Price: $4,662,662.00 / $8.00 PSF

2972 SOUTH RAINBOW BOULEVARD

3810 & 3870 EAST FLAMINGO ROAD

GRANT TRAUB, SIOR AND CHRIS CONNELL • ±10,400 SF single-story retail/office showroom building situated on ±0.82 acres • Beautiful interior finishes with high loft style ceilings • Asking price: $1,677,000

AL TWAINY, CCIM •

±1,600 SF - ±5,285 SF retail spaces available

•

Shopping center located on ±6.49 acres

•

ENTRY LEASE RATE OF $0.99 PSF/MO* *Applicable To Introductory Lease Period

See the full list here

TOP 5 HIGHEST GROSSING LAS VEGAS RESIDENCIES OF ALL TIME:

1. Celine Dion - A New Day (2003–2007) 2. Celine Dion - Celine (2011–Present) 3. Elton John - The Red Piano (2004–2009) 4. Britney Spears - Piece of Me (2013–2017) 5. Elton John - Million Dollar Piano (2011–2018)

IN THE NEWS LAS VEGAS RAIDERS STADIUM BOOSTS LAND PRICE 12 TIMES AVERAGE https://www.reviewjournal.com/business/stadium/ las-vegas-raiders-stadium-boosts-land-price-12times-average-1542813/

December 05

DEVELOPERS PAYING MILLIONS FOR LAND NEAR RAIDERS LAS VEGAS STADIUM https://www.ktnv.com/news/stadium/developerspaying-millions-for-land-near-raiders-las-vegasstadium

December 05

December 31 A HOTEL PLANNED NEAR LAS VEGAS BALLPARK https://ballparkdigest.com/2018/12/05/hotelplanned-near-las-vegas-ballpark/

January 1

December 05

LAS VEGAS INSIDER | D EC E M BE R 2 018

11

We celebrated a successful 2018 together at Rhythm Kitchen for our Winter Wonderland Holiday Party on December 13th. We had a photo booth, a candy bar and beanies for all that attended.

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

EMPLOYEE OF THE YEAR Val Corbin TOP MCA AWARD Keith Cubba SMALLEST DEAL Chris Connell and Grant Traub BIGGEST DEAL Mike Stuart COMMITMENT TO EXCELLENCE Jerry Doty ROOKIE OF THE YEAR Jerry Doty BROKER OF THE YEAR Dan Doherty

LAS VEGAS INSIDER | D EC E M BE R 2 018

13

LAS VEGAS BY THE NUMBERS: OFFICE

OTHER

MULTIFAMILY

NOVEMBER PROPERTY TYPES

22%

81%

INDUSTRIAL

39%

RETAIL

NOVEMBER SALES VS. LEASE

LAND

21%

LEASE

4%

TOP 10 AGENTS OF THE MONTH NOVEMBER 2018 1. Mike Stuart 2. Dan Gluhaich

6. Chris Clifford 7. Dean Willmore

3. Dan Doherty 4. Brian Riffel 5. Mike Mixer

8. Paul Sweetland 9. Pat Marsh 10. Alexia Crowley

44

SALE

3%

11%

NOVEMBER DEALS FOR THE MONTH

NOVEMBER 2018 ANNIVERSARIES Mike Mixer

1993

25 Years

Tom Naseef

2011

7 Years

Jeff Naseef

2011

7 Years

Sylvia Feliciano

2011

1 Year

19%

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

17. Chris Bentley 18. Garry Cuff 19. Steven Haynes 20. Susan Borst 21. Mike Mixer 22. Al Twainy 23. Tom Naseef 24. David Grant 25. Chris Lane 26. Scot Marker 27. Stacy Scheer 28. Jerry Doty 29. Alexia Crowley 30. Phillip Dunning 31. Patrick McNaught 32. Steven Neiger

33. Robert Torres 34. Brian Fike 35. Jeff Naseef 36. Andrew Kilduff 37. Sam Newman 38. Kara Walker 39. Suzette Lagrange 40. Phillip Frank 41. Rebecca Staniec 42. Chris Lobello 43. Joe Bonifatto 44. George Connor 45. John Kilpatrick

Vince Schettler Pat Marsh Dan Doherty Scott Gragson Mike Stuart Paul Sweetland Christopher Bentley

Dean Willmore Spencer Pinter Brian Riffel Al Twainy Grant Traub Dan Gluhaich Patti Dillon

Keith Cubba Garry Cuff Tom Naseef Steven Haynes Chris Connell Susan Borst David Grant

Chris Clifford

Taber Thill

Scot Marker

85/15 CLUB

Mike Mixer Chris Lane Stacy Scheer Jerry Doty Alexia Crowley

1

BROKER OF THE MONTH

CO NG RA T UL A T IO NS

MIKE STUART Executive Vice President Land Division

Q A

LOGAN ETHERINGTON Associate Office Division

Logan Etherington is an Associate to Taber Thill and Patti Dillon in the Office Division of Colliers International. Prior to coming to Colliers International, Logan worked for Realty Executives specializing in buyer representation.

What is your greatest achievement?

Finishing a marathon hand-in-hand with my Father, Brother and Brother-in-Law. My Dad was 70 at the time.

Q Q A

What is the longest word you know?

Hippopotomonstrosesquippedaliophobia, in an ironic twist, is the name for a fear of long words

Q

Who is the most inspirational person to you?

A

My brother has always been a great source of inspiration. He can also be an ass.

Q

What is the best praise or advice you’ve received?

A

Think before you speak, act before you react, and there’s always a time and place for everything.

A

What is your favorite TV show and why?

THE OFFICE. MICHAEL SCOTT ALWAYS MAKES ME LAUGH.

Q

If you had magical powers name something that you’d change.

A

I’d get rid of traffic. I have road rage and I’m

.O.T.M. ONATION

not proud of it.

The Links for Life Foundation is donating in Mike Stuart’s name to the Patrick Kelley Youth Foundation

Q

If you could rule the world for a day state something that you’d ban.

A

SELFIES.

LINKS FOR LIFE

F O QU N D A T I O N What is your favorite song?

A

Everlong – Foo Fighters

LAS VEGAS INSIDER | D EC E M BE R 2 018

15

LAS VEGAS PHONE DIRECTORY INDUSTRIAL Susan Borst Dan Doherty Jerry Doty Tyler Jones Suzette LaGrange Chris Lane Pat Marsh Sam Newman Andrea Oceguera 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 3724 +1 702 836 3752 +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 Logan Etherington Phillip Frank Andrew Kilduff Rebecca Staniec Taber Thill

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

RETAIL Chris Clifford George Connor Julie Dornak Phillip Dunning Dan Gluhaich David Grant Scot Marker Steve Neiger Brett Rather Al Twainy

+1 702 836 3746 +1 702 836 3786 +1 702 836 3770 +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 3725

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

MEDICAL OFFICE Alexia Crowley Stacy Scheer

+1 702 836 3778 +1 702 836 3762

VALUATION SERVICES Richard Koldewyn Evan Ranes Brandon Roper

+1 702 836 3738 +1 702 836 3749 +1 702 836 3734

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

+1 702 836 3733

MULTI-FAMILY Christopher Bentley Garry Cuff Jeff Naseef Tom Naseef

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

PROPERTY MANAGEMENT

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

Nicole Cauilan Courtney Goffstein Sara Johansson Gina Jones Jennifer Manning 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