Las Vegas Insider | May 2018

May 2018

LAS VEGAS

INSIDER A COMMUNICATION FOR BROKERS, EMPLOYEES, COLLEAGUES AND FRIENDS

The Golden Knights are in the Stanley Cup Final They entered the season with 500–1 odds to win the Stanley Cup. LAS VEGAS INSIDER | M AY 2 018

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WESTERN CONFERENCE CHAMPION GOLDEN KNIGHTS’ RECORD-BREAKING INAUGURAL SEASON

Accelerating success.

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TABLE OF CONTENTS: TREND FRIEND? – LV RESEARCH 4 FEATURED DEALS 9 FEATURED LISTINGS 10

COLLIERS IN THE NEWS 11 GOLF TOURNAMENT RECAP 12 UPCOMING EVENTS 15

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

The Golden Knights have set or tied several records for a franchise in its first season of existence

PAGE 08

LAS VEGAS INSIDER | M AY 2 018

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LAS VEGAS RESEARCH

IS THE TREND OUR FRIEND? In 2013, Southern Nevada’s economy began to recover in earnest from the Great Recession of 2008/2009. Job gains were impressive, taxable sales were strong and visitor volume was hitting new highs. In 2018, we are five years into the recovery, and it may be facing a challenge. After that strong start in 2013, the growing economy has grown a little more slowly in each year afterwards, and 2018 may be the year that makes or breaks it. With the new political regime in Washington, D.C. and its package of tax and regulatory reform, we should hope to see economic numbers begin to improve on a year-over-year basis. If we do not, we could be looking for slow growth for a few years, or even a recession.

Let’s take a look at the numbers.

BY JOHN MATT STATER

Jobs Added (YOY) 40,000

30,000 20,000

10,000 0 2013

2014

2015

2016

2017

2018

Jobs is probably the least worrying graph, as the slower growth has not been dramatic and 2018 shows signs of reversing the trend. Growth seems to have peaked in 2015, and then slowed down in 2016 and 2017.

The different sectors are a mixed bag, with some showing accelerating growth, especially in 2018, a few showing decelerating growth, and a few showing no clear trend.

Manufacturing, wholesale, retail, transportation and warehousing and education and health services are all seeing accelerating growth, most of them in just this year. Most of these sectors skew towards industrial space, which could mean stronger demand for industrial space later in 2018 and in 2019.

Three sectors are showing a trend of decelerating growth, financial activities, professional and business services and leisure and hospitality. The first two especially impact professional office demand, which suggests that office vacancy, now at 15.1 percent, might not get much lower than 13.5 percent during this recovery. The more worrisome sector is leisure and hospitality, which is the prime pillar of the local economy.

Visitor Volume Increase (YOY) 2,000,000

1,000,000 0

-1,000,000 -2,000,000 2013

2014

2015

2016

2017

2018

Visitor volume growth seems to have peaked in 2016, and is now in negative territory in 2018. This drop in visitor volume is not entirely attributable to the mass shooting that occurred in October of 2017, as visitor volume was showing a decline on a yearover-year basis in almost every month of last year. These weaker visitor volume numbers are one reason leisure and hospitality employment is not growing as quickly as it once did.

Taxable Sales Increase (YOY) $3,000,000,000 $2,000,000,000 $1,000,000,000 $0 2013

2014

2015

2016

2017

2018

Taxable sales tells a similar tale, with growth peaking in 2015 and then slowing in each subsequent year. Retail taxable sales have followed a similar trajectory.

LAS VEGAS INSIDER | M AY 2 018

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LAS VEGAS RESEARCH

IS THE TREND OUR FRIEND? continued...

There are several billiondollar-projects now on the move in Southern Nevada, which could also inject new life into the economy:

Is Southern Nevada’s economy sliding inexorably into recession? The likely answer is “no”.

While growth is slowing, most aspects of the local economy are showing growth, visitor volume being an important exception. Visitor volume’s woes may have something to do with the lack of new, flashy projects in the Valley being completed over the past ten years, a problem that may soon be solved with the introduction of such draws as Resorts World Las Vegas, The Drew Las Vegas, Las Vegas Stadium and the All Net Resort and Arena over the next two to three years. There are several billion-dollarprojects now on the move in Southern Nevada, which could also inject new life into the economy (if we can find the construction workers) and bend the trend upward.

It is most likely we are experiencing slower growth after pent up demand during the Great Recession flooded the economy from 2013 to 2015. This is no time to panic, but it probably does make sense to set aside plans that require rapid economic growth to come to fruition.

LAS VEGAS INSIDER | M AY 2 018

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WESTERN CONFERENCE CHAMPION GOLDEN KNIGHTS’ RECORD-BREAKING INAUGURAL SEASON • Most points (109) • Only team to reach 100 points in inaugural season • Most wins, including home (29), road (22) and total (51) • First winning season by an expansion franchise in its inaugural season in the four major sports (since 1960) • Won eight straight games from Dec. 4 to Jan. 2, tying the 1976-77 Nuggets for the longest win streak by any pro sports franchise in its inaugural season over the past 60 years • Won eight straight home games from Oct. 15 to Nov. 24, tied for the longest home win streak by a franchise in its inaugural season in NHL history (1917-18: Toronto Arenas in the very first NHL season)

FEATURED DEALS

RETAIL SALE

INDUSTRIAL LEASE

±105,414 SQUARE FOOT RETAIL PROPERTY A sale to Centennial Crossroads, LLC. The ±105,414 square foot retail property is located in Centennial Crossroads at 6400 & 6454 Sky Pointe Drive in Las Vegas. The transaction amount was $21,500,000.00. Al Twainy, CCIM and Amelia Henry of Colliers International represented the buyer.

±68,198 SQUARE FOOT INDUSTRIAL PROPERTY A lease to United States Postal Service. The ±68,198 square foot industrial property is located in Arrowhead Commerce Center (Bldg.15) at 3755 East Post Road, Suite 120, 130, 160 & 170 in Las Vegas. Spencer Pinter, Dan Doherty, SIOR, Chris Lane and Jerry Doty of Colliers International represented the landlord, KTR LV III LLC.

RETAIL SALE

RETAIL SALE

STNL POPEYES RESTAURANT A sale to 2421 W. Bonanza Road, LLC. The single tenant net leased (STNL) Popeye’s Restaurant is located at 7065 North Durango Drive in Las Vegas. The transaction amount was $1,850,000.00. David Grant, Chris Connell and Grant Traub of Colliers International represented the seller, Clark County Credit Union.

±44,541 SQUARE FOOT RETAIL PROPERTY A sale to Martin Schorr. The ±44,541 square foot retail property is located in Rancho Air Business Park at 2410 North Decatur Boulevard in Las Vegas. The transaction amount was $5,000,000.00. Chris Clifford, Steve Neiger and Brett Rather of Colliers International represented the seller, Smoke Ranch Decatur.

INDUSTRIAL LEASE ±6,352 SQUARE FOOT INDUSTRIAL PROPERTY A lease to Viatron Systems, Inc. The ±6,352 square foot industrial property is located in Decatur Bell Commerce Center at 5030 South Decatur Boulevard, Suite A/B/C in Las Vegas. Dean Willmore, SIOR and Michael Willmore of Colliers International represented the landlord, FJM Vegas Holdings, LLC.

LAS VEGAS INSIDER | M AY 2 018

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FEATURED LISTINGS

6400 & 6454 SKY POINTE DRIVE

5975 TOPAZ STREET

AL TWAINY, CCIM AND AMELIA HENRY

DEAN WILLMORE, SIOR, ALEX STANISIC AND MIKE WILLMORE

•

±1,400 - ±2,900 SF retail space available

•

±78,860 SF Freestanding Industrial Building

•

The property features exceptional visibility and direct access to two

•

Minutes away from McCarran Airport, the Las Vegas “Strip” and the

of the busiest freeways, Interstate 215 and US 95 •

Well occupied grocery anchored center with nationally recognized tenants

I-215 freeway interchange •

For Sale: $9,350,000

that include Vons, Target (NAP), and Chase Bank among others.

1935 NORTH HOLLYWOOD BOULEVARD BRIAN FIKE •

Located at the southwest corner of East Lake Mead Boulevard and Hollywood Boulevard

•

Cross easements exist over the entire site which includes both Dollar Tree, and Tire Works, providing access from East Lake Mead boulevard

•

Asking: $2,658,277

5975 TOPAZ STREET DEAN WILLMORE, SIOR, ALEX STANISIC AND MIKE WILLMORE •

±78,860 SF free-standing two-story building on ±2.74 acres

•

Minutes away from McCarran Airport, the Las Vegas “Strip” and the I-215 freeway interchange

•

For Sale: $9,350,000.00

922 & 926 SOUTH MARTIN LUTHER KING BOULEVARD STEVEN HAYNES AND STACY SCHEER, CCIM, LEED GA • ±0.33 Acres Zoned PD • Located in the heart of the Las Vegas Medical District; adjacent to the UNLV Shadow Lane Dental School, University Medical Center and Valley View Hospitals • Asking: $1,100,000

SOUTHWEST CORNER DIABLO DRIVE AND EDMOND STREET PAUL SWEETLAND, SIOR, DAN DOHERTY, SIOR, CHRIS LANE AND JERRY DOTY •

±11.47 Acres M-D Zoned, Light Industrial

•

±2 miles west of the Las Vegas Strip and the new Raiders Stadium

•

3 Buildings Available : ±23,546 SF - ±101,249 SF

CONGRATULATIONS

STEVEN HAYNES ACHIEVES ASSOCIATE VICE PRESIDENT TITLE

Steven Haynes has achieved the title of Associate Vice President for the Colliers International- Las Vegas Office. Mr. Haynes joined Colliers in 2014 and specializes in transactions related to land and investment sales.

“Steve is completely deserving of this promotion,” said Mike Mixer, Executive Managing Director for Colliers Las Vegas. “He works hard and always provides superior service to his clients while representing Colliers with the utmost integrity. As a leader in the community through his various charitable commitments, Steve is an incredible asset to our team.”

Mr. Haynes received his Bachelor of Science Degree in Business Administration from the University of Nevada Las Vegas in 1993.

Since graduation, Mr. Haynes has been involved in commercial real estate in Nevada. Prior to joining Colliers International, Mr. Haynes was a top producing commercial real estate lender. During his tenure as a commercial real estate lender, Mr. Haynes cultivated many strong relationships with national and local developers specializing in income producing, owner occupied, land and construction facilities. Mr. Haynes was named Colliers Las Vegas’ Rookie of the Year in 2015.

IN THE NEWS COMMERCIAL MARKETS REMAIN POSITIVE https://businesspress.vegas/real-estate/ commercial-markets-remain-positive-2/

April 30

UTAH FIRM BUYS HENDERSON APARTMENT COMPLEX FOR ALMOST $100M https://www.reviewjournal.com/business/ housing/utah-firm-buys-henderson-apartmentcomplex-for-almost-100m/opening-soon

May 11 PEOPLE ON THE MOVE: FOUR BROKERS FROM COLLIERS INTERNATIONAL-LAS VEGAS JOINED THE COLLIERS EVEREST CLUB https://vegasinc.lasvegassun.com/business/ people/2018/may/14/people-on-the-movemay-14-2018/

MARKETING SPECIALIST ALYSSA PARKS Please join us in welcoming Alyssa Parks to the Colliers Las Vegas office as a Marketing Specialist for the Doherty Industrial Group.

Alyssa brings over two years of experience in real estate. She was born and raised in rural northern Nevada and attended the University of Nevada Reno where she obtained a Bachelor’s Degree in International Affairs and a Master’s Degree in Public Administration. Alyssa also has her real estate license.

Alyssa’s primary responsibilities on the team include: ownership services, property marketing, research and administrative support. Alyssa enjoys traveling, hiking, snowboarding and spending time with her family and friends.

Welcome aboard Alyssa!

May 14

LAS VEGAS INSIDER | M AY 2 018

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GOLF 24TH ANNUAL LINKS FOR LIFE

TOURNAMENT

SIENA

GOLF CLUB

THIS YEAR’S GOLF TOURNAMENT RAISED $130,000 FOR OUR FOUNDATION, OUR 24TH ANNUAL EVENT, IT’S NOT OUR FIRST RODEO, WAS WELL ATTENDED AND SAW EVERYONE HAVE A RIP ROARIN’ GOOD TIME. COSTUMES INCLUDED: COWBOYS, INDIANS, RODEO CLOWNS AND EVEN A FEW BULLS. THE MECHANICAL BULL AND CHAIR MASSAGES WERE SOME OF THE DAY’S HIGHLIGHTS.

GIDDY UP!

Hot Diggity

WE RAISED $130,000 FOR CHILDREN’S CHARITIES IN SOUTHERN NEVADA

Raffle Winners Announced

LAS VEGAS INSIDER | M AY 2 018 MORE PHOTOS AVAILABLE AT: lfl2018.brandcast.com

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$30 MILLION IN TAX REVENUE

NEVADA JUST ANNOUNCED THAT RETAILERS SOLD ABOUT $195 MILLION DURING THE FIRST 6 MONTHS OF THE STATE’S LEGAL CANNABIS MARKET. THIS EARNED $30 MILLION IN TAX REVENUE FOR THE STATE SO FAR.

DID YOU KNOW? THE WHITE CIRCLES AROUND THE LETTERS OF THE WORD ‘WELCOME’ ON THE LAS VEGAS SIGN ARE SUPPOSED TO PORTRAY SILVER DOLLARS. THEY WERE INCORPORATED INTO THE SIGN BECAUSE NEVADA IS KNOWN AS THE SILVER STATE.

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 BENTLEY

PAT MARSH, SIOR*

DAN DOHERTY, SIOR

DEAN WILLMORE, SIOR

SCOTT GRAGSON*

MICHAEL STUART

BRIAN RIFFEL, SIOR

PAUL SWEETLAND, SIOR* *These brokers qualified for the plane in April

UPCOMING EVENTS MONTHLY OFFICE MEETING 9:00am Main Conference Room JUNE 27 GOLDEN KNIGHTS FAN WEEK JUNE 4–8 HEALTH BENEFITS OPEN ENROLLMENT MEETING 12:00pm Main Conference Room JUNE 7

CCIM LUNCHEON 11:30am Westin Las Vegas Hotel JUNE 27 MONTHLY INDUSTRIAL MEETING 9:00am Main Conference Room JUNE 28

PIXVR DEMONSTRATION 2:00pm Main Conference Room JUNE 7 SIOR LUNCHEON 11:30am Maggianos Fashion Show JUNE 13 MONTHLY RETAIL MEETING 8:30am Main Conference Room JUNE 19 NAIOP BREAKFAST 7:30am Orleans Hotel & Casino JUNE 21

MONTHLY BIRTHDAY CELEBRATION 2:30pm Main Conference Room JUNE 28 SIZE COMPARISON OF THE EXTINCT PALAEEUDYPTES KLEKOWSKII

Office Closed INDEPENDENCE DAY

LAS VEGAS INSIDER | M AY 2 018

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THE NUMBERS:

OFFICE HAPPENINGS

OTHER

MULTIFAMILY 1%

0%

RETAIL

OFFICE

3%

1%

APRIL PROPERTY TYPES

SALE 77%

APRIL

SALES VS. LEASE

LEASE 23%

LAND 56%

INDUSTRIAL 40%

TOP 10 AGENTS OF THE MONTH APRIL 2018 1.

2.

3.

4.

5.

Mike Stuart Dan Doherty Pat Marsh Vince Schettler Scott Gragson

65

6. Paul Sweetland 7. Brian Riffel 8. Pat McNaught 9. Dean Willmore 10. Robert Torres

APRIL OFFICE TRANSACTIONS

APRIL 2018 ANNIVERSARIES Matt Stater

1996

22 Years

Angelina Scarcelli

2013

5 Years

Chris Clifford

2016

2 Years

Steve Neiger

2016

2 Years

Brett Rather

2016

2 Years

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

Vince Schettler Brian Riffel Dan Doherty

85/15 CLUB

17. Grant Traub 18. Chris Lane 19. Robert Torres 20. Garry Cuff 21. David Grant 22. Tom Naseef 23. Chris Connell 24. Stacy Scheer 25. Jerry Doty 26. Steven Haynes 27. Scot Marker 28. Phillip Dunning 29. Dan Gluhaich 30. Steve Neiger 31. Eric Molfetta 32. Alexia Crowley

Chris Clifford Mike Stuart Scott Gragson

33. Brian Fike 34. Jeff Naseef 35. Sam Newman 36. Susan Borst 37. Kara Walker 38. Suzette Lagrange 39. Rebecca Staniec 40. Andrew Kilduff 41. Mike Mixer 42. Chris Lobello 43. Joe Bonifatto 44. George Connor 45. Phillip Frank 46. John Kilpatrick

Dean Willmore Pat Marsh Chris Bentley

Paul Sweetland Spencer Pinter

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BROKER OF THE MONTH

CO NG RA T UL A T IO NS MIKE STUART Executive Vice President Land Division

Michael was a founding broker with Stuart Mixer Commercial, which became Colliers International in 1997. With more than 23 years of experience in all aspects of land assemblage and sales, Michael has been a top producer with over $1 billion dollars in sales and was the Colliers Broker of the Year 2009, 2010, 2011, 2013 & 2014. In 2013 alone, Michael had over $125 million in sales and received Colliers Everest Award for Top Land Broker in the United States in years 2010-2014.

Q

What would be your perfect job?

A

Anthony Bourdain’s job. Travel, eat and meet interesting people on CNN’s dime.

Q

Which skill would you love to learn?

A

BRETT RATHER

Senior Associate Retail Division

Brett is a third generation native of Nevada and joined Colliers International with his team in 2016. Prior to Colliers, Brett worked for The Equity Group, a local full service retail commercial real estate firm in Southern Nevada.

Specializing in tenant representation, buyer representation, and leasing for his team’s landlord portfolio, he has a natural ability for finding the newest and hottest retail users in the region, providing them with market knowledge and expertise, and helping them expand. Brett is an ICSC member, and active as a NAIOP Southern Nevada member having graduated from the Developing Leaders Institute in 2016. Brett and his team were named NAIOP Southern Nevada’s Retail Brokerage Team of the Year for 2017.

Nunchucks or piano.

Who was your role model when you were a child?

A

Evel Knievel. Then I met my hero in Las Vegas and it ruined everything.

Q

Which would you prefer — three wishes over five years or one wish right now?

A

If I had three wishes that I could make, first, of course, would be for all the children to get together and sing... the second would be for $30 million every month to me... and the third would be for all encompassing power over every living thing in the entire universe.

Q

Which planet in the solar system would you visit?

A

URANUS

Ask me about my fourth wish.

Q

If you could invite five famous or noted people (past or present) to dinner who would you choose?

A

Bill Cosby, OJ Simpson, Michael Jackson, Louis CK, Kate Upton

.O.T.M. ONATION

Q

LINKS FOR LIFE

F O QU N D A T I O N Who would you like to be for a day?

A

Hugh Hefner

The Links for Life Foundation is donating in Mike Stuarts’ name to the Patrick Kelley Youth Foundation LAS VEGAS INSIDER | M AY 2 018

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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

GOLF COURSE Keith Cubba

+1 702 836 3733

MULTI-FAMILY RETAIL 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

Christopher Bentley Garry Cuff Jeff Naseef Tom Naseef

MEDICAL OFFICE Alexia Crowley Stacy Scheer

+1 702 836 3778 +1 702 836 3762

VALUATION SERVICES Rosa Haley Richard Koldewyn Evan Ranes

+1 702 836 3702 +1 702 836 3738 +1 702 836 3749

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

RECEIVERSHIP Christopher LoBello

+1 702 836 3714

MIKE MIXER

Executive Managing Director | Las Vegas

+1 702 735 5700