Las Vegas Insider | November 2017

November 2017

LAS VEGAS

INSIDER A COMMUNICATION FOR BROKERS, EMPLOYEES, COLLEAGUES AND FRIENDS

Accelerating success.

LAS LAS VEGAS VEGAS INSIDER INSIDER| NOVE | OC TOBE M BE R 2 017

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TABLE OF CONTENTS: GIVING THANKS – LV RESEARCH 4 OFFICE HAPPENINGS 8 FEATURED DEALS 9

FEATURED LISTINGS 10 COLLIERS IN THE NEWS 11 UPCOMING EVENTS 13

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

MIK E’ S Q UOTE OF THE MO NTH

Appreciate those who love you.

Help those who need you.

Forgive those who hurt you.

Forget those who leave you.

VEGAS: FACTS

THE MIRAGE

LUXOR IS THE SIXTH-LARGEST HOTEL IN LAS VEGAS AND THE NINTH-LARGEST IN THE WORLD.

THE HOTEL’S ICONIC GOLDEN WINDOWS ACTUALLY GOT THEIR COLORING FROM REAL GOLD DUST.

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LAS VEGAS RESEARCH

GIVE THANKS We’re winding down another year, the seventeenth of the 21st century, so it’s high time to count a few of the local economy’s blessings.

THREE THINGS TO BE ECONOMICALLY THANKFUL FOR IN 2017

EC O N O M I C R EC OV E R Y Sit down, kids, and let grandpa tell you about the Great Recession. There are days when 2007

seems a very long time ago, and days when it feels like it was yesterday. For those who weren’t

economically-aware a decade ago, 2007 was a real smack in the face. Everything looked up, and times were good. Then came that quarter when vacancy skyrocketed and everyone who was telling you that 2008 was going to be the best year ever claimed they had seen the crash coming from miles

away. The office was pretty quiet for about a month, as the deal volume fell faster than a soufflé in

a 1970’s-era sitcom and brokers struggled to plot their future. For the next couple years, it literally

didn’t look like Las Vegas would ever recover. One could logically understand that it would recover … but it just felt terrible.

Ten years later, and we can look back with pride at the little economy that could. It was an uphill

climb, with many reverses, but 2017 finally saw the local economy get back to something we can call normal. By a couple measures, we are still mired in recession – new home sales remains anemic and

the pace of people moving into the Valley has slowed considerably from the early 2000’s. Most other

measures, though, are actually above the last peak, and show that Las Vegas is more resilient than folks thought.

SOUTHERN NEVADA COMMERCIAL REAL ESTATE RECOVERY INDEX (2006 PEAK TO PRESENT)

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I N D U S T R I A L E X PA N S I O N Ten years after the Great Recession, some elements of the local economy continue to lag behind (I’m

looking at you, office), while others are moving full steam ahead. In particular, the industrial market is now expanding rapidly. In 2017, Southern Nevada’s industrial market is set to expand inventory by

nearly 8 million square feet, more than in the “boom” years of 2006 and 2007 – though annual inventory growth in those pre-recession years was stronger over the long term than it has been over the past few

years. Still, the rapid expansion now being experienced in the industrial market has occurred while the industrial vacancy rate has remained under 5 percent. Industrial employment is generally on the rise, and is benefitting from increased infrastructure spending in the Valley as well as by the continuing shift

of retail activity from brick-and-mortar locations to e-commerce. Occupied industrial square footage peaked at 105 million square feet during the boom years – that level was surpassed by 2014, and now

stands at 123 million square feet. While the office and retail markets might feel a little left out in this industrial expansion, it is worth mentioning that industrial employment serves as the foundation of

a locality’s economy – in our case, along with hospitality employment. When the industrial sector is growing, it bodes well for the office and retail markets.

OCCUPIED INDUSTRIAL SQUARE FEET (2002 TO PRESENT)

F U T U R E G R OW T H Even when the hospitality industry was suffering, operators in Southern Nevada were making moves to not only recover the visitors they had lost, but to expand their product into the up-and-coming Millennial generation. The hospitality business has been in a long-term shift away from the almost total reliance on gambling (sorry – I mean “gaming”) since the 1990’s. At first, this meant monetizing the accommodations, dining and shopping elements of the resorts – i.e. making everything profitable.

Then, it turned into expanding these offerings, and now expanding more aggressively into non-gaming entertainments, such as shows and nightclubs. Give credit where

credit is due – the local operators have stayed ahead of the game here and done well at keeping Southern Nevada on the minds of visitors old and new. Add that expansion of entertainment venues on the “Strip” to the introduction of new venues off the

“Strip”, including concepts like Speed Vegas, Battlefield Vegas and the introduction

of big league professional sports into the Valley via the Las Vegas Golden Knights and

soon-to-be-Las Vegas Raiders. In an ever-changing entertainment landscape, we can be thankful that decision makers in Southern Nevada are not resting on their laurels, but are innovating and expanding their offerings to keep our city vital.

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GivingThanks

On November 15th our office enjoyed an elaborate feast of Turkey, Stuffing, Mashed Potatoes and Gravy accompanied by appetizers, side dishes and desserts prepared by the Colliers Las Vegas team. Thank you to Gina for coordinating delivery of the staples and to everyone else that brought a dish to share! Happy Thanksgiving!

On November 17th our team competed against Logic CRE, Sun Commercial and Marcus & Millichap in the annual Broker Bowl flag football tournament at Charlie Frias park. After a well fought effort we relinquished our title to Marcus & Millichap in sudden death. Congratulations to everyone that participated.

The funds raised will go to benefit a local charity.

FEATURED DEALS

MULTIFAMILY SALE

INDUSTRIAL LEASE

44 UNIT MULTIFAMILY PROPERTY A sale to Kanawati Group. The 44-unit multifamily property, Skyline Terrace Apartments, is located at 1225 East Hacienda Avenue in Las Vegas. The transaction value was $3,175,000.00.

Thomas Olivetti of Colliers International represented the buyer and the seller, Alpha Wave Investors.

±29,250 SQUARE FOOT INDUSTRIAL PROPERTY A lease to New Wave Enviro Inc. The ±29,250 square foot industrial property is located in Henderson Freeways Crossing at 8385 Eastgate Road in Henderson. Pat Marsh, SIOR and Sam Newman of Colliers International represented the landlord, Henderson Freeways Crossing LLC.

INDUSTRIAL SALE

LAND SALE

±1,521 SQUARE FOOT INDUSTRIAL PROPERTY A sale to Play Golf Designs Inc. The ±1,521 square foot office property is located in The Square at 7336 West Post Road, Unit 8 in Las Vegas. The transaction value was $296,595.00.

Brian Riffel, SIOR, Chris Connell, Grant Traub and Tyler Jones of Colliers International represented the seller, Professional Warehouse Office Condos.

±1.35 ACRE LAND PARCEL A sale to Diamond Decatur Limited. The ±1.35 acre land parcel is located at South Decatur Boulevard and West LeBaron Avenue (APN: 177-30- 201-001) in Las Vegas.

The transaction value was $300,000.00. Steven Haynes of Colliers International represented the seller, Oscar A. Matheu & Sonia Matheu. Mike DeLew, SIOR and Greg Pancirov, SIOR of Colliers International represented the buyer.

INDUSTRIAL LEASE ±31,000 SQUARE FOOT INDUSTRIAL PROPERTY A lease renewal to Paper Recycling of Nevada, Inc. The ±31,000 square foot industrial property is located in Nellis Industrial Park #4 at 4420 Mitchell Street in North Las Vegas.

Dan Doherty, SIOR, Chris Lane and Jerry Doty of Colliers International represented the landlord, Icon PAC Nevada Owner Pool 3 Nevada.

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FEATURED LISTINGS

6125 ANNIE OAKLEY DRIVE

4255 WAGON TRAIL

SUZETTE LAGRANGE, CCIM AND KARA WALKER, CCIM

TOM NASEEF, CCIM, SIOR AND JEFF NASEEF • Industrial Sublease Space Available • 6,200 SF Dry Storage with 4,200 SF Storage Yard • Lease Rate : $0.71 PSF NNN

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Located in the high-demand Airport industrial submarket, placing owners in the heart of the Las Vegas Valley

•

Only moments from McCarran International Airport and the Las Vegas Strip

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Hard-to-Find, Freestanding Office/Warehouse with Yard

6105 SOUTH FORT APACHE ROAD

8845 WEST FLAMINGO ROAD, SUITE 110

SCOT MARKER AND JULIE DORNAK

RYAN MARTIN, SIOR, CCIM, PATTI DILLON, SIOR, TABER THILL, SIOR AND TEDDIE HICKEY • One Suite Available For Lease – 4,169 SF • Surrounded by an abundance of amenities, within driving distance, with easy access to the I-215 Beltway • Lease Rate: $1.50 NNN / $0.37 Est. NNN

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34,435 SF Multi-Tenant Retail Strip Center For Lease

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Great visibility from Fort Apache Road, just off the 215 Beltway between Russell and Sunset Road.

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Competitive rates – NNNs at $0.43/SF

8871 WEST SAHARA AVENUE

3875 WEST RENO AVENUE

ALEXIA CROWLEY, CCIM, LEED GA, CHRIS CONNELL AND GRANT TRAUB

BRIAN RIFFEL, SIOR AND TYLER JONES

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7,569 SF, AAAASF Accredited Surgery Center and Medical Office

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10,500 Total SF Industrial Building Available For Lease

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Class A finishes with 20’ vaulted ceiling in main reception

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Convenient Access to Strip Corridor and I-15 Freeway

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Asking Price: $2,900,000 ($383 PSF)

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Lease Rate: $0.75 PSF, NNN, CAMs $0.14 PSF/MO

WELCOME TO COLLIERS! Sylvia Feliciano Please join us in welcoming Sylvia P. Feliciano to Colliers International – Las Vegas as the Executive Assistant to the Naseef Investment Group.

837 CONSECUTIVE SOLD OUT SHOWS AT THE LAS VEGAS HILTON!

Sylvia’s primary role will include ownership services, property marketing, research and administrative support. Prior to joining Colliers, Sylvia spent over three years working in the Accounting Department for a Commercial Property Management firm. Sylvia discovered her passion for numbers and accounting at a young age and has since been in accounting for over 15 years. During her time in Property Management, she discovered a new passion for real estate and is very excited to have the opportunity to continue to grow in the field.

Sylvia was born and raised in Chicago, Illinois. In her spare time, she enjoys camping, fishing and hunting with her husband and four children. On her busy weekends she enjoys attending her children’s soccer, baseball and softball games.

Welcome aboard, Sylvia!

IN THE NEWS TODAY’S WORLD OF BROKERAGE: WHAT TO KNOW https://www.nevadabusiness.com/2017/11/ building-nevada-todays-world-brokerage/

November 01

CALIFORNIA INVESTORS BUY SOUTHWEST LAS VEGAS OFFICE PARK https://www.reviewjournal.com/business/ california-investors-buy-southwest-las-vegasoffice-park/

October 26

BILLIONS IN DEVELOPMENT PLANNED FOR THE STRIP AND SURROUNDING AREAS https://businesspress.vegas/real-estate/billionsin-development-planned-for-the-strip-andsurrounding-areas/ October 17

The Office Will Be Closed December 25 January 1

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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*

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

UPCOMING EVENTS CCIM SPONSOR & DESIGNEE APPRECIATION EVENT 5:00pm T-Mobile Arena NOVEMBER 28

BIRTHDAY CELEBRATION 2:30pm Main Conference Room NOVEMBER 30

HANUKKAH DECEMBER 12-20 CCIM HOLIDAY LUNCHEON 11:30am Four Seasons DECEMBER 13 NAIOP HOLIDAY LUNCHEON 11:30am Four Seasons DECEMBER 14

HAPPY HOLIDAYS OFFICE CLOSED - CHRISTMAS DECEMBER 25

MONTHLY OFFICE MEETING 9:00am Main Conference Room DECEMBER 27

PROPERTY MANAGEMENT UGLY SWEATER PARTY 2:30pm Main Conference Room DECEMBER 14

A YEAR OF GOOD FORTUNE – HOLIDAY PARTY 1:00pm Del Frisco’s Steak House DECEMBER 1

SIOR HOLIDAY SPONSOR APPRECIATION EVENT 5:30pm Cili at Bali Hai Golf Course DECEMBER 7

MONTHLY RETAIL MEETING 8:30am Main Conference Room DECEMBER 19 MONTHLY INDUSTRIAL MEETING 9:00am Main Conference Room DECEMBER 21

HAPPY NEW YEAR OFFICE CLOSED JANUARY 1

BIRTHDAY CELEBRATION 2:00pm Main Conference Room DECEMBER 21

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OFFICE HAPPENINGS

THE NUMBERS: OTHER

RETAIL 8%

4%

LEASE

OFFICE

32%

36%

OCTOBER SALES VS. LEASE

OCTOBER

LAND 20%

PROPERTY TYPES

INDUSTRIAL 32%

SALES 68%

TOP 10 AGENTS OF THE MONTH OCTOBER 2017 1.

2.

3.

4.

5.

Brian Riffel Brian Fike Mike Stuart Spencer Pinter Grant Traub

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6. Dan Doherty 7. Chris Connell 8. Kara Walker 9. Suzette Lagrange 10. Stacy Scheer

OCTOBER OFFICE TRANSACTIONS

OCTOBER 2017 ANNIVERSARIES Scott Gragson

1997

20 Years

Marge Ruderman

2001

16 Years

Scott Larsen

2005

12 Years

Chris Lobello

2007

10 Years

Vince Schettler

2012

5 Years

Nicole Montalto

2012

5 Years

Anthony Schettler

2014

3 Years

Amelia Hyden

2015

2 Years

Christopher Bentley

2016

1 Year

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. Chris Connell 12. Tom Naseef 13. Patti Dillon 14. Greg Pancirov 15. David Grant 16. Spencer Pinter

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

85/15 CLUB

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

Chris Connell Dan Gluhaich Mike Stuart Dean Willmore Ryan Martin Al Twainy Taber Thill

33. Susan Borst 34. Scott Gragson 35. Frank Marretti 36. Chris Lane 37. Christopher Lobello 38. Pat McNaught 39. Vince Shettler 40. Alexia Crowley 41. Joe Bonifatto 42. Rebecca Staniec 43. George Connor 44. Paul Sweetland 45. Robert Torres 46. Philip Frank 47. Steven Neiger 48. John Kilpatrick

Brian Riffel Thomas Olivetti 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 BRIAN RIFFEL, SIOR

CHRIS LANE

Senior Vice President Industrial Division

Associate Vice President Industrial Division

Chris is a partner of Doherty Industrial Group, which has been a top producing team in Las Vegas for over 16 years. Mr. Lane works with clients such as IndCor Properties, Prologis, KTR Capital Partners, Panattoni Development Company, EJM Development Company, and Pacific Life Insurance Company.

With a core concentration in industrial real estate opportunities and related land acquisitions/dispositions, Mr. Riffel also specializes in Tenant/Landlord representation for industrial product types and the formation of new developments. Previous experience with a private holding and development company, coupled with a proven ability to capture additional sources of capital for real estate acquisitions and dispositions allows Mr. Riffel to provide the most secure real estate investments available in Southern Nevada and the regional Southwest.

Q

If you were a flavor of ice cream, which one would you be?

A

Q

What is your pet peeve in traffic?

A

Smokers

Q

What is the longest word you know?

A

SUPERCALIFRAGILISTICEXPIALIDOCIOUS

Q A

What is your favorite movie line?

Q

If you were to buy a car right now, what would you buy?

A

1978 Ford Pinto with wood siding.

Q

Be invisible or be able to read minds?

A

I would rather be able to turn invisible.

Q

What is your favorite ice cream flavor?

A

It is hard to choose only one flavor. I have been enjoying Breyers Blasts – Snickers Bar Ice Cream at home lately.

Q

Do you prefer to text or talk on the phone?

A

I prefer to talk on the phone if I have something longer than a sentence to communicate.

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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

+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

+1 702 836 3733

MULTI-FAMILY Christopher Bentley Garry Cuff Jeff Naseef Tom Naseef Thomas Olivetti

Alexia Crowley Stacy Scheer

+1 702 836 3778 +1 702 836 3762

VALUATION SERVICES Tom Hoover

+1 702 836 3749

PROPERTY MANAGEMENT

HOTEL/RESORT Mike Mixer Dharmesh Patel

MEDICAL OFFICE

+1 702 836 3779 +1 702 836 3716 +1 702 836 3731 +1 702 836 3720 +1 702 836 3740

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

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