Las Vegas Insider | November 2018

November 2018

LAS VEGAS

INSIDER A COMMUNICATION FOR BROKERS, EMPLOYEES, COLLEAGUES AND FRIENDS

IT’S THE MOST WONDERFUL TIME OF THE YEAR

With an abundance of holiday lights, outdoor festivities and activities to choose from, Las Vegas shines as the ultimate destination for visitors looking to celebrate and spread holiday cheer.

LAS VEGAS INSIDER | NOVE M BE R 2 018

1

Accelerating success.

THE ICE RINK

EACH HOLIDAY SEASON, THE BOULEVARD POOL AT THE COSMOPOLITAN TRANSFORMS INTO A WINTER WONDERLAND HIGH ABOVE THE LAS VEGAS STRIP. AT THE ICE RINK, YOU CAN SKATE ACROSS 4,200 SF OF REAL ICE.

L

TABLE OF CONTENTS: RETAIL & CULTURE

4

FEATURED DEALS

9

FEATURED LISTINGS

10

COLLIERS IN THE NEWS

11

THANKSGIVING FEAST

12

UPCOMING EVENTS

13

VEGAS BY THE NUMBERS

14

BROKER OF THE MONTH

15

DIRECTORY

16

FACEBOOK.COM/COLLIERSLV

TWITTER.COM/COLLIERS_LV

LET IT SNOW LAS VEGAS INSIDER | NOVE M BE R 2 018

3

RETAIL&CULTURE Several years ago, I experimented with a way to gauge the cultural breakdown in the United States.

No, I don’t mean people willingly watching the Kardashians – that’s more the “end of Western Civilization” kind of breakdown. Instead, I mean the breakdown of mass culture in the United States – the “mainstream” culture breaking down into hundreds (thousands?) of sub-cultures. To do this, I examined the motion picture industry and its impact on American audiences. Motion pictures made their debut in the 1910’s as silent movies. Many of these were very short (15 to 20 minutes) and were exhibited initially as curiosities. Motion pictures became a cultural force during the 1920’s and perhaps hit their height in 1939 with Gone with the Wind. It’s mostly been downhill ever since. “Hold on,” you might be asking, “movies peaked in 1939? Impossible! What about Star Wars, the Marvel movies – these things are super popular. Well – not really.

LAS VEGAS RESEARCH

BY JOHN MATT STATER

Modern movies seem to have a higher gross than old movies for two main reasons. The first is inflation. Modern grosses are reported in the press in modern dollars, not inflationadjusted dollars. That makes an enormous difference. The average movie ticket in 1939 cost 23 cents, as opposed to the average ticket price of $8.93 that you shelled out in 2017 to see such timeless classics as I, Tonya.

The film industry of 2018 also benefits from a larger potential audience. America’s population has increased from 130 million people in 1939 when Gone with the Wind was released to 326 million potential customers for Star Wars: The Last Jedi.

Consequently, Gone with the Wind had to sell 202 million tickets to gross $46 million in 1939 – meaning 154 percent of Americans had to buy a ticket to see it. Practically, this means that many people went to see Gone with the Wind two, three or four times, but it also means that probably 65-75 percent of the U.S. population saw the film. That’s impressive. Star Wars: The Last Jedi, by comparison, only had to sell 69 million tickets to gross $620 million in 2017 – that represents 21 percent of the U.S. population.

When we look at America’s top grossing domestic films from the 1930s to 2017, we see several films that exceeded the norm in terms of popularity – The Ten Commandments, The Sound of Music and Star Wars all recorded over 60 percent penetration of the U.S. population. We also see a films from 1945 to 1970 averaging almost 40 percent penetration of the U.S. population. This might be termed the true mainstream – when most people in the United States shared a popular culture. If we did the same with books and television, we would probably see the same thing.

Why? Well, for one thing distribution of pop culture was more controlled. There were a few major studios operating at this time, and most of them controlled chains of movie theatres. A Warner Brothers movie theatre showed Warner Brothers films and maybe a few releases from smaller studios, like Walt Disney. That meant that if your small town only had a Warner Brothers movie theatre, you were mostly going to see Warner Brothers’ films, not stuff from Paramount or Twentieth Century Fox. Likewise, there were only a few large publishers and only three or four major networks.

This control over pop culture helped foster a sense of how people were supposed to act, and what they were supposed to like. By the 1970’s, the old studio system had been knocked down and movie theatres were no longer associated with movie studios. People started letting their “freak flags fly” and breaking away from the mainstream.

Sometimes, this was accompanied with societal pain, and sometimes not. But despite a pop culture renaissance in the 1980’s, the writing was on the wall. People started sorting

themselves into smaller cultural units and interacting less and less with other sub-cultures.

This fragmentation has been heightened by the computer and internet revolution – just about anyone can publish a book or make a small film and share it online. This had been tough on movie makers, who now must navigate domestic and foreign film circuits, Netflix, etc. to sell their wares. It has also been tough on brick-and-mortar retailers. If 70 percent of your customers want to wear the same basic designs of clothes, or eat the same things or watch the same things, it is easy to serve a large number of people with a relatively limited amount of space. When everyone wants something different, retailers are only capable of servicing smaller and smaller niches of the population.

Online companies like Amazon are far less hampered by this cultural fragmentation – all they need is larger warehouse spaces, and warehouse space is much less expensive than retail space.

The trend in the last twenty years has very quickly gone from “bigger is better” to “smaller is better” for brickand-mortar.

As this trend continues, the trend may also be for lower rental rates, as niche retailers are forced to take more space than they need to serve a “critical mass” of customers, and therefore seek to redress this by paying less for the space they must take. The American mainstream held sway for 25 years and spawned such retail behemoths as K-Mart, Sears, Montgomery Wards and JC Penneys (how many of those are still around?).

The American multistream has now held sway for almost 50 years and only now is hitting its stride with the creation of the Amazon.com juggernaut.

What lies ahead is a mystery.

LAS VEGAS INSIDER | N OVE M BE R 2 018

5

WELCOME TO COLLIERS!

Scott Gragson’s son, Noah Gragson has been voted the NASCAR Camping World Truck Series Most Popular Driver in his second full-time season.

Gragson ended the year second in the final standings, finishing runner-up to Truck Series champion Brett Moffitt after making the Championship 4 finale at Homestead-Miami Speedway. The driver of the No. 18 Kyle Busch Motorsports Toyota finished the year with one victory, eight top-five and 17 top-10 finishes.

Along the way, he captivated and entertained fans through his humor and openness on social media platforms.

The 20-year-old is set to move up to the Xfinity Series with the Dale Earnhardt Jr.-owned JR Motorsports, taking over the No. 1 Chevrolet following Elliott Sadler’s retirement from full-time competition. Gragson will be honored at the Camping World Truck Series banquet on Dec. 8 in Charlotte.

DID YOU KNOW? FLAMINGOS BEND THEIR LEGS AT THE ANKLE, NOT THE KNEE - THEY ESSENTIALLY STAND ON TIP-TOE. THEIR KNEES ARE CLOSER TO THE BODY AND ARE COVERED BY FEATHERS.

HOW LONG CAN YOU HOLD?

Mayra Gonzalez

Please join us in welcoming Mayra Gonzalez to the Colliers Las Vegas office as Client Services Coordinator working with Al Twainy in the Retail Investment Division.

With over 5 years of experience, Mayra previously worked in the Multifamily Property Management industry and has received her ARM Designation through the Institute of Real Estate Management (IREM).

Mayra’s primary responsibilities on the team will include: ownership services, property marketing, research and administrative support.

Sloths can hold their breath longer than dolphins can.

By slowing their heart rates, sloths can hold their breath for up to 40 minutes. Dolphins need to come up for air after about 10 minutes.

Mayra was born in Orange County, CA and raised in Las Vegas, NV. She enjoys to read and spend time with her family and friends.

Welcome aboard Mayra!

LAS VEGAS INSIDER | NOVE M BE R 2 018

7

Multiple casinos working to reduce food waste in Las Vegas

By Heidi Knapp Rinella / Las Vegas Review-Journal The banquet food rescue program undertaken by Three Square food bank and MGM Resorts International is still in preliminary stages. But several casino companies are using other methods to reduce food waste.

MGM also is rescuing minibar food at five of its resorts. Typically, said Phyllis James, the company’s chief diversity and corporate responsibility officer, that involves packaged food that can be safely consumed up to a year after its expiration dates, such as cookies, nuts, chips, candy and energy bars.

“A lot of community agencies, when they have a special event, they need stuff like this as treats,” James said. “It’s not intended that this is going to be part of any daily nutritional meal regimen.”

All of the companies said programs are ongoing, as are studies to find other ways in which waste can be cut.

ABOUT REDUCING WASTE

READ MORE

FEATURED DEALS

HOTEL SALE

INDUSTRIAL LEASE

602 UNIT HOTEL PROPERTY A sale to Wabash Hillcrest (Two), LLC. The 602 unit hotel property, Siena Suites Hotel, is located at 6555 Boulder Highway in Las Vegas. The transaction amount was $46,000,000.00.

Mike Mixer, SIOR and Dharmesh Patel of Colliers International represented the seller, Russell Boulder, LLC.

±55,125 SQUARE FOOT INDUSTRIAL PROPERTY A lease renewal to Updike Distribution Logistics, LLC. The ±55,125 square foot industrial property is located in Freeport West Distribution Center at 3030 North Lamb Boulevard, #103-104 in Las Vegas. Dean Willmore, SIOR of Colliers International represented the tenant and the landlord, Natomas Creek Nevada, LLC.

INDUSTRIAL SALE

MEDICAL OFFICE LEASE

±100,000 SQUARE FOOT INDUSTRIAL PROPERTY A sale to Cornerstone Land LLC. The ±100,000 square foot industrial property is located in Marion Industrial at 2255 & 2275 East Sahara Avenue in Las Vegas. Brian Riffel, SIOR and Tyler Jones of Colliers International represented the seller, Russell Boulder, LLC.

±11,603 SQUARE FOOT MEDICAL OFFICE PROPERTY A lease to Assured Healthcare Systems, LLC. The ±11,603 square foot medical office property is located in Partell Medical Center at 2870 South Maryland Parkway in Las Vegas. Alexia Crowley, CCIM and Stacy Scheer, CCIM of Colliers International represented the landlord, Windrose Partell Medical Center, LLC.

INDUSTRIAL SALE ±160,720 SF INDUSTRIAL PROPERTY A sale to Airparc Industrial LLC. The ±160,720 square foot industrial property is located in South15 Industrial Park at 1710 & 1720 Executive Airport Drive in Henderson. The transaction amount was $16,400,000.00. Dan Doherty, SIOR, Grant Traub, SIOR, Chris Connell, Paul Sweetland, SIOR, Chris Lane, CCIM and Jerry Doty of Colliers International represented the seller, RETKO GROUP LLC.

LAS VEGAS INSIDER | NOVE M BE R 2 018

9

FEATURED LISTINGS

900 SOUTH 4TH STREET

4650 SOUTH MARYLAND PARKWAY

GRANT TRAUB, SIOR AND CHRIS CONNELL

CHRIS CLIFFORD, STEVE NEIGER, CCIM AND BRETT RATHER

•

±13,679 SF two-story office building situated on ±0.32 acres

•

±8,064 SF freestanding building located directly across from UNLV

•

Includes ±1,500 SF private garage space

•

New apartment/student housing projects in the area include U District,

•

Lease rate at $1.50 PSF/Mo NNN; Estimated NNN fees at $0.39 PSF/Mo

University Gateway, Echo 1055, and The Degree •

Lease Rate: $2.75 PSF, NNN

STEPHANIE STREET & HACIENDA AVENUE

1950 EAST MAULE AVENUE

STEVEN HAYNES

CHRIS LANE, CCIM, JERRY DOTY AND PHILLIP DUNNING, CCIM

•

±1.66 acres – Zoned R-4 – Multiple Family Residential

•

±39,857 Total SF

•

The property will benefit from the growing demand for Multi-

•

ESFR fire suppression system

Family developments within Henderson Nevada

•

Close proximity to the Las Vegas “Strip” and McCarran

•

International Airport

ASKING PRICE: $395,000 or $253,012 per acre

125 NORTH GIBSON ROAD

2843 ST. ROSE PARKWAY, SUITE 100

DEAN WILLMORE, SIOR, ALEX STANISIC AND MIKE WILLMORE • ±6,256 SF industrial building on ±0.57 acres • Conveniently located near multiple retail and services amenities • Lease Rate: $0.86/SF (NNN)

STACY SCHEER, CCIM •

±4,194 SF turn-key dental (or medical) suite

•

5% Commission on qualified tenants

•

Base Rent: $1.35-$1.50 SF, NNN

DECEMBER HOME GAMES SUPPORT OUR GOLDEN KNIGHTS

12/4 12/6 12/9 12/20 12/22 12/23 12/27 -

7:00pm - Capitals 7:00pm - Blackhawks 6:00pm - Stars 7:00pm - Islanders 1:00pm - Canadiens 5:00pm - Kings 7:00pm - Avalanche

IN THE NEWS GOOGLE BUILDING $600M DATA CENTER IN HENDERSON https://www.reviewjournal.com/business/ google-building-600m-data-center-inhenderson-1528054/

November 15

THE NOTES: FOUR BROKERS WITH COLLIERS INTERNATIONAL-LAS VEGAS EARNED THEIR CCIM DESIGNATION https://vegasinc.lasvegassun.com/business/ notes/2018/nov/19/the-notes-nov-19-2018/

November 19

COLLIERS INTERNATIONAL – LAS VEGAS OFFERS SALE OF FULL-SERVICE HOTEL CASINO IN NORTH LAS VEGAS https://www.nevadabusiness.com/2018/11/colliersinternational-las-vegas-offers-sale-of-full-servicehotel-casino-in-north-las-vegas/

December 24, 25, 31 January 1

November 21

LAS VEGAS INSIDER | N OVE M BE R 2 018

11

T hanksgivingFeast ‘Tis the season for giving thanks, and our Colliers family has a lot to be thankful for! On Thursday, November 15th, we came together for our annual Thanksgiving potluck to enjoy amazing food and great company. Thank you to all that cooked and brought in foods to complete the spread. It was quite a meal.

We’re thankful for each and every one of you.

Turkey

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

PAUL SWEETLAND, SIOR

KEITH CUBBA

DAN DOHERTY, SIOR

CHRIS CLIFFORD

GARRY CUFF, CCIM

MICHAEL STUART

SPENCER PINTER

TOM NASEEF, CCIM, SIOR

CHRIS BENTLEY

AL TWAINY, CCIM

STEVEN HAYNES

DEAN WILLMORE, SIOR

GRANT TRAUB, SIOR

CHRIS CONNELL*

BRIAN RIFFEL, SIOR

DAN GLUHAICH

DAVID GRANT*

PAT MARSH, SIOR

PATTI DILLON, SIOR

SUSAN BORST, CCIM, SIOR*

SCOTT GRAGSON

TABER THILL, SIOR

SCOT MARKER*

*These brokers qualified for the plane in October!

UPCOMING EVENTS SIOR HOLIDAY RECEPTION 5:30pm Cili at Bali Hai DECEMBER 5

COMMCAP COOKIE BAR TRUCK 2:00pm Office Parking Lot DECEMBER 18

SALT LAKE CITY BROKERS MEET & GREET 11:30am Main Conference Room DECEMBER 6

CCIM HOLIDAY LUNCHEON 11:30am Four Seasons DECEMBER 19

6:30pm Rhythm Kitchen DECEMBER 13

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

MONTHLY BIRTHDAY CELEBRATION 2:30pm Main Conference Room DECEMBER 20

NEW YEAR’S HOLIDAY Office Closed MONTHLY RETAIL MEETING 8:30am Main Conference Room DECEMBER 18

CHRISTMAS HOLIDAY Office Closed

DECEMBER 31 & JANUARY 1

DECEMBER 24 & 25 LAS VEGAS INSIDER | N OVE M BE R 2 018

13

LAS VEGAS BY THE NUMBERS: OTHER RETAIL

5%

6%

SALE

OFFICE

76%

11%

LAND

19%

OCTOBER

OCTOBER PROPERTY TYPES

SALES VS. LEASE

INDUSTRIAL

59% TOP 10 AGENTS OF THE MONTH OCTOBER 2018 1.

2.

3.

4.

5.

Dan Doherty Mike Stuart Grant Traub Chris Connell Paul Sweetland

51

6. Susan Borst 7. Scott Gragson 8. Taber Thill 9. Patti Dillon 10. Alexia Crowley

OCTOBER OFFICE TRANSACTIONS

OCTOBER 2018 ANNIVERSARIES

LEASE

24%

BROKER RANKINGS YTD 2018 1. Dan Doherty 2. Mike Stuart

16. Dan Gluhaich 17. Chris Bentley

31. Robert Torres 32. Alexia Crowley

3. Dean Willmore 4. Vince Schettler

18. Garry Cuff 19. Steven Haynes

33. Steven Neiger 34. Brian Fike

5. Paul Sweetland 6. Pat Marsh

20. Susan Borst 21. Al Twainy

35. Jeff Naseef 36. Andrew Kilduff

7. Scott Gragson 8. Brian Riffel

22. Tom Naseef 23. David Grant

37. Sam Newman 38. Kara Walker

9. Grant Traub 10. Chris Clifford 11. Spencer Pinter

24. Scot Marker 25. Chris Lane 26. Stacy Scheer

39. Suzette Lagrange 40. Phillip Frank 41. Rebecca Staniec

12. Patti Dillon 13. Taber Thill

27. Mike Mixer 28. Jerry Doty

42. Chris Lobello 43. Joe Bonifatto

14. Keith Cubba 15. Chris Connell

29. Phillip Dunning 30. Pat McNaught

44. George Connor 45. John Kilpatrick

Scott Gragson

1997

21 Years

Marge Ruderman

2001

17 Years

Scott Larsen

2005

13 Years

Chris Lobello

2007

11 Years

Vince Schettler

2012

6 Years

Nicole Montalto

2012

6 Years

Anthony Schettler

2014

4 Years

Christopher Bentley

2016

2 Years

Vince Schettler

Chris Bentley

Taber Thill

Chris Lane

Valerene Corbin

2017

1 Year

Breanna Lara

2017

1 Year

Brian Riffel Dan Doherty Chris Clifford Mike Stuart Scott Gragson Dean Willmore

Paul Sweetland Spencer Pinter Al Twainy Dan Gluhaich Mike Mixer Grant Traub

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

Susan Borst Stacy Scheer Jerry Doty

Pat Marsh

Patti Dillon

Scot Marker

85/15 CLUB

1

BROKER OF THE MONTH

CO NG RA T UL A T IO NS

DAN DOHERTY, SIOR Executive Vice President Industrial Division

ALEXIA CROWLEY, CCIM Senior Associate Healthcare/Office 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. Alexia has been a medical practice manager for the past 16 years. She has an in-depth understanding of the needs of physicians, their staff and patient flow.

.O.T.M. ONATION

Doherty Industrial Group’s client, Matter recently hosted the team on an exclusive trip to Hardon, Montana to thank them for an incredible year and to brainstorm strategies for the year to come. Jim Stuart, Matt Root and Kevin Burke of Matter took Dan Doherty, Paul Sweetland, Chris Lane and Jerry Doty on a private plane to The Orvis Lodge. The Orvis Lodge sits on a 2.3M acre Crow Reservation and has been there for about 22 years.

The group had the entire lodge to themselves for 4 days of fly fishing and pheasant hunting.

Q

What is your favorite Christmas carol?

A

HERE COMES SANTA CLAUS

Q

What flavor ice cream would you be?

A

Mint Chocolate Chip

Q

Which do you prefer, sweet or salty?

LINKS FOR LIFE A

The Links for Life Foundation is donating in Dan Doherty’s name to the Nevada Blind Children’s Foundation

F O U N D A T I O N Q

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

A

SPRING

LAS VEGAS INSIDER | N OVE 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