2015-06-28 - VEGAS INC - Las Vegas by Greenspun Media Group

v e g a s i n c . c o m | J U NE 2 8 - J U L Y 4 , 2 0 1 5

Construction continues on a medical project financed by Meadows Bank. (mikayla whitmore/staff)

Rebuilding a foundation Commercial real estate is slowly making a comeback, but this time, banks are being more cautious By Eli Segall | Staff Writer

Las Vegas bankers couldn’t write loans fast enough during the real estate bubble, doling out funds for construction projects even if borrowers didn’t have a way to pay them back. ¶ Today, after the massive real estate bust, waves of bank failures and the worst recession in decades, that spigot is merely dripping. ¶ Southern Nevada’s banks comm ercial l e nding, Continued on page 10

$1.75B

Value of investment firm Tracinda Corp.’s stake in MGM Resorts. Kirk Kerkorian, the corporation’s owner, died June 15.

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Number of drivers ruled to be employees of Uber in California. The California Labor Commission ruled that Barbara Berwick is an employee of the ridesharing company. Other workers are considered independent contractors.

6/26/15 3:36 PM

VEGAS INC JUNE 28- JULY 4

CONTENTS PUBLISHER Donn Jersey (donn.jersey@gmgvegas.com)

EDITORIAL

NOTEWORTHY STORIES

05 06 18 Q&A WITH TERRY DOWNEY

The president and general manager of Aliante Gaming discusses the importance of innovation in the gaming industry, his company’s commitment to serving the armed forces and the personality trait he tries to avoid when making hiring decisions. THE NOTES People on the move, P4

MEET: SOLA SALONS

The Great Recession took a toll on the beauty industry and salons closed across the valley, but Russell Nordstrom and Trey Campbell came up with a way to help keep stylists in business. TALKING POINTS ■ Commercial real estate is rebounding, P7 ■ What you should know about CRE law, P7

DATA AND PUBLIC INFORMATION A listing of local bankruptcies, bid opportunities, brokered transactions, business licenses and building permits. MORE VEGAS INC BUSINESS NEWS Calendar: Happenings and events, P17 The List: Third-party commercial property managers, P20

EDITOR Delen Goldberg (delen.goldberg@gmgvegas.com) MANAGING EDITOR Dave Mondt (dave.mondt@gmgvegas.com) DIGITAL EDITOR Sarah Burns (sarah.burns@gmgvegas.com) ASSISTANT MANAGING EDITOR/BUSINESS Brian Deka (brian.deka@gmgvegas.com) STAFF WRITERS Kailyn Brown, Andrea Domanick, Adwoa Fosu, Moira Johnston, Megan Messerly, J.D. Morris, Kyle Roerink, Daniel Rothberg, Cy Ryan, Eli Segall, Conor Shine, Jackie Valley, Pashtana Usufzy, Katie Visconti, Ian Whitaker COPY DESK CHIEF John Taylor COPY EDITORS Jamie Gentner, Brian Sandford SPECIAL PUBLICATIONS EDITOR Craig Peterson DIGITAL COORDINATOR Adelaide Chen EDITORIAL CARTOONIST Mike Smith LIBRARY SERVICES SPECIALIST Rebecca Clifford-Cruz RESEARCHER Julie Ann Formoso OFFICE COORDINATOR Nadine Guy

ART ASSOCIATE CREATIVE DIRECTOR Liz Brown (liz.brown@gmgvegas.com) DESIGNER LeeAnn Elias PHOTO COORDINATOR Mikayla Whitmore PHOTOGRAPHERS L.E. Baskow, Christopher DeVargas, Steve Marcus

ADVERTISING ASSOCIATE PUBLISHER OF ONLINE MEDIA Katie Horton GROUP DIRECTOR OF SALES OPERATIONS Stephanie Reviea PUBLICATION COORDINATORS Karen Parisi ADVERTISING DIRECTOR Jeff Jacobs EXTERNAL CONTENT MANAGER Emma Cauthorn ACCOUNT MANAGERS Katie Harrison, Dawn Mangum, Breen Nolan, Sue Sran ADVERTISING MANAGERS Jim Braun, Brianna Eck, Frank Feder, Kelly Gajewski, Justin Gannon, Trasie Mason, Donna Roberts, Michelle Walden

MARKETING & EVENTS EVENT MANAGER Kristin Wilson EVENTS COORDINATOR Jordan Newsom DIGITAL MARKETING ASSOCIATE Jackie Apoyan

PRODUCTION VICE PRESIDENT OF MANUFACTURING Maria Blondeaux ASSISTANT PRODUCTION DIRECTOR Paul Huntsberry PRODUCTION MANAGER Blue Uyeda PRODUCTION ARTIST Marissa Maheras, Dara Ricci ART DIRECTOR Sean Rademacher GRAPHIC DESIGNERS Michele Hamrick, Carlos Herrera TRAFFIC SUPERVISOR Estee Wright TRAFFIC COORDINATORS Kim Smith, Meagan Hodson

CIRCULATION DIRECTOR OF CIRCULATION Ron Gannon ROUTE MANAGER Joel Segler

GREENSPUN MEDIA GROUP CEO, PUBLISHER & EDITOR Brian Greenspun CHIEF OPERATING OFFICER Robert Cauthorn GROUP PUBLISHER Gordon Prouty EXECUTIVE EDITOR Tom Gorman MANAGING EDITOR Ric Anderson CREATIVE DIRECTOR Erik Stein VOLUME 2, ISSUE 25 Vegas Inc (USPS publication no. 15540), 2360 Corporate Circle, Third Floor, Henderson, NV 89074 is published every Sunday except the last Sunday of the year by Greenspun Media Group. Periodicals Postage Paid at Henderson, NV and at additional mailing offices.

VINTAGE VEGAS: LANDMARK HOTEL MET ITS DEMISE IN 1995 Construction of the Landmark Hotel began in 1961 by developer Frank Caracciolo. Howard Hughes opened the 31-story, saucertopped resort — then the tallest building in Clark County and the highlight of Las Vegas’ skyline — in 1968. Pictured here Feb. 16, 1972, is the pool, a local and tourist hot spot for people watching. But the hotel became mired in financial problems, and owners declared bankruptcy

twice before closing the resort in 1990. The property changed ownership a few times but eventually was acquired for $15.1 million by the Las Vegas Convention and Visitors Authority. In true Vegas fashion, the property was imploded Nov. 7, 1995, to make way for parking and trade show space near the Las Vegas Convention Center.

POSTMASTER: SEND ADDRESS CHANGES TO: Vegas Inc Greenspun Media Group 2360 Corporate Circle, Third Floor Henderson, NV 89074 702.990.2545 For inquiries, write to: Vegas Inc 2360 Corporate Circle, Third Floor Henderson, NV 89074 For back copies: Doris Hollifield at 702.990.8993 or e-mail at doris.hollifield@gmgvegas.com For subscriptions: Call 800.254.2610, or visit vegasinc.com. For annual subscriptions, $50. For single copies, $3.99.

— REBECCA CLIFFORD-CRUZ

CORRECTION The June 21 issue of VEGAS INC reported incorrect information. Buffalo Wild Wings will open this fall and Texas Land & Cattle will open this winter at Miracle Mile Shops.

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4/24/15 2:00 PM

VEGAS INC

commercial real estate quarterly

June 28- July 4

Send your business-related information to news@vegasinc.com

Tom Wagener is senior vice president of industrial services at Gatski Commercial. Wagener has a Certified Commercial Investment Member designation. Jennifer Lehr joins Gatski as an associate broker in the professional and medical office division. Michael Campbell is a senior adviser focusing on investment and land sales at MDL Group. He is chairman of the Henderson Planning Commission. Alexia Crowley is a senior associate specializing in medical and professional office sales and leasing. She previously was an associate at Avison Young. DC Building was retained to build a Starbucks in the Grand Bazaar Shops and the first Buffalo Wild Wings in the resort corridor. The projects are valued at almost $5 million. DC Building also completed a Chili’s flagship across from City Center and remodeled M&M’s World at Showcase Mall, as well as finished a Raising Cane’s at 1950 W. Craig Road, North Las Vegas. Owner TML Mendenhall Legacy contracted DC Building for the project valued at almost $1.5 million. 10Nine Design Group was the architect of record for the Raising Cane’s project. Michael Newman, managing director of CBRE Las Vegas, is the industrial practice leader for CBRE’s Southwest Region. In addition to overseeing CBRE’s Las Vegas office, Newman leads and coordinates more than 40 industrial professionals throughout Utah, Nevada, Arizona and New Mexico.

newman

Burke Construction Group is building St. Anthony of Padua Parish Hall on behalf of the Roman Catholic Diocese of Las Vegas. Located on 10 acres at Fort Apache Road and Centennial Parkway in northwest Las Vegas, it will include an arched sanctuary space with seating for almost 1,000 people. It will cost almost $5 million, was designed by John Landsell of LGA and is managed by senior project manager Doug Schmoldt. Burke also is building the Summerlin Aquatic Center for the Howard Hughes Corp. The 25,000-square-foot public facility was designed by Erik B. Peterson of AIA. The $7 million project will be managed by project manager Patrick Schueppert. Cushman & Wakefield acquired a 1 million-squarefoot managed portfolio from Integris Realty Services LLC. The portfolio includes contracts for retail, office and industrial assets. Joining as part of the acquisition will be Integris Realty Services’ founder David Jewkes and regional vice president Stacy Blattner. The Southern Nevada CCIM chapter established an endowed scholarship through the CCIM Foundation that provides one recipient with $1,000 toward attending the CCIM Institute.

Panattoni Development Company broke ground on Jones Corporate Park at the northwest corner of Sunset Road and Jones Boulevard in Las Vegas. The industrial business park is slated to include two buildings of equal size totaling about 416,000 square feet. The company also is working on Henderson Freeways Crossing at the northeast corner of West Lake Mead Parkway and Eastgate Road in Henderson, which will include six buildings totaling 452,710 square feet and corresponding parking lots. Matt Feustel and Jakke Farley of Virtus Commercial assisted Zion United Methodist in leasing 10,000 square feet of space to Gregory and Carol Kirby of Come Unto Me Ministries and Apostolic Behavioral Health Center. Greg St. Martin is a vice president at Kennedy Wilson, a global real estate investment and services firm. He specializes in industrial, office and retail sectors. Before joining Kennedy Wilson, St. Martin served as vice president of Sun Commercial Real Estate, Realty One Group and NAI Las Vegas. Bob Hawkins is a senior director at Cushman & Wakefield. He specializes in leasing and sales of hawkins foley office and industrial real estate and represents only landlords and sellers. Nicholas Barber and Jeremy Foley are directors at Cushman & Wakefield. They specialize in leasing and investment sales of office and retail properties. Dan Hubbard is senior director of retail services. Hubbard is hubbard a member of the International Council of Shopping Centers and the Commercial Alliance of Las Vegas. Penta Building Group added the following staffers: Bob Gaus, project executive; Greg Darling, superintendent; Ralph Sibley, project manager; Brad Par-

nell, project engineer; Don Apodaca, supervisor; Leo Erhardt, superintendent; Marlyne Alderete, project engineer; Nicoleta Rotaru, project engineer; Dina Gattuso, payroll administrator; Charlie Capps, superindendent; Ken King, superintendent; Siddharth Kothari, building information modeling engineer; Tanuj Patel, project engineer; Michael Whitmire, project manager; Greg MacClennen, superintendent; and Lacey Tisler, project engineer. DC Building Group Lead Estimator Charlie Stewart is a certified professional estimator, one of only 14 in Nevada. Stewart’s designation is certified by the American Society of Professional Estimators. Roseman University of Health stewart Sciences bought 3.5 acres at the corner of South Hualapai Way and Discovery Drive for $3.1 million from the Howard Hughes Corp. The purchase completes Phase I of Roseman University’s Summerlin Campus Master Plan, which already includes 9.25 acres of adjacent undeveloped land, a flagship building and the Ralph & Betty Engelstad Cancer Research building of the former Nevada Cancer Institute. The Summerlin campus is home to Roseman University’s MD-granting college of medicine, which hopes to enroll its first class of 60 medical students in fall 2017. Summerlin started work on the Cliffs, the community’s 20th village. The 22,500-acre community will hold 11 neighborhoods, more than 1,700 homes and sits at the foot of the Spring Mountains. CBRE Las Vegas is the listing agent for available space at the Linq Promenade, 3535 Las Vegas Blvd. South.

naiop southern nevada’s 2015 spotlight awards NAIOP Southern Nevada’s 2015 Spotlight Awards honor members for achievements, projects and deals completed during the prior year. The honorees are: Frank Martin, Lifetime Achievement; JMA Architecture Studios, Architecture Firm of the Year; Colliers International, Brokerage Firm of the Year; Walker Engineering LLC, Engineering Firm of the Year; Bank of Nevada, Financial Firm of the Year; Martin-Harris Construction, General Contracting Firm of the Year; Harsch Investment Properties LLC, Principal Firm of the Year; Steve Neiger, Developing Leader; The Equity Group’s

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Jason Otter, Broker of the Year – Retail; Voit Real Estate Services’ Higgins & Toft Team, Broker of the Year – Industrial; CBRE’s Randy Broadhead, Brad Peterson, Darren Lemon and Amy Lance, Broker of the Year – Office; Jeff Foster, Principal Member of the Year; CCIM’s Jennifer Levine, Associate Member of the Year; Sallie Doebler, Spirit of Spotlight; Prologis, Trendsetter Firm; Vadatech corporate headquarters and manufacturing facility, Sustainable/Green Building; Brooklyn Bowl, Tenant Improvements - Retail/Entertainment; Mainor Wirth Injury Lawyers, Tenant Improve-

ments – Small; McDonald Carano Wilson, Tenant Improvements – Medium; Barclaycard call center, Tenant Improvements – Large; Nevada System of Higher Education Southern Nevada headquarters, Public Use/Government; SLS Hotel, Redevelopment Project; Downtown Container Park, MixedUse Development; Las Vegas Harley-Davidson, Retail Building; Carpenters Union International Training Center, Industrial Building; EVAPS Professional Law Office core and shell, Office Building; Vadatech corporate headquarters and manufacturing facility, NAIOP Works Award.

6/26/15 3:30 PM

commercial real estate quarterly Send your business-related information to news@vegasinc.com

VEGAS INC June 28- July 4

Q&A with terry downey

‘Don’t forget who you are, or what we are here for’ Terry Downey had retired after a long and successful career with Station Casinos. But he was talked back into working and became president and general manager of Aliante Gaming, which runs Aliante Casino and Hotel in North Las Vegas. The resort focused on ways it could set itself apart from others. How have you adapted Aliante to fit the needs of locals? By providing a high-value experience in a high-quality setting. Our amenities, restaurants, entertainment and Players Club program continue to evolve to fit the people of our community. We are dedicated to be part of the “neighborhood” and have partnered with notable charitable organizations to make a difference in North Las Vegas. Why do you think Aliante has been successful? Aliante is a stand-alone property owned by a small group of investors who have given the management team broad latitude to proceed aggressively, and swiftly, as business Terry Downey, president and general manager of Aliante, has little time or conditions change and as guest inter- patience for pessimism. (STEVE MARCUS/Staff) ests change. Also, Aliante has a strong How has the industry changed many others. financial foundation, and a dedicatduring your career? ed, well-trained base of employees, Technology has changed so many What prepared you for your which allows us to provide attention things, especially with regard to the position at Aliante? to the unique needs and interests of manner in which we find, keep, reward I grew up in Las Vegas, have a hosour guests. For example, we deterand communicate with our guests. I pitality degree from UNLV and have mined very quickly that our guests, appreciate the technology tools that spent my entire career working in the both local and from out of the area, are available today, but the caveat has industry. were tired of the exact same promoto be that you don’t forget who you are I was always in love with the hospitions being offered by our competior what we are here for. We are in the tality industry. I remember reading the tors month after month, just with the business of providing hospitality. Reader’s Digest version of “Hotel” when name of the promotion and artwork I was very young and being influenced changed. So we’ve been innovative Describe your management style. by it. My mother worked in hotels her with our promotions, and our casino Manage by walking around — being entire career, and I was enthralled with guests have responded with appreciaamong all the people; customers and the stories she brought home. tion. team members alike. That’s where Another area where we differentiour business really happens. If you What is the most challenging ate our property from the competiaren’t in touch at that level, you are in part of your job? tion is in food quality. We made the the wrong business. Las Vegas is perhaps the most comdecision early on that we were going I have not always been a general petitive hospitality market in the to buy fresh food and let our chefs not manager. I worked my way through country, so we need to be constantly only cook but also create. It varies the ranks and have gained a great apstaying a step ahead of our competifrom the standard of buying everypreciation for what it takes to help a tors and attuned to the interests of our thing pre-cut, prewashed, in cans and guest have an enjoyable experience guests — both locals and out-of-town bags and just throwing it together in and how difficult each employee’s visitors, in making sure we are not only a pot. We like to say “our chefs work job can be at times. And, early in my relevant but also cutting-edge. with knives, not scissors.” career, someone told me that “corn For instance, our innovative kioskgrows tall in the farmer’s shadow.” As based games and promotions provide What charitable organizations my career has evolved, I have tried to our guests with entertainment and a does Aliante support? cast a larger shadow. somewhat unique experience. We are involved in a wide variety of community charities, from large Where do you see yourself in 10 What has been the most organizations such as United Way years? rewarding part of your job? to individual events such as deliverI’m not really sure, but I’m having Building a fantastic team that is ing holiday presents to children at the time of my life right now. I tried to taking Aliante from the depth of the Nellis Air Force Base. We have also retire once already, but I really missed recession to setting revenue and earnpartnered with Red Cross, SafeNest, interacting with folks on a grand scale ings records almost monthly. ONEHOPE, Opportunity Village and

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like this job and career allow. So I would like to think I will still enjoy this enough in 10 years to keep doing what I’m doing. What is your dream job, outside of your current field? Jazz guitarist, history professor, writer … so many things, so little time. I would love to write a sitcom about the gaming industry. People have no idea what it entails. Or I would love to do anything in the sports field, because I love being outdoors. Whom do you admire and why? Los Angeles Dodgers broadcaster Vin Scully — what a career! And after all these years, he’s still highly motivated and sharp as a tack. What is your biggest pet peeve? Negative people. Pessimists tend to stifle the motivation of others and create an unwelcome environment. Thankfully, I rarely need to confront negativity in person. The culture of encouragement, support and optimism that we have created at Aliante tends to weed out the “lemon suckers.” What is something that people might not know about you? I have 10 grandkids. I am also an honorary commander of the 57th Wing at Nellis Air Force Base. I have a deep and abiding respect and appreciation for the men and women who serve our country in the armed forces. Their sacrifices deserve to be honored. Aliante is in close proximity to Nellis Air Force Base, so we frequently have the opportunity to provide hospitality to service men and women, and their visiting families. We always extend them a special welcome. Aliante is also proud to have been the site of many special events hosted by the Nellis Air Force Base leadership. Further, we chose to honor the men and women of the 57th Wing, located at Nellis Air Force Base, by creating a permanent namesake at our property and naming our global cuisine restaurant Bistro57. The men and women of the 57th Wing are our friends!

6/26/15 3:26 PM

VEGAS INC

commercial real estate quarterly

June 28- July 4

Send your business-related information to news@vegasinc.com

by the numbers

$150 Million

Estimated cost to transform Cashman Center into a hub for drone and technology research. A proposal to turn Cashman into the Unmanned Aerial Robotics Resource Center took first place in a federally sponsored contest for community revitalization.

$9.3 Million

Amount of Allegiant funds under scrutiny by corporate-governance activists, particularly CtW Investment Group. The money came from multimillion-dollar contracts between Allegiant and side businesses operated by its CEO, Maurice “Maury” Gallagher.

3,400

Additional Starbucks locations that will allow customers to place orders via mobile app.

$700 Million NV Energy’s income last year, more than all of the resorts on the Las Vegas Strip.

700

McDonald’s locations worldwide that are expected to close. For the first time since 1970, McDonald’s will shut down more restaurants this year in the United States than it will open.

Times, out of 38, that Nevada has chosen the candidate who ultimately wins the presidency. Though the presidential election is more than a year away, several hopefuls, including Hillary Clinton, Marco Rubio and Ben Carson, already have visited Las Vegas.

$100 Million

Fine the Federal Communications Commision imposed on AT&T Mobility LLC. The FCC said the mobile company misled consumers into buying plans for unlimited data, but when customers reached a certain level of use, the data would slow to speeds that contradicted advertisements.

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Sola Salons are stand-alone suites where stylists, manicurists, estheticians, massage therapists and others can rent space without feeling like someone else’s employees. (courtesy of SNAP Real Estate Photography)

Salon’s business model: Empower professionals to work for themselves Describe your business.

We put salon professionals into business for themselves by providing elegantly furnished, stand-alone salon suites. Who are your customers?

Sola Salons Address: Six locations in Southern Nevada Phone: 702-468-9529 Email: lasvegas@solasalons.com Website: solasalons.com Hours and days of operation: Salon professionals have the freedom to set their own hours Owned/operated by: Russell Nordstrom and Trey Campbell In business since: 2008

Our customers range from traditional stylists, estheticians, manicurists and massage therapists to niche service providers and smaller beauty retailers. All of them have chosen Sola Salons because they are ready to run their own business without the drama typical of many traditional salons. Most of our customers come to Sola when they have an established book of clients and are ready to run their own business. We provide the resources and support to get them started, from insurance options to custom paint colors in their suite.

What is the hardest part about doing business in Las Vegas?

Las Vegas is actually a fairly sprawling city. We’ve found that each area of the valley has its own unique personality. As a result, we’ve tailored each Sola location slightly to meet the diverse needs of beauty professionals in that area.

What is the best part about doing business in Las Vegas?

We get to meet incredibly talented people, and nothing is more rewarding than seeing them succeed. We recently got a call from one of our customers who is a single mother. She called to tell us that her move to Sola Salons changed her life. She is making more money and is able to spend more time with her kids. As a business owner, she feels she is setting a great example for her children. Knowing that we are helping people is the best part of our business.

How is Sola Salons different from other salons?

Sola Salons was created to address a gap in the beauty industry. Prior to the introduction of Sola Salons, the only option for an independent stylist was to rent a chair or booth in a large salon. Many top stylists were frustrated at paying chair rent to a traditional salon, only receiving 10 percent commission on retail sales and being treated like an employee. Additionally, they were unable to control important aspects of their business such as pricing, scheduling and retail. The introduction of Sola Salons changed the beauty industry in Las Vegas. In fact, since 2008, we have helped more than 300 people go into business for themselves.

What obstacles has your business overcome?

As a new concept in salon ownership, it took some time and creative marketing to help potential customers understand how Sola is different from a traditional salon. We had to keep explaining that we would not be the “boss” — our customers are the boss of their own businesses. Once people understood how Sola works, word spread and we were able to expand. Our success did not go unnoticed, and several competitors popped up trying to mimic Sola. They offered lower pricing, but that meant lower quality. The loyalty of our customer base was tested, and we were pleased to see very few people leave.

6/26/15 3:24 PM

commercial real estate quarterly Send your business-related information to news@vegasinc.com

Reader comments We want to hear from you. Visit vegasinc.com to post your opinion.

On Moira Johnston’s lasvegassun. com story “Plan to convert Cashman Center into dronetesting site earns national honors”: This is another step to ensure the drone industry is done right. — Alittle commonsense On Kyle Roerink’s lasvegassun.com story “Switch could file lawsuit over denial to leave NV Energy”: The real issue is what will happen when Joe Residential has a technology that enables you to stop using the monopolyfor profit-investorowned power company? Will he be free to say “No more,” or will the government say you have to pay? — SeldomSeenSmith On Eli Segall’s vegasinc.story “Luxury-home construction may not be booming, but it is bouncing back”: As a builder of custom, often luxury homes, I can say the market hasn’t gone away. I have been as busy as I ever was. — elguapo505 On J.D. Morris’ vegasinc.com story “Boyd Gaming pledges $2.5 million for UNLV hotel college building”: The folks that own and operate Boyd Gaming do a superb job of taking care of their employees, their customers and the communities they operate in. — American Gaming Guru

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VEGAS INC June 28- July 4

Commercial real estate is rebounding

Speaking of office, certain sectors, such as ommercial real estate in Southern Central Las Vegas, will continue to struggle Nevada is back in a big way. due to a lack of rent growth compounded For the first time since the with short-term leases. Some submarkets, recession, NAIOP Southern such as those surrounding the 215 Beltway, Nevada, the Commercial Real Estate downtown Las Vegas and the Strip corridor, Association, has a growing membership base. have seen vacancy rates remain at nearly We stand now at around 380 professional half of the 20 percent valley average. The members, up from 320 in 2013. That speaks efficiency trend continues, with companies volumes about our industry. Companies guest column: packing more bodies into less overall space no longer are struggling just to survive but charles van geel since the recession. again are invested in nurturing and growing The multifamily market is poised to make the commercial real estate and development some major contributions to the valley in the community in Southern Nevada. near term. Multifamily developers secured land during the The industrial market is well into recovery mode and downturn now are in a position to build, and in a big way. even is expanding. Speculative industrial buildings are More than 9,500 units are projected to be built through being developed at 150,000 square feet and larger. In 2016. The beltway curve of the 215 is going to see the most addition, many Las Vegas-area distribution centers have activity, with more than half of those units slated for the expanded recently, including TJ Maxx, which just added Southwest submarket. This level of activity will affect 400,000 square feet of new space. construction costs and labor availability. The retail market, too, is well into recovery and looks to The single-family builder activity has slowed after expand if current trends continue to improve. Southern being the most active buyers through 2013 and 2014. They Nevada retail feels healthy, with vacancy rates at less seem to be content with current inventory. Prices paid by than 10 percent, though some inline retail developments homebuilders have been in the high $200s to low $400s without strong anchors still are struggling. Big-box per acre. retail is a casualty of the recession and an ever-changing Here’s to more growth in 2015. landscape, which is why we are excited to see creative Charles Van Geel is president of NAIOP Southern Nevada adaptive reuses of such spaces. Look for the former and vice president of commercial leasing and sales at Boulevard Mall Dillard’s space to be converted for office American Nevada Company. use, for example.

What you should know about CRE law

may pursue a deficiency judgment against the ompared with other states such as borrower and guarantor. Such holder must file California, Nevada doesn’t have a complaint for a deficiency judgment within many laws regulating commercial six months of the date of sale. With the recent real estate. passage of Assembly Bill 195, the amount of the But if you are involved in commercial real deficiency judgment is limited to the lesser of: (a) estate in Nevada, you need to know these laws the amount by which the secured indebtedness and understand how they could affect your exceeds the fair-market value of the property business. sold at the time of the sale, with interest, or (b) n Nevada’s “One Action Rule”: This rule guest column: the difference between the amount for which generally requires that the holder of a mortgage Angela the property was sold and the amount of the or deed of trust first exhaust its rights to real Turriciano Otto secured indebtedness, with interest. property collateral before proceeding against a borrower on underlying debt. If such a holder n Transfer tax: In Nevada, real property brings an action to obtain a money judgment transfer tax is imposed on each deed or land before proceeding against the real property sale installment contract. The amount, $2.55 collateral, the mortgage or deed of trust is discharged as a for every $500 of value in Clark County, varies by county. Some lien against the real property upon entry of a final judgment. real property transfers are excluded from such tax, including Some acts do not constitute an “action” for and may be brought certain transfers between an entity and certain of its affiliates. without violating the rule. n Mechanic’s liens: Landlords and their property are not subject to mechanic’s liens arising from tenants’ n Commercial foreclosure process: In Nevada, most improvements. Generally speaking, this procedure requires commercial foreclosures are conducted as nonjudicial that a landlord record a notice of nonresponsibility and that foreclosures. The trustee of a deed of trust generally must a tenant: (a) establish and fund a construction disbursement record certain notices, provide copies of such notices and wait account or record a surety bond, and (b) record a notice of certain time periods before conducting a sale. The purchaser at posted security. Both landlord and tenant must also comply such a sale takes title to the property free of any and all junior with the other detailed statutes regarding this procedure. liens or encumbrances, and there is no right of redemption. Note: These laws are subject to change. n Deficiency judgments: If the commercial foreclosure Angela Turriciano Otto is a shareholder at the law firm of sale amount is less than the amount of the outstanding secured Brownstein Hyatt Farber Schreck. indebtedness, the holder of the mortgage or deed of trust

6/26/15 3:25 PM

VEGAS INC June 28- July 4

commercial real estate quarterly Send your business-related information to news@vegasinc.com

Slew of new taxes and fees to take effect July 1 By cy ryan Staff Writer

Gov. Brian Sandoval’s record $1.1 billion tax increase takes effect July 1, but there are many other fees and taxes that will hit Nevadans on that date or later. They range from levies on taxi rides to divorce actions. And local governments are authorized to ask voters to approve tax increases for many reasons. n There’s a 3 percent tax on taxicab and ride-hailing car fares. The tax was imposed to help fully fund a $27 million request by UNLV to start a medical school. n Customers who transact business with the state Department of Motor Vehicles will be assessed $1 to help pay for a massive new computer system. n In a joint divorce action, there will be an additional fee to reopen terms. The person who files a request to amend a divorce decree will be charged $129. The individual who responds to the new case will have to pay $59. The money goes to the court system. n Boxing promoters will pay the state 8 percent of the gross gate receipts, up from 6 percent. n The live entertainment tax ranges from 5 to 10 percent on admissions, depending on the size of the venue. Effective Oct. 1, the rate is 9 percent for all admissions, including outdoor events. n There is an immediate tax increase of $1 per pack of cigarettes. n Counties will be permitted to create a district to impose a sales and use tax to pay off bonds to help finance water projects that cost more than $50 million. The tax must be cleared by the Interim Finance Committee of the Legislature. n Counties and cities with master and recreational plans may impose a residential construction tax for new or expanded parks. The tax would apply to construction of homes, apartment complexes and the development of mobile home spaces. The tax would be 1 percent of the valuation on the building permit or $1,000 per residential unit, whichever is less. n Rural counties will be able to ask voters in 2016 if they want to approve an increase in the gasoline tax. n The state business license fee for corporations will increase from $200 to $500.

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A recently announced $10 million donation from the Engelstad Family Foundation will provide 100 scholarships for the first four graduating classes at the UNLV medical school. (courtesy of aaron mayes)

UNLV raises twice its goal for medical school scholarships By ian whitaker Staff Writer

The campaign to raise $6 million in scholarships for the first class of students at the proposed UNLV medical school was supposed to last the rest of the year. It’s now June, and the campaign is finished. In a little over two months, the campaign raised more than twice its goal. “It’s just unbelievable,” said medical school Dean Barbara Atkinson. “People just came forward.” Atkinson and her team were just $600,000 shy of the goal in May, but a recently announced $10 million donation from the Engelstad Family Foundation sealed the deal. It will provide 25 scholarships for the school’s charter class of 60 students in fall 2017 as well as 25 scholarships for each of the school’s next three classes. In total, the school has commitments for 135 scholarships at a cost of $13.5 million. “In my 44 years in the profession, I have never seen a campaign that successful,” said Peter Smits, senior fellow at the Council for Advancement and Support of Education. The nonprofit group helps universities build relationships with alumni and donors, among other things. He said similar campaigns usually take universities two to five years on average to complete. It’s a huge victory for the fledgling medical school, which has had to prove to lawmakers that it has enough community support to thrive in Southern Nevada. “It’s just an enormous expression of faith in the university,” Smits said. It also caps off a month of great news for the school. On June 11, Gov. Brian Sandoval signed legislation that would give the school $27 million in startup funding over the next two years. “We have had a very good month,” said Atkinson. At $100,000 per scholarship, the donation from

the Engelstad family will fund four years worth of medical education for 100 students. Until now, most of the donations have been from private individuals giving smaller sums. The donation from the Engelstads is the first major donation in the school’s history, and comes from a family with a history of philanthropy at UNLV. In 2009, the family gave $12 million to create the Engelstad Scholars program at UNLV, the largest endowment of its kind in the state, according to the university. Kris Engelstad McGarry, trustee of the foundation, said the gift was motivated by a commitment to students and the state of health care in Southern Nevada. “For people who have made their living here, to have to look elsewhere as soon as you are ill is really a tragedy that needs to be rectified,” she said. “We want to have quality doctors in Nevada, and it seems to us the way to start that is the medical school.” The scholarships allow the school to choose the best students, which will make a big difference when an agency examines the school’s test scores in its fourth year to determine whether or not to grant it accreditation. “We want to ensure high quality in this medical school,” said UNLV President Len Jessup, who donated $100,000 of his own money to pay for a scholarship. “A fundamental part of that is the students.” The school now must hire faculty and prepare to open admissions for the school’s first students early in 2016. The initial application for accreditation is due in a few weeks, Atkinson said. The school also must raise the money for its first building, which will be located near UNLV’s dental school across from University Medical Center. “There’s a lot going on,” Atkinson said. “People are really starting to talk about the school being ready to go.”

6/26/15 3:21 PM

VEGAS INC

Commercial real estate quarterly

June 28- July 4

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Allegiant board intact despite group’s push to oust members By eli segall Staff Writer

Allegiant Air investors recently reelected the carrier’s entire board of directors and rejected a proposal to curb executive pay, thwarting labor groups that wanted to shake up the Las Vegas airline’s corporate governance. At the company’s annual shareholders meeting at its Summerlin headquarters, executives announced that all six board members of parent Allegiant Travel Co. were picked to serve another year. Their elections were far from unanimous. Linda Marvin, chairwoman of the audit committee, got “yes” votes from investors representing about 10.3 million of Allegiant’s roughly 17 million shares, by far the fewest of any board member, while investors representing 5.7 million shares withheld their votes for her, by far the most. Board member John Redmond got approvals from investors representing about 14.5 million shares, the secondfewest, while those holding 1.5 million shares withheld their votes for him, the second-highest tally, according to a securities filing. CtW Investment Group, a union-affiliated corporate-governance activist firm, had asked Allegiant shareholders to vote out half the board — Marvin, Redmond and Gary Ellmer. Those three have close ties to Allegiant chairman and CEO Maurice “Maury” Gallagher and, as members of the audit committee, have approved multimilliondollar contracts with outside businesses that Gallagher controls or partially owns. According to CtW, the trio has displayed a “collective failure to guard against” the “poor use” of company money. CtW targeted Marvin, a former Allegiant chief financial officer; Redmond, who owns real estate with Gallagher; and Ellmer, who, according to CtW, worked with Gallagher at the former WestAir Commuter Airlines. Gallagher was a principal owner and executive at the carrier in the 1980s and early ’90s. ISS recommended that shareholders re-elect every board member except Marvin. Unlike the Allegiant shareholders vote, most board members at U.S. publicly traded companies get near-unanimous approval. Last year, directors with the 3,000 largest U.S. public companies received an average approval tally of at least 96 percent, according to CtW, citing data from the Council of Institutional Investors. Allegiant’s audit committee is tasked with giving independent oversight of

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airline finances. Among other areas, it oversees outside auditors, monitors financial reporting and approves contracts worth at least $125,000 with companies owned or partially owned by major Allegiant investors, board members or top executives, or their immediate families. Having a company’s former CFO

Keyline Scale: 1”=1” Output at: Page:

TO BE USED FOR COLOR APPROVAL remarks, the airline said “the issues on the panel “should notNOT happen,” S. Balicki Pryce-Jones, BM: D. Scampini P: K.of Green raised by CtW are merely tactics of the saidAM: Michael director (Teamsters) that distract from our oncorporate governance at Washington, going efforts to reach a contract agreeD.C.-based CtW. ment” with Allegiant’s pilots. Marvin, for one, has “approved quesThe pilots voted in August 2012 to tionable deals” with Gallagher’s side join Teamsters Local 1224 but still do ventures and “revealed (her) lack of not have a collective bargaining agreeindependence and objectivity,” he said. ment under the union. Asked to comment on Bryce-Jones’

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have drastically cut back on construction and development lending since the market tanked. They’ve boosted profits and overall lending, but when it comes to real estate development, bankers aren’t opening the vault nearly as often as they did during the go-go years last decade. “We’ve all kind of stayed away from that,” Meadows Bank CEO Arvind Menon said. Clark County’s six remaining small, locally based community banks — lenders with just one or a few locations — had a combined overall loan portfolio of about $757 million by the end of the first quarter. Construction and land development loans comprised $54 million, or 7 percent. By comparison, during the first quarter of 2009, when the economy was nosediving, their total lending stood at $440 million, with development funding at nearly $143 million, or 32 percent of all loans, according to the Federal Deposit Insurance Corp., a banking regulator. Those numbers — a snapshot of loans outstanding — do not include the much larger Nevada State Bank. Its total loan portfolio has dropped 23 percent since early 2009, to $2.3 billion — and its development financing has plunged 89 percent, to almost $101 million by first quarter’s end, according to the FDIC. Las Vegas banks are not alone, as lenders have been scaling back construction financing in other parts of the country that also were hit especially hard by the real estate bust. “This is very much a regional issue,” said Michael Natzic, senior vice president of the community bank group at Los Angeles-based Crowell, Weedon & Co., a stock brokerage and money management firm. A big reason for the drop here: Unlike during the boom years, bankers are steering clear of speculative development. Local executives say they’ll fund projects only if developers already have lined up tenants. Securing paying customers in advance improves the odds of being able to pay off the loan, which borrowers frequently failed to

do after the bubble burst. Menon said his bank — by far the biggest of Las Vegas’ smaller, hometown lenders, with $467 million in assets — “will not touch” speculative developments. Neither will Kirkwood Bank of Nevada, the smallest of the pack with $69 million in assets. Unless a project is preleased, “we wouldn’t do new construction,” said Kirkwood chief credit officer John Dru. “Bankers are a lot smarter now, and customers are too,” Dru said. Regulators also have pressured banks to rein in such lending. Sinking under bad development loans, banks failed nationwide during the recession, and financial regulators cracked down on funding to ensure banks wouldn’t put themselves at risk of collapsing again. “They’re still watching them very closely,” Natzic said. Local community banks still devote most of their lending to real estate deals, but they seem to be writing mortgage loans more often than funding construction. In early 2007, Nevada State Bank devoted 35 percent of its loan portfolio to construction and development deals. By early this year, it was down to 4 percent, according to FDIC data. The bank has shifted to commercial-property mortgages and other business-focused lending, said Jeff Jenkins, executive vice president and statewide real estate lending manager. “We’re trying to grow the book in a more balanced fashion than what’s been done in the past,” Jenkins said. Borrowers still have plenty of options for finding loans, as Southern Nevada’s community banks are minuscule compared with the likes of Wells Fargo Bank and Bank of America. Meadows, for instance, has only four branches — two in the valley — and $402 million in total deposits. Wells Fargo, with 80 branches in Clark County and $12 billion in local deposits, has about 6,300 branches nationally and $1.2 trillion in total deposits, according to the FDIC. commercial lending, Continued on page 15

6/26/15 3:36 PM

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3/20/15 11:01 AM

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The Vision to Transform Lives Through Arts and Education At The Rogers Foundation, we are leaving a legacy of opportunity, achievement and success. Founded by James E. and Beverly Rogers, the Foundation was established to provide innovative and exciting opportunities in arts and education for children and students throughout Southern Nevada.

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nding,

age 15

commercial real estate quarterly Send your business-related information to news@vegasinc.com

VEGAS INC June 28- July 4

commercial lending, from page 10

Construction has picked up the past few years Developer Doug Roberts, who recently broke ground on two local speculative warehouse projects, said financial giants such as JPMorgan Chase Bank and Bank of America are issuing construction loans in the valley. Lenders are more disciplined, though, requiring far more cash up front than they did during the bubble. Back then, banks would finance 80 to 85 percent of a project’s construction costs. Now, they’re down to about 55 percent, said Roberts, a partner with Panattoni Development Co. nnn Though still a shadow of what it was during the bubble, construction has picked up valleywide over the past few years. Most of the work involves tract housing, apartment complexes and warehouses. In June 2006, around the height of the real estate bubble, 112,000 people in the Las Vegas area worked in construction. That plunged 69 percent to 34,800 workers in early 2012, according to the Associated General Contractors of America. Today, about 50,400 people work in construction locally, up 45 percent from the depths. One project that received funding this year is a planned two-story, roughly 60,000-square-foot skilled nursing facility on Wigwam Parkway at Eastern Avenue. Meadows issued the developer, Tower Realty & Development, a $10.8 million loan, county records show. Owned by brothers John and Louis Carnesale, Tower already has lined up a tenant to operate the facility. Construction crews are doing site work, and the building is expected to open next year, said Barry Lindemann, an asset manager at Tower affiliate Taylor Financial. Lindemann said he probably “knocked on 10 different doors” to secure a lender. He praised Meadows, saying the bank made the underwriting process as easy as possible. In general, larger banks might offer better loan terms but have more bureaucracy than community lenders. “If you can get it done faster, you’re not wasting money sitting around trying to fund a loan,” Lindemann said. nnn Backed by easy money, Las Vegas

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developers built at a frenzied pace during the go-go years, flooding the valley with office buildings, retail centers, warehouses and other properties. The industry was all but wiped out during the recession, with widespread bankruptcies, foreclosures, vacancies and abandoned construction projects. Financial regulators, amid waves of bank failures nationally, shut down six locally based banks from fall 2008 to spring 2011. Others almost failed, and practically every hometown lender that remained alive was losing money. The first to collapse, Silver State Bank, also was the largest to go under. It had almost $1.9 billion in assets, 12 branches in Southern Nevada and four in Arizona, and sales offices in seven states. The bank grew rapidly along with Las Vegas, more than tripling the size of its loan portfolio between late 2004 and June 2008, to $1.6 billion. Regulators shuttered the bank in September 2008, 12 years after it opened. Silver State’s receiver, the FDIC, sued former CEO Corey Johnson, former Executive Vice President of Real Estate Lending Douglas French and two ex-loan officers in 2012. The agency sought to collect more than $86 million in damages tied to losses FDIC officials said were caused by the defendants’ “gross negligence” on numerous real estate loans. The lawsuit recently was set-

tled, court records show. In 2013, a lawyer for Johnson told VEGAS INC that Silver State’s failure wasn’t his client’s fault. “It was exclusively the economy,” he said. The FDIC’s Office of Inspector General, however, blamed the bank’s demise on sloppy real estate lending. In a 2009 report, it said Silver State failed primarily because of management’s “high-risk business strategy.” Executives pursued aggressive loan growth, concentrating in higher-risk commercial real estate loans and had “weak risk management practices and controls,” the report said. In late 2004, construction and development lending comprised 21 percent of Silver State’s loan portfolio. By June 2008, it had ballooned to 67 percent of all loans, according to the report. The second-largest to fail, Community Bank of Nevada, closed in 2009, 14 years after it opened. Management dumped money into Las Vegas real estate projects, helping the bank grow at a rapid clip. It suffered heavy losses when the local economy started to crumble, but executives said they were sure it would turn around. Examiners, however, found that bank management had “a ‘lethal sense of optimism’ regarding the resilience of the Las Vegas market” and “failed to identify and quantify the magnitude of risk” in its real estate-heavy loan portfolio, according to the Federal Reserve’s Office of

Inspector General. Commercial buildings emptied out as companies laid off workers en masse or shut down altogether. With little demand for new space and practically no money being offered to build, construction largely ground to a halt in Las Vegas. “There was really no need to build another building,” Jenkins said. Today, Las Vegas’ commercial property market is stronger, but some sectors are healthier than others. The warehouse market in particular has gained speed over the past few years, with developers breaking ground on several projects, and landlords signing more tenants and raising rents. Retail got a major new player last fall with the opening of Downtown Summerlin, the once-mothballed 106-acre shopping and office complex near Red Rock Resort. But overall, shopping-center vacancy rates remain largely unchanged over the past year and rental prices are sliding, according to Colliers International. The office market has been slowest to recover. Landlords are signing more tenants and raising rental prices a bit, and construction plans are picking up, with a dozen mostly small to medium-size projects in the development pipeline. But the market’s vacancy rate hovers around 19 percent, roughly twice that of industrial and retail, according to Colliers. Overall, lenders have noticed an upswing in competition among banks for construction loans and a bump in requests from prospective borrowers. Community bankers expect development lending to stay flat or to tick higher, though no one is forecasting a surge of deals. “It’s going to go up, (but) it’s not going to be enormous,” Bank of George CEO T. Ryan Sullivan said. Local banks are far healthier today than they were during the worst of the downturn. They’ve charged off huge amounts of soured loans, sold foreclosed properties and boosted earnings. And even though bankers are avoiding speculative construction projects, at least one lender may not be surprised if they eventually pile back in. “We all learned a lesson,” Menon said. “But they do say that bankers have short memories, so who knows?”

6/26/15 3:36 PM

Las Vegas sIOR 2014 impact impact RepORt total # sIOR active Member Brokers

total # Commercial Brokers

400

sIOR Brokers as % of total Brokers

6.5%

sIOR Chapter transaction Volume Citywide transaction Volume

$778,819,429 $1,860,681,544

sIOR Chapter % of total Market Volume

KNOWLEDGE

42%

EXPERIENCE

R E S U LT S

SIOR Southern Nevada Chapter Members Art Farmanali

Donna Alderson

Michael De Lew

Soozi Jones Walker

Bobbi Miracle

Garrett Toft

Michael Dunn

Taber Thill

Voit Commercial – 702-734-4500

Cushman & Wakefield RE – 702-796-7900

Colliers International – 702-836-3796

Greg Pancirov

Michael Hillis

Thomas Grant

Avison Young – 702-280-5720

Diversified Interests – 702-813-0089

Greg Tassi

Pat Marsh

Thomas Naseef

CBRE – 702-369-4853

Colliers International – 702-836-3742

Colliers International – 702-836-3720

Jarrad Katz

Randy Broadhead

Xavier Wasiak

MDL Group – 702-388-1800

CBRE – 702-369-4867

Jason Simon

Rob Lujan

Jones Lang LaSalle – 702-522-5001

Jones Lang LaSalle – 702-522-5002

Kevin Higgins

Ryan Martin

Cushman & Wakefield RE – 702-796-7900 Commercial Executives – 702-316-4500

Bradley Peterson

CBRE – 702-369-4810

Chuck Witters

Gatski Commerclal – 702-789-6346

Curtis Sanders

Cushman & Wakefield RE – 702-796-7900

Daniel Doherty

Colliers International – 702-836-3707

Dean Willmore

Colliers International – 702-836-3763

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CBRE – 702-369-4866

Colliers International – 702-836-3734

Voit Commercial – 702-734-4555

Colliers International – 702-836-3736

Colliers International – 702-836-3780

Commercial Executives – 702-316-4500

Jones Lang LaSalle – 702-304-2631

SOUTHERN NEVADA CHAPTER

www.siornv.com | 702-798-5156

6/18/15 5:39 PM

VEGAS INC

Commercial real estate quarterly

June 28- July 4

Send your business-related information to news@vegasinc.com

Calendar of events Tuesday, June 30 The Social Register’s Business Workshop Time: 11:30 a.m.-1 p.m. Cost: Free for members and guests, $20 for nonmembers Location: Spanish Trails Country Club, 5050 Spanish Trail Lane, Las Vegas Information: Email srlv@socialregister.com Matthew Hutchings, of Dolomite Technology, will discuss ways to keep your business’s information technology safe and secure. TMA webinar: “Utilizing and Preparing Valuation Experts in Bankruptcy Litigation” Time: 4-5:30 p.m. Cost: $29 for Turnaround Management Association members, $119 for nonmembers Location: Visit turnaround.org Information: Email emenet@turnaround.org Richard Costello, of Principal Finances and Capital Markets, will moderate a discussion about bankruptcy litigation. Cocktails and Conversations Time: 5:30-7:30 p.m. Cost: $100 Location: Orleans, 4500 W. Tropicana Ave., Las Vegas Information: Email mrodolico@lvchamber.com Rep. Mark Amodei, R-Nev., and other elected leaders will share their thoughts on issues affecting the state and its business community.

Thursday, July 2 Association of Legal Administrators webinar Time: Noon Cost: $129 Location: alanet.org/webinars Information: Visit alanet.org/webinars Learn methods to ease daily tensions that can be practiced at a desk.

A man watches as his wife gets a free tattoo at a previous UFC Fan Expo. The show returns July 10-11 to the Sands Expo and Convention Center. (steve marcus/staff file)

Tuesday, July 7 Las Vision Business Network Mixer ninth anniversary luncheon Time: 11 a.m.-2 p.m. Cost: $35 Location: Suncoast, 9090 Alta Drive, Las Vegas Information: Email lvbnmlasvegas@aol.com The event will include more than 6,000 exhibits and 50,000 attendees. There will be live entertainment, lunch and a silent auction.

Thursday, July 9 CDC gaming webinar: “Protecting Your Casino from Card Counters” Time: 10 a.m. Cost: $149 Location: cdcgamingseminars.com

Conventions

Information: Visit cdcgamingseminars.com Learn how to detect vulnerabilities in a casino and how to equip yourself with the skills to catch a card counter. Society for Marketing Professional Services Las Vegas: City Hall tours Time: 3:30-5:30 p.m. Cost: Free for members, $15 for nonmembers Location: Las Vegas City Hall, 495 S. Main St., Las Vegas Information: Email Ellen.Guerra@hei-eng.com Las Vegas City Hall has won awards from the American Public Works Association, U.S. Conference of Mayors and Association of Energy Engineers. Tour the building and learn about the city’s past and plans for the future.

expected Show

Location

Dates attendance

Society for Human Resource Management (SHRM) Annual Conference & Exposition 2015

Las Vegas Convention Center

June 28-30

18,000

Freedom Fest 2015

Planet Hollywood

July 8-12

700

Institute of Transportation Engineers Technical Conferences & Exhibits 2015

Planet Hollywood

July 8-14

500

UFC Fan Expo 2015

Sands Expo and Convention Center

July 10-11

12,000

USA/BMX Las Vegas Grand Nationals 2015

Equestrian Events Center at South Point

July 10-12

900

Cosmoprof North America 2015

Mandalay Bay

July 12-14

23,000

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6/26/15 3:18 PM

VEGAS INC

Commercial real estate quarterly

June 28- July 4

Send your business-related information to news@vegasinc.com

Records and Transactions BANKRUPTCIES CHAPTER 7 E. Building Systems LLC 8020 W. Sahara Ave., Suite 250 Las Vegas, NV 89117 Attorney: E. Buildings Systems LLC Pro Se

CHAPTER 11 Redrock Enterprises LLC 10852 Willow Heights Drive Las Vegas, NV 89135 Attorney: Timoth S. Cory at tim. cory@corylaw.us

BID OPPORTUNITIES WEDNESDAY, JULY 1 2:00 p.m. Two-year open-term contract for safety vests State of Nevada, 8345 Annette Morfin at amorfin@admin. nv.gov 2:30 p.m. Live channel catfish State of Nevada, 8348 Nancy Feser at nfeser@admin. nv.gov

THURSDAY, JULY 2 3:00 p.m. Current production model 4x4 pumper Clark County, 603715 Sandra Mendoza at sda@ClarkCountyNV.gov 3:00 p.m. Commercial real estate appraisal services specializing in long-term ground leases for retail, office and industrial developments Clark County, 603700 Sandy Moody-Upton at scm@ ClarkCountyNV.gov

BROKERED TRANSACTIONS SALES $10,350,000 for 183 units, multihousing 4350 Boulder Highway, Las Vegas 89121 Seller: BPLV LLC Seller agent: Doug Schuster, Curt Allsop, Vittal Ram and Diane McKinney of Newmark Grubb Knight Frank Buyer: The Bascom Group LLC Buyer agent: Did not disclose $7,760,000 for 160 units, residential 3417 E. Cheyenne Ave., North Las Vegas 89030 Seller: Parkwood Apartments LLC Seller agent: Patrick Sauter, Art Carll and Devin Lee of NAI Vegas Buyer: Las Vegas Residential

18-19_VIData_20150628.indd 18

Property Buyer agent: Patrick Sauter, Art Carll and Devin Lee of NAI Vegas $3,900,000 for 2.47 acres, industrial 111, 115, 121, 125 Corporate Park Drive, Henderson 89074 Seller: Sage Industrial Holdings LLC Seller agent: Did not disclose Buyer: Elevon Corporate Park LLC Buyer agent: Greg Pancirov and Mike DeLew of Colliers International $560,000 for 7,695 square feet, multifamily residential 1114 E. Clark Ave., Las Vegas 89101 Seller: Lu and Dale Siewert Seller agent: James Slack, Michael LaBar and Michael Shaffner of Avision Young Buyer: Michael Kaplan Buyer agent: Jay Mitterlehner of American Realty Properties $220,000 for 1,600 square feet, office 4218 W. Charleston Blvd., Las Vegas 89102 Seller: Enerson 2009 Family Trust Seller agent: Did not disclose Buyer: Absolute Primary Care Center Buyer agent: Tom Naseef and Jeff Naseef of Colliers International

LEASES $123,920 for 1,549 square feet, retail for 60 months, NNN Investment 4388 E. Craig Road, Suite 135, Las Vegas 89115 Landlord: Craig & Lamb LLC Landlord agent: Bruce Parker of Parker Realty Tenant: Little Caesar Enterprises Inc. Tenant agent: Nelson Tressler and Mike Zobrist of Newmark Knight Frank $111,000 for 5,050 square feet, industrial for 38 months 3555 Reno Ave., Suite G, Las Vegas 89118 Landlord: Prologis Landlord agent: Greg Tassi of CBRE Tenant: FNOM Worldwide Tenant agent: Joe Leavitt and Chris Lexis of Avision Young

BUSINESS LICENSES 24 Karat Entertainment Business type: Office Address: 3939 Gaster Ave., Las Vegas Owner: Albert Boline 3D Puzzle Business type: General retail sales Address: 775 S. Grand Central Parkway, Suite K16, Las Vegas Owner: Frsdp Inc.

42 Aspens Productions LLC Business type: Office Address: Did not disclose, Las Vegas Owner: Michael Renken A Royal Flush Bail Bonds Inc. Business type: Bail bond agency Address: 810 S. Main St., Las Vegas Owner: David Clarke A98 LLC Business type: Office Address: 7103 S. Durango Drive, Suite 108, Las Vegas Owner: Carlo Andaya Abelaroado Rodeles Business type: Property maintenance Address: 435 Waterbrook Drive, Henderson Owner: Abelaroado Rodeles Acoustical Services of Las Vegas Business type: Contractor Address: 115 E. Wigwam Ave., Las Vegas Owner: Did not disclose Advanced Computer Services LLC Business type: Oral solicitation Address: 5427 Wesleyan Court, Las Vegas Owner: Clell Stratton All American Builders Business type: Contractor Address: Did not disclose, Las Vegas Owner: Southwest Builders LLC Allvoitel Inc. Business type: Public utility telecom Address: 13644 Neutron Road, Dallas Owner: Allvoitel Inc. Alpha Smoke Shop Business type: Tobacco sales Address: 3250 N. Tenaya Way, Suite 101, Las Vegas Owner: Royale Singhs Inc. Alternative Pathfinders LLC Business type: Instruction services Address: 2400 N. Tenaya Way, Suite 101, Las Vegas Owner: Melody Helmick Alterra Pest Control Business type: Property maintenance Address: 5190 S. Valley View Blvd. Suite 106, Las Vegas Owner: Alterra LLC

Re Address: Did not disclose, Las Vegas Owner: Irma L. Chavez Angela Fong-Himber Business type: Real estate sales Address: 10750 W. Charleston Blvd., Suite 180, Las Vegas Owner: Angela Fong-Himber PLLC

Owner: David Rivisto Bluestone Dental Lab Business type: Clinic Address: 3140 Polaris Ave., Suite 1, Las Vegas Owner: Jin Seo

Anne A. Bove Business type: Real estate sales Address: 9525 Hillwood Drive, Suite 120, Las Vegas Owner: Anne A. Bove

Bonneville Real Estate Capital Business type: Professional services Address: 777 N. Rainbow Blvd., Suite 325, Las Vegas Owner: Bonneville Mortgage Company

April Business type: Psychic arts Address: 6848 W. Charleston Blvd., Las Vegas Owner: Deborah R Treadway

Bozarth Construction Inc. Business type: Contractor Address: 2810 W. Charleston Blvd., Las Vegas Owner: Justin Bozarth

Arrow Stage Lines Business type: Automotive Address: 60 Corporate Park Drive, Henderson Owner: Arrow Stage Lines

Brady Realty Group Business type: Apartment Address: 1901 Haren Drive, Henderson Owner: Brady Realty Group LLC

Atevan Home Health Care LLC Business type: Home health care Address: 2152 Anserville Ave., Henderson Owner: Atevan Home Health Care LLC

Brydan Solutions Inc. Business type: General retail sales Address: 3014 S. Rancho Drive, Las Vegas Owner: Arneil M. Jaski

Battle Born Pigeon Control LLC Business type: Property maintenance Address: 3310 China Drive, Las Vegas Owner: Battle Born Pigeon Control LLC Betty Kincaid Business type: Real estate sales Address: 9420 W. Sahara Ave. 100, Las Vegas Owner: Betty Kincaid Big Shot Computer and Video Service Business type: Office Address: Did not disclose, Las Vegas Owner: Big Shot Video Services Inc. Billy Dâ&#x20AC;&#x2122;s Soul Food Kitchen Business type: Food services Address: 6475 W. Charleston Blvd., Suite 150, Las Vegas Owner: Agb LLC Black Ecco Business type: General retail sales Address: Did not disclose, Las Vegas Owner: Black Ecco LLC

American Regional Center-Las Vegas LLC Business type: Consulting service Address: 2000 S. Eastern Ave., Las Vegas Owner: Longsheng Lei

Blaqcat Ultra Hookah Lounge Business type: Tobacco sales Address: 6340 W. Charleston Blvd., Suite 140, Las Vegas Owner: Buhl Hookah LLC

Andraly Cleaning Solutions Business type: Residential property maintenance

Blue Ribbon K9 Business type: Office Address: Did not disclose, Las Vegas

Cafe 525 & Catering Business type: Alcohol beverage caterer Address: 1044 S. Sixth St., Las Vegas Owner: Hart & Hart Chakra Pouf Business type: Online retal Address: 201 S. Gibson Road, Suite 2211, Henderson Owner: Keshia Zane

Concret Business Address Henders Owner: R

Continen Business establish Address Las Veg Owner: J

Cook Se Business service Address Suite 160 Owner: C

Cornerst Business services Address Suite 210 Owner: C

Custom Business Address North La Owner: C LLC

Cynthia Business sage the Address Vegas Owner: C

D Smoke Business Address Suite 101 Owner: D

Characters Unlimited Inc. Business type: Coin amusement machine Address: 310 Fremont St. and 300 Fremont St., Las Vegas Owner: Olaf Stanton

Dav Spo Business Address Vegas Owner: D

Chelsea Carsello Business type: Real estate sales Address: 10750 W. CharlestonBlvd., Suite 180, Las Vegas Owner: Chelsea Carsello

David Cl Business Address Owner: A Inc.

Christine Stonemetz Business type: Real estate sales Address: 10000 W. Charleston Blvd., Suite 130, Las Vegas Owner: Christine Stonemetz

Ddâ&#x20AC;&#x2122;s Dis Business Address Vegas Owner: R

Cindy L. Pierce Business type: Real estate sales Address: 10000 W. Charleston Blvd., Suite 130, Las Vegas Owner: Cindy L. Pierce

Dean Le Business services Address Las Veg Owner: A

Cole Haan Company Store Business type: General retail sales Address: 785 S. Grand Central Parkway, Suite 2119, Las Vegas Owner: Cole Haan Company Store LLC

6/26/15 3:15 PM

Delicate Business Address Ave., No Owner: A

Commercial real estate quarterly Send your business-related information to news@vegasinc.com

VEGAS INC

June 28- July 4

Records and Transactions Concrete House Business type: Contractor Address: 652 Finch Island Ave., Henderson Owner: Ronald Garrett Reed Continental Studio of Beauty Business type: Cosmetological establishment Address: 921 W. Owens Ave. 130, Las Vegas Owner: Josephine Langforoad Cook Security Group Inc. Business type: Burglar alarm service Address: 3230 W. Desert Inn Road, Suite 160, Las Vegas Owner: Cook Security Inc.

Diversity Wicked Tattoos Business type: Tobacco sales Address: 300 S. Decatur Blvd., 4401 N. Rancho Drive, Suite 2310 and S. Las Vegas Blvd., Suite 102 , Las Vegas Owner: Shahram Inc. Dolan Law Group Ltd. Business type: Professional services Address: 7495 W. Azure Drive, Suite 110, Las Vegas Owner: Dolan, Courtney E. Stanley Projects Business type: Management Address: 2725 S. Mona Lisa St., Henderson Owner: E. Stanley Projects Inc.

Cornerstone Cpas LLC Business type: Professional services Address: 9030 W. Cheyenne Ave., Suite 210, Las Vegas Owner: Christine Miles

Edward James Orasi Jr. Business type: Real estate sales Address: 10000 W. CharlestonBlvd. 135, Las Vegas Owner: Edward J. Orasi Jr.

Custom Cabinets & Closets LLC Business type: Manufacturing Address: 4550 Donovan Way, North Las Vegas Owner: Custom Cabinets & Closets LLC

Encore Group Of California LLP Business type: Project management consulting Address: 2380 W. Horizon Ridge Parkway, Suite 100, Henderson Owner: Encore Group Of California Llp

Cynthia Hernandez Business type: Independent massage therapist Address: Did not disclose, Las Vegas Owner: Cynthia Hernandez

Eragance Apparel Business type: General retail sales Address: 8486 Antique Cameo Ave., Las Vegas Owner: Chanel Thorley

D Smokeshop Business type: Tobacco sales Address: 3510 E. Bonanza Road, Suite 101, Las Vegas Owner: D Enterprises LLC Dav Sports Trade Co. Business type: Sporting goods Address: Did not disclose, Las Vegas Owner: Davod Ghasemi David Clarke Business type: Bail bond agency Address: 810 S. Main St., Las Vegas Owner: A Royal Flush Bail Bonds Inc. Ddâ&#x20AC;&#x2122;s Discounts #5260 Business type: General retail sales Address: 562 N. Eastern Ave., Las Vegas Owner: Ross Driveess For Less Inc. Dean Legal Group Ltd. Business type: Professional services Address: 725 S. 8th St., Suite 200, Las Vegas Owner: Aaron R. Dean Delicate Sensations Business type: Beauty supplies Address: 4333 Laguna Garden Ave., North Las Vegas Owner: Allena Felder

18-19_VIData_20150628.indd 19

Evelina Sulrzycki Business type: Real estate sales Address: 10750 W. Charleston Blvd., Suite 180, Las Vegas Owner: Evelina Sulrzycki Evision Media Business type: Website design Address: 818 Roaring Falls Ave., Henderson Owner: Mark Evans Fortress Home Services Business type: Contractor Address: 7255 N. Monte Cristo Way, Las Vegas Owner: Jon Weisberg

BUILDING PERMITS $15,400,000, commercial - alteration 333 W. Gowan Road, North Las Vegas Capitol Steel Constructors Inc. $1,200,000, residential 3900 W Oakey Blvd., Las Vegas CEI Builders $792,259, wall/fence 265 Fox Hill Drive , Las Vegas Desert Plastering LLC $517,847, residential- custom 1620 Villa Rica Drive, Henderson

Pebble Creek Holdings LP $500,000, tenant improvement 1941 N. Decatur Blvd., Las Vegas FP Contracting Inc. $468,663, residential - custom 2673 Boboli Court, Henderson Pebble Creek Holdings LP $434,902, single-family residential production 6911 Winter Rain St. , Las Vegas Richmond American Homes of Nevada $431,550, professional 2990 Bicentennial Parkway, Henderson Bicentennial Animal Hospital LLC $394,027, residential - custom 7 Lido Mord, Henderson Level Development Group LLC $390,423, residential - custom 1491 Reims Drive, Henderson Blue Heron $372,956, residential - custom 210 W. Desert Rose Drive, Henderson Desert Rose Customs LLC $325,000, tenant improvement 4660 N. Rancho Drive, Las Vegas Sustain Builders LLC $282,795, residential - custom 1131 Dufort Hills Court, Henderson DR Horton Inc. $270,000, tenant improvement 4648 N. Rancho Drive, Las Vegas Sustain Builders LLC $270,000, commercial - new 3950 N. Bruce St., North Las Vegas Windset Nevada Properties Inc.

$202,503, residential - production 301 Mandarin Hill Lane, Henderson Pardee Homes of Nevada $202,281, residential - production 306 Mandarin Hill Lane, Henderson Pardee Homes of Nevada

$169,989, commercial - remodel 874 American Pacific Drive, Henderson Kittrell Jenson Contractors LLC

$191,302, residential - custom 1141 Harwood Hills Court, Henderson DR Horton Inc.

$169,621, residential - production 1110 Echo Pass St., Henderson KB Homes Nevada Inc.

$186,518, single-family residential - production 10741 Irving Park Ave., Las Vegas Toll North LV LLC

$168,673, residential - new 1020 Pine Vista Court, North Las Vegas Pardee Homes of Nevada

$186,273, single-family residential - production 5536 Bruin Lakes St., Las Vegas Richmond American Homes of Nevada

$168,673, residential - new 1017 Pine Vista Court, North Las Vegas Pardee Homes of Nevada

$185,647, single-family residential - production 12283 Lorenzo Ave., Las Vegas Pulte Homes of Nevada $185,647, single-family residential - production 344 Rezzo St., Las Vegas Pulte Homes of Nevada $183,373, residential - production 309 Mandarin Hill Lane, Henderson Pardee Homes of Nevada $182,740, single-family residential - production 9809 Guiding Light Ave., Las Vegas Richmond American Homes of Nevada $176,485, single-family residential - production 9801 Guiding Light Ave., Las Vegas Richmond American Homes of Nevada

$259,865, commercial - alteration 2705 W. Lake Mead Blvd., North Las Vegas Marco Contractors Inc.

$175,000, tenant improvement 4656 N. Rancho Drive, Las Vegas Sustain Builders LLC

$250,000, tenant improvement 875 S. Grand Central Parkway, Suite 1660, Las Vegas CM Builders

$173,935, residential - new 3717 Blissful Bluff St., North Las Vegas Richmond American Homes of Nevada

$238,324, residential - custom 230 W. Desert Rose Drive, Henderson Desert Rose Customs LLC $237,600, commercial 825 Gibson Road, Henderson Pac-Van Inc. $225,000, single-family residential - addition 9324 Verlaine Court, Las Vegas Little Mountain Development LLC $216,000, commercial 825 Gibson Road, Henderson Pac-Van Inc.

9114 Mastodon Ave., Las Vegas DR Horton Inc.

$173,935, residential - new 2511 Endearing Court, North Las Vegas Richmond American Homes of Nevada $173,114, residential - production 302 Mandarin Hill Lane, Henderson Pardee Homes of Nevada $171,070, single-family residential production 9113 Mastodon Ave., Las Vegas DR Horton Inc. $171,070, single-family residential production

$167,685, single-family residential - production 12240 Toselli Court , Las Vegas Pulte Homes of Nevada $167,685, single-family residential - production 304 Rezzo St., Las Vegas Pulte Homes of Nevadaada $167,685, single-family residential - production 346 Rezzo St., Las Vegas Pulte Homes of Nevadaada $167,459, residential - production 812 Loch Katrine Ave., Henderson DR Horton Inc. $161,809, residential - new 1024 Pine Vista Court, North Las Vegas Pardee Homes of Nevada $160,949, single-family residential - production 9119 Mastodon Ave., Las Vegas DR Horton Inc. $160,949, single-family residential - production 9120 Mastodon Ave., Las Vegas DR Horton Inc. $160,949, single-family residential - production 9108 Mastodon Ave., Las Vegas DR Horton Inc. $159,585, residential - production 341 Values Circle, Henderson Woodside Homes of Nevada LLC $159,363, residential - production 3222 Porto Vittoria Ave., Henderson Toll Henderson LLC To receive a complete copy of Data Plus every week in Excel, please visit vegasinc.com/subscribe.

6/26/15 3:16 PM

VEGAS INC

Commercial real estate quarterly

June 28- July 4

Send your business-related information to news@vegasinc.com

The List

Category: third-party commercial real estate managers (Ranked by square feet under management as of april 30) Square feet managed

Properties

Property managers

Top executive

The Equity Group 8367 W. Flamingo Road, Suite 201 Las Vegas, NV 89147 702-796-5500 • teglv.com

8.2 million

141

Barbara M. Barron, president

MDL Group 3065 S. Jones Blvd., Suite 201 Las Vegas, NV 89146 702-388-1800 • mdlgroup.com

7.9 million

123

Carol Cline-Ong, CEO, principal

Gatski Commercial Real Estate Services 4755 Dean Martin Drive Las Vegas, NV 89103 702-221-8226 • gatskicommercial.com

6.9 million

247

Frank P. Gatski, president, CEO

CBRE 3993 Howard Hughes Parkway, Suite 700 Las Vegas, NV 89169 702-369-4800 • cbre.com

6.3 million

Meaghan Levy, director of asset services

Avison Young 3993 Howard Hughes Parkway, Suite 350 Las Vegas, NV 89169 702-472-7979 • avisonyoung.com

3.1 million

Joseph E. Kupiec Sr., principal, managing director

Colliers International 3960 Howard Hughes Parkway, Suite 150 Las Vegas, NV 89169 702-735-5700 • colliers.com/lasvegas

2.9 million

Mike Mixer, executive managing director

Virtus Commercial 1333 N. Buffalo Drive, Suite 120 Las Vegas, NV 89128 702-787-0123 • virtusco.com

2.6 million

Chris Emanuel, president, broker

Sun Property Management 8936 Spanish Ridge Ave. Las Vegas, NV 89148 702-968-7305 • sunpm.net

2.1 million

Susan M. Cotton, principal, managing director

Sansone Real Estate Services 9017 S. Pecos Road, Suite 4500 Henderson, NV 89074 702-914-9500 • sansonecompanies.com

1.9 million

Roland Sansone, president

Juliet Realty LLC 8375 W. Flamingo Road, Suite 200 Las Vegas, NV 89147 702-368-5800 • julietcompanies.com

1.7 million

Did not disclose

Jason Ahlstrom, principal

TNP Nevada 302 E. Carson Ave., Suite 330 Las Vegas, NV 89101 702-951-9900 • tnpre.com

1.4 million

Mala Zheleznyak, vice president

12a

Berkshire Hathaway Home Services Nevada Properties - McGarey Group 2140 E. Pebble Road, Suite 160 Las Vegas, NV 89123 702-735-0411 • mcgareypartners.com

1.2 million

Mark Stark, CEO

12b

Cushman & Wakefield Commerce 3773 Howard Hughes Parkway, Suite 100S Las Vegas, NV 89169 702-796-7900 • comre.com

1.2 million

David L. Jewkes, senior vice president

Nevada Development & Realty Co. 2500 W. Sahara Ave., Suite 211 Las Vegas, NV 89102 702-362-4144 • ndrlasvegas.com

978,301

Tedd Rosenstein, president

Commercial West Brokers 10120 S. Eastern Ave., Suite 200 Henderson, NV 89052 702-289-7007

474,000

Julie Barbagallo, owner, broker

Company

10 11

Source: VEGAS INC research. It is not the intent of this list to endorse the participants or to imply that the listing of a company indicates its quality. Although every attempt is made to ensure the accuracy and thoroughness of VEGAS INC charts, omissions sometimes occur and some businesses do not respond. Please send corrections or additions on company letterhead to Julie Ann Formoso, research associate, VEGAS INC, 2360 Corporate Circle, Third floor, Henderson, NV 89074.

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