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SPECIAL REPORT
T ABLE OF CONTENTS
Airport Industrial Submarket Overview 8 Majestic Realty Co.* 81 PLISE Development and Construction* 12 Burke & Associates* 82 Central Office Submarket Overview 14 Harsch Investment Properties* 83 Northwest Office Submarket Overview 18 Cox Business Services* 84 Dermody Properties/DP Partners* 20 Jackson-Shaw Company* 85 Southwest Office Submarket Overview 23 Bank of Nevada* 86 Southwest Industrial Submarket Overview 23 Shea at Tenaya Village* 87 UnitedHealthcare* 36 Community Service Committee 88 EJM Development Co.* 37 Government Affairs Committee 90 Henderson Office Submarket Overview 39 Stoltz Management* 92 Henderson Industrial Submarket Overview 39 Education Committee 94 ROEL Construction* 44 Marnell Properties* 96 SH Architecture* 46 Sustainable Development Committee 97 Pavilion* 54 Industry Trends Committee 98 Map 56, 57 Casey Jones Foundation 99 North Las Vegas Office Submarket Overview 58 Communications Committee 100 North Las Vegas Industrial Submarket Overview 58 Bus Tour Committee 101 Newland Communities* 62 Membership Committee 102 Jones Vargas* 66 Benefits of Membership 103 Amercian Nevada Company* 68 Past Presidents 104 Southern Nevada Water Authority* 70 Board Members 105 Southern Nevada’s Office Market Summary 72 President’s Circle Sponsors 106 Southern Nevada’s Industrial Market Summary 76 Member Companies 108, 109 Voit Commercial Brokerage* 80 Bus Tour Committee/Sponsors 110 *Paid Advertiser
SPECIAL REPORT
COPYRIGHT ©2007 REPRODUCTION PROHIBITED UNLESS AUTHORIZED BY PUBLISHER
6 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK A MARK OF EXCELLENCE Pavilion Location: Charleston and Pavilion 154,000 square feet, six floors
Management is efficient in leading your company up the ladder of success, Leadership determines whether your ladder is leaning against the right wall. FOLLOW THE LEADERS: Fertitta Enterprises • UBS • TD Ameritrade • Hill International • City National Bank • Station Casinos Altour International • Seegmiller & Assoc. • Land America Let your company be judged by the company it keeps. Leasing info : Brad Peterson or Randy Broadhead, CBRE 702-369-4800 Professionally Managed by Gatski Commercial 702-221-8226 Airport Industrial Submarket Overview By Garrett Toft, Voit Commercial Brokerage
he Airport industrial submarket longer be any more speculative mid-bay or distribution develop- AIRPORT has a total inventory of approxi- ment in this submarket. In fact, there are very few sizeable T mately 13.3 million square feet, parcels available, period, regardless of pricing. One interesting which accounts for roughly 14.5 per- project that will be under construction is the 740 @ Hughes Air- cent of Las Vegas’ total inventory, port Center project, which is being developed by Centra Realty making it the third largest submarket Corporation, based out of Irvine, Calif. This project represents the in the Valley. As of second quarter first speculative development for sale within the Hughes Airport 2007, the vacancy rate was 4.2 per- Center in many years. It will feature Class A office and R&D / In- cent down from 5 percent last year. dustrial product from 1,500 to 22,000 square feet and will pre- Garrett Toft The Airport market is already home sent a unique opportunity for tenants in the Hughes Airport Cen- to a host of gaming and resort related companies due to its prox- ter to own their own facilities. Developers have turned to this imity to the Strip and the Valley’s freeway system. It will contin- type of product in order to make projects economically feasible, ue to see a migration of gaming companies due to the tremen- as rental rates and sales prices on mid-bay and distribution prod- dous growth on the Strip and the realization that the back office uct do not justify development. and warehouse requirements of the gaming companies are bet- I have witnessed the price escalation in the Hughes Airport ter suited off premises. Relocating these departments off the Center and surrounding area, and believe the fundamentals Strip properties enables operators to free up valuable space for that have pushed increases remain and will only become higher and better uses. stronger in the coming years. Developers, tenants and users Rapidly escalating land prices forced new development in have proved that they are willing to pay a substantial premium this supply constrained market to better uses than the tradition- for an excellent location, especially if there is extremely little al industrial product. With the exception of EJM, there will no land to purchase.
MCC-5 Marnell Corporate Center Town Square 1 6720 Via Austi Pkwy. 2 6601 South Las Vegas Blvd.
Type: Office Type: Office Developer: Marnell Properties / Alan Helms / 702-739-2999 Developer: Turnberry Associates & Centra Properties / Steve Levine / 305-914-8219 Leasing Agent: CBRE / Jayne Cayton, Bret Davis / 702-369-4800 Leasing Agent: Turnberry Associates / Steve Levine / 305-914-8219 Architect: Marnell Architecture Architect: Design Group General Contractor: Summit Builders General Contractor: Marnell Construction Date Built: May-07 Date Built: Nov-07 Status: Completed Status: Under Construction Project Square Footage: 117,000 Project Square Footage: 350,000 Development Acreage: 3.75 Asking Rates: $3.00-$3.25 FSG Development Acreage: 110.00 Major Tenants: Marnell Keating, TEKsystems, The Loughton Company, Kemper Mort- Asking Rates: $2.75-$3.10 MG gage Major Tenants: Las Vegas Chamber of Commerce COMMENTS: COMMENTS: Town Square is located at the epicenter of Las Vegas, bordered by the Strip, I-215 Belt- MCC-5 is the first five-story Class A office building within the prestigious and sophisticat- way and I-15 with 400,000 vehicles passing by each day. Now leasing 350,000 SF of ed Marnell Corporate Center. It offers a dramatic two-story lobby entrance, scenic views office space complimented by the most comprehensive amenity offering in Las Vegas – and the highest quality of services and amenities. The building has a unique independent 1.3 million SF of retail, restaurants, cafes, entertainment and fitness facilities. parking structure and is adjacent to the 2006 NAIOP Building of the Year, MCC-4.
8 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK Arrowhead 21 Tuscano Professional Parc 77 Patrick Ln. & Sandhill Rd. 78 5715-5795 Sandhill Rd. AIRPORT
Type: Industrial Type: Office Developer: EJM Development / Kirk Boylston, Susan Wincn / 702-597-1852 Developer: Steelhead Development, Inc. / Argo Corporation Leasing Agent: Colliers International / Spencer Pinter / 702-735-5700 Architect: RGA Architects Leasing Agent: Lee & Associates / Chuck Witters / 702-739-6222 General Contractor: LM Construction Architect: JMA Date Built: Jan-Feb-08 General Contractor: Steelhead Development Status: Under Construction Project Square Footage: 147,735 Date Built: Dec-06 Development Acreage: 110 Status: Under Construction Asking Rates: TBD Project Square Footage: 49,850 Major Tenants: Development Acreage: 4.00 COMMENTS: Arrowhead Commerce Center Building 21 is part of a 110-acre master-planned indus- Asking Rates: $1.84 SF MG trial office park. The building will total +/-147,738 SF (divisible to as little as +/-15,600 Major Tenants: Rapport Leadership, Secor International, Exit Realty SF) and will be constructed on the Southwest corner of Sandhill and Post in Arrowhead Commerce Center. The building will be a typical big box distribution facility (cross dock COMMENTS: style) with a +/-30' ceiling clear height in the warehouse area, high bay warehouse Park like grounds, Tuscany Mediterranean architecture, five single-story buildings from lighting, evaporative cooling, ESFR fire suppression system, and 277/480 volt, three- 7,750 SF to 12,000 SF extensive use of Italian tile in building common areas, gener- phase power. ous tenant improvement allowance. SUBMARKET SPONSOR 1, 2, 77, 78??
Because NAIOP wanted to make sure each property on this year’s Bus Tour got the attention it deserved, the tour was divided into two routes, roughly east and west of the I-15 freeway. Because of this, the numbers for the properties sometimes do not match up with the submarkets in numerical order. Please take our word for it: the properties as listed here belong in the submarket where they’re located. Please refer to pages 56 and 57 for the complete Bus Tour map and the accompanying list of prop- erties from 1 through 83. Have a wonderful Bus Tour!
Industry Definitions
Double Net Lease: Tenant pays property taxes and insurance. FSG: Full Service Gross - Landlord covers all base year expenses. Gross Lease: A lease of property where the lessor is responsible for paying all property expenses. Thanks for Gross Rent Multiplier: The GRM is an easy rule of thumb to forecast value. Modified Gross Leases: This is a lease in which the rent includes building expenses supporting NAIOP! like a Gross lease, but the landlord recaptures expense increases after the base year. Sub-Lease: A tenant leases some portion of a premises to another tenant, while remaining liable to the landlord for rent. Triple Net Lease: (NNN) A net-net-net lease, where in addition to the stipulated rent, the lessee assumes payment of all operating expenses of the property and the landlord receives a net rent.
NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK 9 Venture Commerce Center Pama Lane Business Park 79 6725 - 6785 S. Eastern Ave. 80 Palm Ln. & Eastern Ave. AIRPORT
Type: Office/Industrial Type: Office Developer: Venture Corporation / Stu Scheinholtz / 415-464-1900 Developer: Real Estate Group Nevada, LLC / Lee Phelps / 702-367-3000 Leasing Agent: Voit Commercial Brokerage / Kevin Higgins, Garrett Toft, Steve Paravia / 702-734-4500 Leasing Agent: Lee & Associates / Chuck Witters, David Flynn / 702-739-6222 Architect: Ware Malcomb Architect: Lee & Sakahara Architects General Contractor: Lusardi Construction Company General Contractor: Mission Completed Contactors Date Built: 4th Qtr. 2006 Status: Completed Date Built: Sept-07 Project Square Footage: 79,094 Status: Completed Development Acreage: 5.21 Asking Rates: $339,000 - $939,000 Project Square Footage: 43,568 Major Tenants: Development Acreage: COMMENTS: Venture Commerce Center is a unique development consisting of 38 privately owned Asking Rates: $1.90 NNN / $250 SF business properties, ranging in size from 1,183 to 3,600 SF in four separate buildings. Major Tenants: Venture Commerce Center business properties have two designs. The properties along Eastern Ave. are one-and two-story office buildings with completed finishes including COMMENTS: carpet and restrooms. The other design features two-story offices on the front of the Located off Eastern Avenue, the professional office park has two 5,005 SF single-story building and a 21' clear flex area in the rear. buildings and three 11,186 SF two-story buildings with 4.5/1,000 parking ratio.
Equipment Management Technology Center 740 @ Hughes Airport Center 81 1545 Pama Ln. 82 740 Pilot Rd.
Type: Industrial Type: Office/Industrial Developer: EMT / Vito A. Longo / 702-459-1700 Developer: Centra Realty Corporation / Keith Ross / 949-476-2246 Leasing Agent: CB Richard Ellis / Jeremy Green / 702-369-4800 Leasing Agent: Voit Commercial Brokerage / Kevin Higgins, Garrett Toft, Architect: John Vivier Steve Paravia / 702-734-4500 Architect: Ware Malcomb General Contractor: Matt Construction General Contractor: Matt Construction Date Built: Jun-07 Date Built: 2008 Status: Completed Status: Under Construction Project Square Footage: 113,876 Project Square Footage: 102,500 Development Acreage: 5.04 Development Acreage: 5.78 Asking Rates: $1.20 - $1.25 NNN Asking Rates: Major Tenants: Equipment Management Technology & Simplex Grinnell Major Tenants: COMMENTS: Completely secured underground parking, 24' clear height, first and second story office COMMENTS: with parking served by elevator and concrete tilt up w/ a 8' wall thickness. Automatic 740 @ Hughes Airport Center will feature Class A office and R&D/Industrial buildings for Sprinkler System/ ESFR with fire pump. Dock and grade loading, pit levelers, 100% sale, ranging in size from 1,500 - 22,000 SF. The office properties will be sold in shell HVAC, three-phase power and hi-bay metal halide lighting in warehouse. Double pane condition and feature private balconies with Strip views. The R&D/Industrial properties blue colored glass on exterior. Available for build-out. will be available in shell condition or finished condition.
10 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK
Sunset Pilot Plaza 83 280 Pilot Rd. Thanks, NAIOP! Nevada Business Journal
AIRPORT would like to thank NAIOP for allowing us to again partner with your great organization to produce the Type: Office 2007 NAIOP Bus Tour Guide Developer: 280 Pilot Road LLC / Wes Jenson / 702-361-8301 x15 Leasing Agent: Stoltz Real Estate / Wes Jenson, Mikkel Pearce / 702-361-8301 Book. We have enjoyed Architect: JMA General Contractor: Martin-Harris Construction working with you on the Date Built: Jan-08 Bus Tour since 2003 and Status: Under Construction Project Square Footage: 1-100,000/2-80,000 look forward to many more Development Acreage: 8.77 Asking Rates: $3.05-$3.20 FSG years together. Major Tenants:
COMMENTS: The project is a Class A office development within minutes of hotels, restaurants, the Las Vegas Strip and McCarran Airport, with immediate access to the airport connector, and regional highway system. The project will feature two three-story buildings totaling 180,000 SF, with divisibility from 5,000 SF.
Plise Development & Construction Earning a Reputation for Success
lise Development & Construction, LLC (PLISE), is properties for its convenient location and unique design. P one of Southern Nevada’s top commercial real es- As a premier mixed-use project in the Las Vegas Valley, tate development and construction firms. PLISE City Crossing is situated on 126 acres and consists of 2,500 provides design/build and general contracting services, and luxury residences, 1 million square feet of Class A office a full range of development services including, without lim- space and 600,000 square feet of lifestyle retail space to- itation, land-use and gether to create an up- zoning, planning, financ- scale urban lifestyle de- ing, construction man- “City Crossing is situated on 126 acres velopment, unlike agement, leasing and and consists of 2,500 luxury residences.” anything else in the area. property management. This dynamic $2 billion To date, PLISE has de- destination caters to veloped more than 2 million square feet of Class A office people who want to live, work and entertain all in one place space, retail and mixed-use projects throughout the Las and is well located adjacent to the Henderson Executive Air- Vegas Valley, with another 3 million square feet currently port. The first 30 acres of City Crossing are slated for com- under development and construction. Current projects in- pletion by the third quarter of 2009. clude Centennial Corporate Center, Rainbow Sunset Pavilion PLISE is recognized as a leading builder of true Class A of- and City Crossing. fice buildings. The company is committed to utilizing its ac- Centennial Corporate Center and Rainbow Sunset Pavilion quisition, development, construction and management ex- combine a unique mix of true Class A professional and medical pertise to improve its properties while maintaining office with an abundant mix of attractive retail amenities in one uncompromising principles. master-planned commercial center. Both projects have attract- Plise Development & Construction has earned its reputa- ed an eclectic mix of high-profile tenants that selected PLISE tion for development excellence.
12 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK
Central Office Submarket Overview By Bruce Follmer, CB Richard Ellis
he Central Office Submarket is office development is +/- 158,000 square feet and remains the comprised of several older office cornerstone of this office corridor at 100 percent occupancy with T corridors in the Las Vegas Valley $2.95 FSG asking rents. with +/- 2,681,633 square feet of gen- Downtown Las Vegas redevelopment is starting to gain mo- eral office space and 755,879 square mentum with the proposed REI project that is to be anchored by feet of medical office space. This sub- a sports stadium to the north of West Charleston Boulevard. Other market had a 9.88 percent vacancy projects in the Downtown submarket include: the IRS building on rate in general office space and 10.04 Ogden Avenue; the Molasky Corporate Center/Southern Nevada percent in medical office space at the Water Authority building; the Las Vegas Premium Outlet Center; Bruce Follmer end of the second quarter 2007. The Phase III of World Market; the Jewelry Mart; and Union Park.
CENTRAL primary office corridors are East Flamingo Road, West Sahara Av- The Medical District just west of I-15 has around 1.4 mil- enue and Downtown Las Vegas. lion square feet of medical office space with a vacancy rate of The Flamingo Road office corridor has not seen a significant 4.92 percent. Three hospitals currently operate in this sub- development in recent years with the exception of the continued market with 1,228 hospital beds – a ratio of 1,120 square feet development of the Howard Hughes Center. Crescent Real Es- of medical office space per hospital bed. Average lease rates tate completed construction of 3883 Howard Hughes Parkway in in this submarket are $1.82 per square foot per month which second quarter 2007 and is 95 percent occupied with $3.85 FSG is slightly above the market average of $1.78 per square foot asking rents. per month. The Sahara Office Corridor has also been negatively impact- The Las Vegas market’s growth and strong economy contin- ed by the emergence of the Southwest office submarket. The ue to bring many doctors, nurses and other trained healthcare Nevada Financial Center which was this corridor’s first Class A providers to the market.
3883 Howard Hughes Pkwy. 701 Shadow Lane Office Building 3 3883 Howard Hughes Pkwy. 4 701 Shadow Lane
Type: Office Type: Office/ Medical Developer: Colliers International / Tom Stilley, Lizz Stilley / 702-735-5700 Developer: Tower Realty and Development / 702-366-0444 Leasing Agent: Crescent Real Estate Equities, LTD. / Robert Boykin / 713-840-3700 Leasing Agent: CBRE / Jan Hoback, Carla Cole, Bruce Follmer / 702-369-4800 Architect: HIS Architect Inc. Architect: Westar General Contractor: Mitchell Construction General Contractor: Western US Contractors Date Built: May-07 Date Built: Sep-07 Status: Completed Status: Under Construction Project Square Footage: 238,957 Project Square Footage: 30,106 Development Acreage: Development Acreage: Asking Rates: $3.25 FSG Asking Rates: $2.25 /NNN Major Tenants: Snell & Wilmer, Boyd Gaming, AM PAC, Gassy Enterprises Major Tenants: University Medical Center of Southern Nevada, Cancer and COMMENTS: Blood Specialists of Nevada 3883 Howard Hughes Parkway, Crescent Real Estate's new 11-story, Class A office COMMENTS: tower in Hughes Center. Designed by HIS Architects, Inc., the project features imported Three-Story Medical Office building directly across the street from Valley Hospital and and domestic granite, combined with granite chip architectural pre-cast panels and com- UMC; adjacent to the Clark County Health District and University of Nevada School of posite metal wrapped columns. Medicine.
14 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK
Molasky Corporate Center 5 100 City Pkwy.
Type: Office Developer: The Molasky Group of Companies / Richard S. Worthington / 702-735-0155 Leasing Agent: Burnham Real Estate / Keith Bassett / 702-384-4488 Architect: KKE/HFTA Architects General Contractor: Marnell Corrao Date Built: Sep-07 Status: Completed Project Square Footage: 285,000 Development Acreage: 3.00 Asking Rates: $3.25 FSG Major Tenants: Southern Nevada Water Authority, 24 Hour Fitness, Brownstein Hyatt Farber & Schreck
COMMENTS: As the largest, privately-owned green building in Las Vegas, Molasky Corporate Center sets the tone for sustainable development in the downtown area. Highly amenitized and headquarters for several prominent agencies and firms, the 17 story Class A office tower
NORTHWEST is expected to be LEED Gold certified.
16 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK
Northwest Office Submarket Overview By Dean Kaufman, Colliers International
he Northwest office market is The diversity of projects under construction indicates an in- bound by the 215 Beltway to the creasing sophistication of the Northwest submarket. At six sto- T west, east along Desert Inn Road ries, Pavilion, a 150,000-square-foot Class A project is expected to Durango Road, then north to Sum- to stimulate a new era of office development in Summerlin over merlin Parkway, east to Decatur Road, the next five years. Plise Companies’ five-story 127,000-square- and finally, north where it rejoins the foot Centennial Corporate Center at Ann Road and the I-95, has 215 Beltway. As of the second quarter also raised the standard. of 2007, it consists of more than 7.7 Strong job creation, a healthy supply of competitively priced million square feet of space, which housing and the opening of the Centennial Hills Hospital, will con- Dean Kaufman represents approximately 21 percent tinue to stimulate population growth. As commute times to more of all office space in Southern Nevada. Approximately 9.8 percent established office markets increase, so will the demand for local or just under 759,000 square feet is vacant, an increase from 5.6 office space. Developers such as American Nevada Company are percent vacancy last year. integrating office development into master-planned communi- Absorption for the first two quarters of 2006 was a healthy ties, enhancing the quality of future growth. 144,000 square feet. As of the second quarter 2007, there was We can expect a pause in Class A development as the pro- almost 194,000 square feet under construction-substantially less jects under construction absorb. Demand for multi-story Class B than the 800,000 square feet under construction one year ago. office product will increase as medium-sized tenants enter the Leasing rates currently average $2.68 per square foot per month submarket. Though land prices have increased, opportunities re- full service gross, an increase of $0.29 or 12.1 percent from last year. main for Class C projects that will continue to cater to smaller Most of the increase came from Class A and medical space, where tenants. Overall, expect continued healthy absorption of office in- rates have increased 14.7 and 18.4 percent respectively. ventory in the Northwest and diversity of product types. NORTHWEST
Shea at Tenaya Village Venture Centennial Hills Center 6 7425-7495 W. Azure Dr. 7 2501 Fire Mesa St.
Type: Office Type: Office Developer: SAXA, Inc / Lucinda Stanley / 702-592-1196 Developer: Venture Corporation Las Vegas / Ryan Gould / 702-341-8809 Leasing Agent: Prudential-IPG CRES/Miriam Campos-Root Leasing Agent: Venture Corporation Las Vegas / Ryan Gould / 702-341-8809 Architect: KKE/HFTA Architects Architect: DFD Cornoyer Hedrick General Contractor: Lusardi Construction General Contractor: Caviness Construction Company Date Built: Jun-08 Date Built: Jul-07 Status: Under Construction Status: Under Construction Project Square Footage: 300,000 Project Square Footage: 105,627 Development Acreage: 24.50 Development Acreage: 10.00 Asking Rates: $2.00-$3.50 NNN Major Tenants: Nevada Title Company, Progressive Insurance, Asking Rates: $220.00-$250.00 SF Land America Lawyers Title, CitiCorp Major Tenants: World Financial Group, Centennial Hills Orthodontics COMMENTS: Centennial Hills Center will consist of 161,000 SF of medical, profession- COMMENTS: al, retail condominiums in 12 separate, architecturally appealing, single-story buildings Northwest project located in Town Center with beautiful single and two-story garden style ranging in size from 5,800 to 9,800 SF, ideal for medical and dental professionals of all offices. Convenient to Centennial Hospital with great access from US-95 and 215 belt- disciplines. In the core of this new development will be 58,000 SF two-story and 87,000 way with excellent visibility and signage. A rare opportunity in the Northwest area. SF three-story Class A medical & professional office buildings.
18 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK
Cheyenne Fairways Business Center Las Vegas Tech Center II 8 8640 W Cheyenne Ave. 9 2501 Fire Mesa St.
Type: Office Type: Office Developer: Investment Equity Development / David Inman / 702-871-4545 Developer: Thomas & Mack Development Group / Nicola Fryatt / 702-896-6103 Leasing Agent: Investment Equity Development / Bob Hommel / 702-871-4545 Leasing Agent: CBRE / Randy Broadhead, Brad Peterson / 702-369-4800 Architect: Indigo Architects Architect: KKE/HFTA Architects General Contractor: Investment Equity Builders General Contractor: Matt Construction Date Built: Dec-06 Date Built: Aug-07 Status: Completed Status: Completed Project Square Footage: 35,594 Project Square Footage: 60,000 Development Acreage: 4.90 Development Acreage: 4.00 Asking Rates: $2.25 MG or Sale $225 SF Asking Rates: $2.10-$2.75 NNN Major Tenants: Health Data Insights, Land America, Lawyers Title, Title One Major Tenants: WaterMark Executive Suites COMMENTS: COMMENTS: The Las Vegas Technology Center II is a mixed-use business park comprised of This 60,000 SF two-story office/retail development features office suites for lease with 71.74 acres. The center features full interstate access to US 95 via Cheyenne Road balconies, putting greens and outstanding views fronting the Durango Hills Golf Club. Lo- and access to I-215 via Cheyenne or Lake Mead. 2501 Fire Mesa St. is a two-story
NORTHWEST cated on Cheyenne, west of Durango, the project is anchored by a 25,000 SF state-of- suburban Class A office building and a sister building to the existing 7501 Trinity the-art WaterMark Executive Suites. Peak Building (100% leased).
Dermody Properties/DP Partners Expanding Its Business Platform
ermody Properties/DP Partners was founded in office and retail through other divisions of the company. While D Nevada in 1960 and has grown to become one of maintaining a strong presence in each of its current markets, the 10 largest private industrial development firms Dermody Properties will embrace an even greater entrepre- in the nation with clients among the who’s who of American neurial approach to development and a focus on exemplary industry. In fact, Dermody Properties is the only national de- customer service. velopment firm founded and based in Nevada. From their 2006 NAIOP Spotlight Award-winning projects in Even though the Southern Nevada to their growth of Dermody Prop- efforts to support a sister erties has included de- “The company has been Nevada’s ambassador chapter in Northern velopment in markets for industrial development and a model for Nevada, Dermody Proper- from Pennsylvania to ties is working together Georgia, Chicago to Las commitment to their community.” with NAIOP to create a Vegas, they are keenly bright future for develop- aware of their roots. The company has been Nevada’s am- ers and the communities in which they work and live. As the bassador for industrial development and a model for com- Dermody Properties team looks to the future, they will active- mitment to their community. ly pursue new projects and embrace a refreshed style of As rich as their history has been, the future is even more doing business, as well as an even greater emphasis on giv- exciting today for the company, the industry and the Las ing back to the community. Vegas community. Dermody Properties will now expand their Dermody Properties is proud to be a sponsor of the Southern business platform to include not only industrial development Nevada NAIOP Bus Tour and is looking forward to being a part through DP Partners, but also other property types including of the leadership NAIOP will continue to bring to our region.
20 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK
Parkway Pointe Pavilion 10 9555 Hillwood Dr. 11 10801 W. Charleston Blvd.
Type: Office Type: Office Developer: Christopher Commercial / Douglas Crook / 702-243-2800 Developer: Jason Awad Leasing Agent: CBRE / Jayne Cayton, Bret Davis / 702-369-4800 Leasing Agent: CBRE / Brad Peterson / 702-369-4800 Architect: SH Architects Architect: KKE/HFTA Architects General Contractor: Burke & Associates General Contractor: Burke & Associates Date Built: Jan-07 Date Built: Sept-07 Status: Completed Status: Under Construction Project Square Footage: 52,000 Project Square Footage: 150,000 Development Acreage: 2.74 Development Acreage: Asking Rates: $2.25-$2.35 NNN Asking Rates: $2.65-$2.90 SF MG Major Tenants: First National Bank, New Cotai Holdings Major Tenants: City National Bank, UBS, Fertitta Enterprises COMMENTS: COMMENTS: Parkway Pointe is a two-story Class A office building within the prestigious Summerlin Premier Northwest location on West Charleston near the 215 in Summerlin Center sets master-plan. This one of a kind office development offers signage visible from Sum- the stage for this beautiful six-story Class A Professional office building totaling 150,000 merlin Parkway and is within minutes from both U.S. 95 and the I-215 Beltway, provid- SF. Upgraded finishes inside and out. Balcony views, three level parking structure and ing easy access throughout the Valley. close to all amenties.
13 The Gardens Plaza SOUTHWEST
Type: Office Developer: Mark L. Fine & Associates / Sara Lenn / 702-733-5901 Leasing Agent: Mark L. Fine & Associates / Sara Lenn / 702-733-5900 Architect: Perkowitz & Ruth Architects General Contractor: SR Construction Date Built: Jun-07 Status: Completed Project Square Footage: 50,000 Development Acreage: 7.04 Asking Rates: Office Lease $2.50 NNN / Retail - $3.35 - $3.75 / Land - $40-$52 SF Major Tenants: Realty One, Marrs Bergquist CPA's, Coffee Bean & Tea Leaf, Rachel's Kitchen COMMENTS: The Gardens Plaza is ideally located at a prime intersection in Summerlin, this project will consist of office pads for office building ranging from 4,200 SF up to 12,000 SF.There will also be opportunities for leases located directly on Town Center Dr. This lushly landscaped project offers its tenants a beautiful professional high-image business environment.
22 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK Southwest Office Submarket Overview By Taber Thill, Colliers International
he Southwest submarket encom- user. In contrast, the typical tenant size for office users in the Val- passes the area between Flamin- ley is 3,000 to 7,000 square feet. T go Road to the north, the I-15 to Increasing land prices in the Southwest and construction the east, the California State line to the costs have pushed future development toward mid-rise Class A south and the Spring Mountain range and B office product. The majority of these planned mid-rise of- to the west. Containing an approximate fice buildings will be a smaller component of mixed-use devel- 12 percent share of the current exist- opments incorporating retail and residential. Rates will continue ing office inventory in the Las Vegas to adjust upward to offset spikes in local construction costs. Valley, the Southwest attributed to With more than 4.5 million square feet of existing office Taber Thill more than 30 percent of the office ab- space and another 2.7 million square feet planned, the need for sorption in the second quarter of 2007. differentiation has never been greater. For instance, the Park at The Southwest submarket continues to lead office develop- Spanish Ridge Phase II and LaPour Corporate Center are both ment in the Las Vegas Valley, accounting for more than 64 per- green building projects underway in the Southwest looking to at- cent of new construction. Ideally located between the two largest tract the environmentally conscious office users. Other projects residential master-plans in Southern Nevada (Summerlin and such as EJM’s 450-acre, The Arroyo, project will surround its Green Valley) the Southwest submarket will evolve into one of the tenants with more than 4 million square feet of retail amenities Valley’s core submarkets. Projects with visibility and quick ac- and services. cess to the I-215 Beltway have generated the most demand with In summation, the Southwest submarket market remains an average vacancy rate of 3 percent. The majority of tenants strong as rents increase to an all time high. The Southwest moving to this area are somewhat larger users (between 10,000 boasts considerable increases in occupancy and market share, and 25,000 square feet) than the traditional Las Vegas office due to its exceptional location and economic advantages.
Southwest Industrial Submarket Overview By Spencer Pinter, Colliers International SOUTHWEST
Over the past years, growth in the Southwest submarket has generally out-paced all other industrial submarkets in the Las Vegas Valley
he Southwest submarket contin- Vegas Valley with almost 1 million square feet of industrial prod- ues to be Las Vegas Valley’s most uct under construction. Currently, only North Las Vegas has more Spencer Pinter T desired area for businesses re- space under construction totaling about 1.5 million square feet. quiring industrial space centrally locat- Developable vacant industrial land continues to become more ed in the Valley with close proximity to the Las Vegas Strip and scarce and more expensive forcing developers to take greater McCarran International Airport. Generally located west of I-15, risks with newly purchased land. The minimal supply of existing north of Blue Diamond Road, south of Sahara Avenue and east of land to be developed in the Southwest at this time is very expen- Decatur Boulevard, this area has, within the past two years, sive ranging from $18 to $25 per square foot. With this in mind, jumped further west with a pocket of industrial product (called the bulk of the larger multi-tenant projects to be developed over The Arroyo Business Center) located between Buffalo Road and the next few years will continue to come from EJM Development Rainbow Avenue along the I-215 freeway. The Southwest in- Co. at The Arroyo Business Center and Majestic Realty Co. at the cludes approximately 28.3 million square feet of industrial space, Beltway Business Center. Both of these developers have negotiat- accounting for about 29 percent of the industrial space in the en- ed joint venture arrangements with the Clark County Aviation De- tire valley. With all this in mind, the vacancy rate at the end of partment on close to 400 acres each. the second quarter 2007 was at 5 percent, compared to the over- Regardless of the challenges faced in the Southwest, this all industrial market vacancy rate of 4.4 percent in Las Vegas. submarket continues to be the most highly desired industrial Over the past years, growth in the Southwest submarket has submarket in Las Vegas for users looking to service all parts of generally out-paced all other industrial submarkets in the Las the Valley from one location, or service the resort corridor.
NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK 23 Stone Canyon Professional Park Venture Hualapai Pavilion Commons 12 14 10115 - 10195 West Twain Ave. & 3820 S. Hualapai Way
Type: Office Type: Office Developer: Investment Equity Development / 702-871-4545 Developer: Venture Corporation Las Vegas / Ryan Gould / 702-341-8809 Leasing Agent: Investment Equity Builders / 702-871-4545 Leasing Agent: Venture Corporation Las Vegas / Ryan Gould / 702-341-8809 Architect: Indigo Architects Architect: KKE/HFTA Architects General Contractor: Oakview Construction General Contractor: Investment Equity Builders Date Built: Aug-07 Date Built: Spring 2007 Status: Completed Status: Completed Project Square Footage: 62,100 Project Square Footage: 83,000 Development Acreage: 5.75 Development Acreage: 10.00 Asking Rates: $2.25-2.75 NNN/ $225-$280 SF Shell Asking Rates: Sale $245-$325 SF Major Tenants: Dr. Andrew Bronstein, MD (Orthopedic Surgery); Dr. Seth Adjovu, MD Major Tenants: Priority One Commercial (Internal Medicine); Gastroenterology Associates of Las Vegas; Dr. Carlos Letelier, MD, DMD, DDS (Oral Surgery) COMMENTS: This 83,000 SF high-image, mixed-use office/retail development features a presti- COMMENTS: Hualapai Pavilion Commons is a new office development consisting of 62,100 SF of pro- gious West Sahara address and a 50-foot tall combination pylon sign/color reader fessional, medical and dental offices. The project consists of six buildings ranging in size board. This project includes 15,000 SF of retail pad space for lease on the corner of from 8,850 to 15,000 SF. Located at the intersection of South Hualapai Way and West Sahara & Tenaya, across from the automotive dealerships of Mercedes-Benz, Twain Avenue, it is adjacent to Summerlin and directly across the street from the 142,000 Porsche, Jaguar, and Aston Martin. SF Nevada Cancer Institute facility.
Venture Professional Center Ft. Apache SUBMARKET SPONSOR 15 5731-5785 S Ft. Apache Rd. and 9455-9525 W. Russell Rd. SOUTHWEST
Type: Office Developer: Venture Corporation Las Vegas / Ryan Gould / 702-341-8809 Leasing Agent: Venture Corporation Las Vegas / Ryan Gould / 702-341-8809 Architect: JMA General Contractor: SIMAC and Oakview Construction Date Built: Mar-07 Status: Completed Project Square Footage: 122,000 Development Acreage: 10.00 Asking Rates: $2.00-$2.50 NNN / $245-$275 SF Shell Major Tenants: Dr. Ben Rodriquez, MD (Plastic Surgery); Dr. Timothy Tolan, MD (Ear, Thanks for Nose & Throat); Dr. Douglas Seip, MD (Orthopedic Surgery with HealthSouth; Dr. Stuart Hoffman, MD (General Surgery) supporting NAIOP! COMMENTS: Venture Professional Center Fort Apache is a Class A design, 120,000 SF development consisting of 13 single-story buildings and one two-story building ideal for medical, surgi- cal center, dental and professional offices. It is located on the corner of Russell and Fort Apache roads within close proximity to four major medical facilities. It is visible from the I- 215 and within 1/2 mile of Southern Hills Hospital.
24 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK
Manhattan West Desert Canyon Business Park 16 5731-5785 S Ft. Apache Rd. and 9455-9525 W. Russell Rd. 17 9107-9133 Russell Rd.
Type: Office Type: Office Developer: Alexander Edelstein, Jim Horning / 702-614-3193 Developer: Nigro Development / Todd Nigro / 702-247-1920 Leasing Agent: Prudential-IPG CRES / Miriam Campos-Root, Dana Berggren Leasing Agent: Commercial Executives / Soozi Jones Walker / Bobbi Miracle 702-363-7600 702-316-4500 Architect: Oz Architecture Architect: Perlman General Contractor: APCO Construction General Contractor: Nigro Development Date Built: Aug-09 Date Built: 2006/2007 Status: Under Construction Status: Completed Project Square Footage: 195,000 Project Square Footage: 180,000 Development Acreage: 20.80 Development Acreage: 15.00 Asking Rates: $2.35 NNN / $285 SF Shell Major Tenants: Asking Rates: $2.25 MG Major Tenants: Nigro Development, Beazer Homes, Bank of George, Millennium Gaming COMMENTS: Manhattan West is a mixed-use development offering 150,000 SF Class A office con- COMMENTS: dos for sale or lease, divisible to 1,600 SF. Office users have numerous amenities in- Desert Canyon is a 15-acre master-planned Class A office business park with a so- cluding 45,000 SF ground floor retail, ninth floor lounge, conference and fitness cen- phisticated, unique desert architecture and landscaping design. Buildings have free- ter, underground parking and built-in customer base of 1,000 residents. way visibility signage.
LaPour Corporate Center The Park at Spanish Ridge 18 9075 W. Diablo Dr. 19 8906-8990 Spanish Ridge Ave. SOUTHWEST
Type: Office Type: Office Developer: LaPour / Lisa Chasteen / 702-222-3022 Developer: Glen, Smith & Glen Development / Kenneth Smith / 702-212-9400 Leasing Agent: Colliers International / Mike DeLew, Greg Pancirov, Leasing Agent: Colliers International / Taber Thill, Dean Kaufman / 702-735-5700 Kevin Collura / 702-735-5700 Architect: Perkowitz & Ruth Architects Architect: KKE/HFTA Architects General Contractor: SR Construction General Contractor: TWC Construction Date Built: Spring 2008 Status: Under Construction Date Built: Apr-08 Project Square Footage: 367,110 Status: Under Construction Development Acreage: 40.00 Project Square Footage: 70,188 Asking Rates: $2.30 SF MG / $2.65 SF for Sale Development Acreage: 3.81 Major Tenants: Schadler Kramer Group Advertising, Tang Industries, Henness & Haight Asking Rates: $2.60 MG Attorneys at Law, Dr. Frank Stile Major Tenants: LaPour Headquarters COMMENTS: COMMENTS: Upon completion,The Park at Spanish Ridge will total 620,000 SF of Class A office space LaPour Corporate Center will be located at Russell Rd. and the I-215, with direct ac- on approximately 40 acres. There are 25 single-story buildings ranging from 6,012 to cess from Frontage Rd., providing an excellent location for professional tenants de- 12,285 SF, four two-story buildings ranging from 36,000 to 59,700 SF, two three-story siring visibility, accessibility and convenience. Designed with a contemporary archi- buildings ranging from 70,000 to 89,550 SF and a four-story, 81,980 SF building. tectural style this prominent three-story design is a unique Class A office environment.
26 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK
Discovery Gateway Park Copper Pointe Business Park 20 I-215 & Russell Rd. 21 SEC I-215 & Patrick Ln.
Type: Office/Industrial Type: Office Developer: Abbott Brothers Development, Inc. / Jim Abbott / 213-627-3338 Developer: Investment Equity Development / David Inman / 702-871-4545 Leasing Agent: Voit Commercial Brokerage / Kevin Higgins, Garrett Toft, Steve Paravia Leasing Agent: Investment Equity Development / Bob Hommel / 702-871-4545 702-734-4500 Architect: Indigo Architects Architect: Dekker/Perich/Sabatini General Contractor: Western Pride Construction General Contractor: Investment Equity Builders Date Built: Mar-08 Date Built: Feb-07 Status: Under Construction Status: Under Construction Project Square Footage: 91,134 Project Square Footage: 74,000 Development Acreage: 5.35 Development Acreage: 5.00 Asking Rates: Office: $1.80 NNN / $300 SF Industrial: $1.16 - $1.26 / $236 - $270 SF Major Tenants: Asking Rates: Sales Price $250-$315 SF Major Tenants: COMMENTS: Discovery Gateway Park offers two-story business properties from +/-2,358 to 5,146 COMMENTS: SF for sale or lease. Properties are delivered in finished condition with tenant im- This 74,000 SF high-image office park consists of (2) two-story office buildings with provements complete. All properties feature balconies, floor to ceiling reflective glass, units for sale ranging from 2,500 to 37,000 SF. The project features outstanding vis- 24' clear height in warehouse with sprinklers and evaporative coolers and a metal ibility with I-215 beltway signage and is situated parallel to the beltway between Sun- truss and deck roofing system. set and Russell in close proximity to three new hospitals.
Durango Village Village Business Park located in The West Village 22 6002-6088 S. Durango Dr. 23 SOUTHWEST
Type: Office Type: Office Developer: SAXA, Inc. / Lucinda Stanley / 702-592-1196 Developer: Stable Development / Lance Bradford / Kale Flagg / 702-735-5030 Leasing Agent: Prudential-IPG CRES / Miriam Campos-Root, Dana Berggren Leasing Agent: 1st Commercial Real Estate Services / Kevin Buckley / 702-798-9988 702-363-7600 Architect: Korte Design Architect: DFD Cornoyer Hedrick General Contractor: The Korte Company General Contractor: CORE Construction Date Built: Summer 2008 Date Built: Oct-07 Status: Under Construction Status: Under Construction Project Square Footage: 95,014 Project Square Footage: 230,000 Development Acreage: 10.00 Development Acreage: 16.62 Asking Rates: $240-$260 Asking Rates: Major Tenants: Glen J. Lerner & Associates Major Tenants: Spectrum Engineering, Accountants Inc, Swan Advertising, Sabir & Associates COMMENTS: Attractively designed southwest project located just north of the 215 beltway on the COMMENTS: corner of Patrick and Durango features single and two-story buildings ranging from The Village Business Park, which will consist of seven office buildings, and is being 5,556 SF to 25,000 SF and divisible to 1,250 SF. Great signage and visibility with developed in the unique West Village. Located on approximately 16.62 acres, the park parking at the door. Lowest rates in the area. will contain 230,000 SF of office space and approximately 26,000 SF of retail space.
28 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK
Durango Warm Springs Medical MacFarlane Medical Center 24 8430 W. Warm Springs Rd. 25 8352 Warm Springs Rd.
Type: Office Type: Office Developer: The Dunn Companies / Leslie Dunn / 702-458-6579 Developer: Capovilla Management LLC / John Bonner, Allen Emmel / 702-807-8387 Leasing Agent: Colliers International / Rhonda Panciro, Suzette La Grange Leasing Agent: Prudential Americana Group / Wesley Drown, Ian Richie / 702-614-1197 702-735-5700 Architect: Moser Architecture Studio Architect: APTUS Architecture General Contractor: SR Construction General Contractor: Kitchell Construction Date Built: 1st Quarter 2008 Date Built: 2nd Quarter 2008 Status: Under Construction Status: Under Construction Project Square Footage: 100,000 Project Square Footage: 42,000 Development Acreage: 22.00 Development Acreage: 2.55 Asking Rates: Lease $1.85 NNN Sale $250.00 SF Asking Rates: $1.90-$2.25 NNN Major Tenants: Major Tenants: Bright Futures Pediatrics COMMENTS: COMMENTS: Located at the Northeast corner of Warm Springs and Gagnier, this master-planned, This Class A medical office building is a three-story shell frame with covered parking Class A, 375,000 SF medical campus includes a multi-specialist post acute care hos- 5 per 1,000, gurney size elevator, Fiber Optic IT backbone, security system, emer- pital. The project is located in the growing Southwest submarket and in close prox- gency power/med-gas capable, HVAC units and landscaping. The property is adjacent imity to three new hospitals, and immediately adjacent to the new St. Rose Domini- to St. Rose Dominican Hospital-San Martin Campus. can Hospital-San Martin Campus. SOUTHWEST
30 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK
The Arroyo-Single Story The Arroyo Corporate Center 26 Tenaya Wy. & Warm Springs Rd. 27 I-215 & Buffalo Dr.
Type: Office Type: Office Developer: EJM Development Co. / Kirk Boylston / 702-597-1852 Developer: EJM Development Co. / Kirk Boylston / 702-597-1852 Leasing Agent: Colliers International / Tom Stilley, Taber Thill, Dean Kaufman Leasing Agent: CBRE / Randy Broadhead / 702-369-4800 702-735-5700 Architect: JMA Architect: JMA / Lee & Sakahara Architects General Contractor: Martin-Harris Construction General Contractor: LM Construction Date Built: Dec-07 Date Built: Mar-08 Status: Under Construction Status: Under Construction Project Square Footage: 138,690 Project Square Footage: 125,000 Development Acreage: 450.00 Development Acreage: 450.00 Asking Rates: $1.65 NNN Asking Rates: $2.35 SF MG Major Tenants: Bright Futures Pediatrics Major Tenants: Stantec Engineering COMMENTS: COMMENTS: The Arroyo will provide an environment for companies to relocate their businesses The Arroyo Corporate Center offers a full spectrum of business location options in- into the growing southwest corridor of the Valley. The buildings are part of a 450-acre cluding Class A office buildings ranging from two- to six-stories, single-story office master-planned business park that will offer more than 5 million SF of mixed-use de- and industrial buildings. The 450-acre project will provide tenant satisfaction in a velopment including office, restaurant, financial services and retail. state-of-the-art corporate environment.
Buffalo/215 Business Park Arroyo Industrial Phase II 28 Buffalo Dr. & Post Rd. 29 6625 Arroyo Springs St. 7575 W. Sunset Rd. 6560 Tiago SOUTHWEST
Type: Mixed-Use Type: Industrial Developer: Real Estate Group Nevada / Lee Phelps / 702-367-3000 Developer: EJM Arroyo North II Property, LLC Leasing Agent: Colliers International / Pat Marsh / 702-735-5700 Leasing Agent: Colliers International / Spencer Pinter / 702-735-5700 Architect: Lee & Sakahara Architects Architect: RGA Architects General Contractor: Mission Completed Contractors of Nevada General Contractor: LM Construction Date Built: Jun-07 Date Built: 1st Qtr. 2008 Status: Completed Status: Under Construction Project Square Footage: 304,639 Project Square Footage: 271,301 Development Acreage: 22.27 Development Acreage: 19.00 Asking Rates: Asking Rates: Major Tenants: Cort Furniture, Long Building Environments, AVA Major Tenants: COMMENTS: COMMENTS: Arroyo North Phase II is comprised of three buildings totaling 309,000 SF. Build- Located just North of the I-215 Beltway at Buffalo and Post, this 271,301 SF industri- ing 4 includes exposure to I-215, divisibility to 21,400 SF, 30’ clear height, offices al and office park is located in Las Vegas' emerging technology corridor. It will consist built-to-suit and dock and grade level loading. Buildings 5 and 6 include spaces of eight office buildings and 24 industrial buildings each with private parking. Build- divisible to 5,800 SF, 22’ to 24’ clear heights, dock and grade level loading and to-suits available. offices built-to-suit.
32 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK Park West Tenaya Quail Commercial Center 30 6365, 6385, 6425 & 6445 Montessouri St. 31 6620 - 6675 S Tenaya Way
Type: Industrial Type: Office Developer: Panattoni Development Company, LLC / Jason Kuckler / 702-269-1360 Developer: Jonny Ribeiro Builders, LLC / Jonny Ribeiro Leasing Agent: Colliers International / Dan Doherty / 702-735-5700 Leasing Agent: Ribeiro / Dan LaLibierte, Margie Campobasso / 702-798-1133 Architect: KKE/HFTA Architects Architect: Kevin Bartlett General Contractor: Panattoni Construction Co. General Contractor: Jonny Ribeiro Builder Date Built: Sept-07 Date Built: Jul-06 Status: Completed Status: Completed Project Square Footage: 208,013 Project Square Footage: 108,224 Development Acreage: 12.5 Development Acreage: 5.00 Asking Rates: $130 - $180 Asking Rates: Office $1.85 MG / Warehouse $.89 MG / Retail $2.60 MG Major Tenants: JMAC, Interstate, Cliffpoint Investments, Quality Transportation Major Tenants: BMW Motorcycles, Xyience, BJ's Cocktail Lounge COMMENTS: COMMENTS: This +/-208,000 SF industrial project, consisting of five individual buildings, was pre- Premiere landscaping, stone facades, excellent location fronting I-215 sold prior to construction commencement. The concrete tilt-up buildings have 30' clear height, ESFR sprinkler systems, ample parking and dock and grade level load- ing doors.
NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK 33 Rainbow Sunset Pavilion Rainbow Corporate Center 32 6315 S Rainbow Blvd. 33 6252 S Rainbow Blvd.
Type: Office Type: Office Developer: PLISE / Jon Field / 702-871-4065 Developer: Investment Equity Developer / Dave Inman / 702-871-4545 Leasing Agent: CBRE / Randy Broadhead , Brad Peterson / 702-369-4800 Leasing Agent: Investment Equity Builders / Bob Hommel / 702-871-4545 Architect: Vedelago Petsch Architects Architect: Indigo Architects General Contractor: Plise Development & Construction General Contractor: Investment Equity Builders Date Built: Apr-07 Date Built: Spring 2007 Status: Under Construction Status: Under Construction Project Square Footage: 107,231 Development Acreage: 25.00 Project Square Footage: 65,000 Asking Rates: $2.85 FSG Development Acreage: 7.50 Major Tenants: First National Bank, Ameriprise Financial, Starbucks, Asking Rates: Sales Price $220-$295 and The Cracked Egg Major Tenants: COMMENTS: COMMENTS: Centrally located between Summerlin and Green Valley with convenient I-215 beltway This 65,000 SF office development was developed in two phases with units for sale access, Rainbow Sunset Pavilion uniquely combines true Class A professional and from 2,500 to 15,000 SF. These attractive buildings feature 5:1000 parking and an medical office with an abundant mix of retail amenities in one master-planned com- outstanding location in close proximity to the I-215 Beltway, three new hospitals, and mercial center. several new large office/retail developments.
Spanish Trail Business Park Post Business Park 34 4950-4974 S Rainbow Blvd. & 6827-6795 W. Tropicana Ave. 35 Post Rd. & Jones Blvd. SOUTHWEST
Type: Office Type: Industrial Developer: Investment Equity Development / 702-871-4545 / Dave Inman Developer: Off Broadway, LLC / David Frear / 702-836-3735 702-871-4545 Leasing Agent: Colliers International / David Frear / 702-836-3735 Leasing Agent: Investment Equity Builders / Bob Hommel / 702-871-4545 Architect: John Burke Architect: Indigo Architects General Contractor: Nevada Building & Development General Contractor: Investment Equity Builders Date Built: Jul-07 Date Built: 1st Qtr. 2008 Status: Completed Status: Under Construction Project Square Footage: 76,400 Project Square Footage: 145,000 Development Acreage: 7.50 Development Acreage: 10.00 Asking Rates: Sales price $230-$255 SF Asking Rates: 185 SF Major Tenants: Major Tenants: COMMENTS: COMMENTS: This 76,000 SF mixed-use development consists of 10,000 SF of retail for lease Freestanding Industrial building for sale ranging in size from 5,360 to 15,676 SF. fronting Rainbow, and an office campus of 11 buildings for sale with color reader board signage on both Tropicana and Rainbow. The office units range from 2,050- 10,000 SF and feature easy access to the Southwestern Valley including three new hospitals and the 215 beltway.
34 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK
Beltway Business Park Beltway Business Center - Buildings 6, 7 & 8 36 5070 and 5170 Badura Ave. 37 6975 Decatur Blvd. 7055 Decatur Blvd. 7135 Decatur Blvd.
Type: Office/Flex Type: Industrial Developer: Thomas & Mack Development Group / Majestic Realty Co. Developer: Thomas & Mack Development Group / Majestic Realty Co. Nicola Fryatt / 702-260-1008 Nicola Fryatt / 702-260-1011 Leasing Agent: Thomas & Mack Development / Rick Myers, Nicola Fryatt Leasing Agent: Majestic Realty Company & Valley Realty / Rod Martin / 702-896-5564 702-260-1008 Architect: Commerce Construction Architect: KKE/HFTA Architects General Contractor: Commerce Construction General Contractor: Martin-Harris Construction Date Built: 3rd Qtr. 2007 Date Built: Nov-07 Status: Under Construction Status: Completed Project Square Footage: 30,498 / 36,189 Project Square Footage: 212,500 / 315,000 / 328,250 Development Acreage: 6.49 Development Acreage: 47.00 Asking Rates: $1.60 NNN Asking Rates: $0.65 - $0.80 NNN Major Tenants: Major Tenants: Brady Industries, Nevada Power Company COMMENTS: COMMENTS: Beltway Business Park is a 400-acre master-planned business park located on the This project is in the third phase of industrial buildings at Beltway Business Park, 400- southern side of the I-215 Beltway between Jones and Decatur. At build-out the park acre master-planned business park in the Southwest Submarket. This phase will fea- will include 5,000,000 SF of office, distribution and retail facilities. 5070 and 5170 ture a building fronting Badura Avenue divisible to 15,000 SF, allowing quasi-retail, Badura Avenue are single-story flex buildings totaling 66,700 SF. showroom environment.
UnitedHealthcare Bringing Affordable Healthcare to Nevada
or more than 40 years, UnitedHealthcare has hospitals, UnitedHealthcare has designed programs that help SOUTHWEST F worked to make the healthcare experience better people get the right care at the right place at the right time. The for everyone involved, including the more than company organizes access and coverage for medical services, 110,000 Nevadans it serves today. prescription drugs, medical devices and diagnostic testing at the A major part of enhancing Nevada’s healthcare system re- best possible cost. It also offers wellness programs and support volves around keeping costs under control. About 16 percent of to help people stay healthy and use medical care more wisely. America’s gross domes- The safety of its mem- tic product is spent on “A major part of enhancing Nevada’s bers and quality of care are costs related to health- priorities for UnitedHealth- care, and that percent- healthcare system revolves around care, which is why the age climbs every year. keeping costs under control.” company has invested Many factors con- more than $3 billion in new tribute to rising costs, such as more people using medical ser- technology, such as an electronic ID card that automatically vices, advancements in medicine and the rapidly increasing updates a member’s health records and makes it easier for price of prescription drugs. Add the growing number of older patients and providers to access this information. The elec- Americans and you can see why it’s becoming more difficult tronic record system also streamlines administrative work for families and businesses to afford health coverage. and helps control costs. UnitedHealthcare is working to keep healthcare affordable and To help members make more informed choices, the company de- more accessible through innovative technology, forward-thinking veloped the UnitedHealth Premium program. This program identifies plans and a variety of products and services that help people physicians who follow evidence-based guidelines for quality of care take a more active role in their own health and well-being. With and ranks hospitals based on major complication rates, mortality a national network of more than 535,000 physicians and 4,700 rates and patient safety processes for more than 50 procedures.
36 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK Corporate Gateway III at Beltway Business Park Decatur Crossing - Phase III 38 6770 Edmond St. 39 4675 & 4775 W. Teco Ave.
Type: Office Type: Office/Industrial Developer: Thomas & Mack Development Group / Majestic Realty Co. Developer: LaPour / Jeff LaPour / 702-222-3022 Nicola Fryatt / 702-260-1008 Leasing Agent: Colliers International / Greg Pancirov, Mike DeLew, Kevin Collura Leasing Agent: Thomas & Mack Development / Rick Myers, Nicola Fryatt 702-735-5700 702-260-1008 Architect: KKE/HFTA Architects Architect: KKE/HFTA Architects General Contractor: Martin-Harris Construction General Contractor: TWC Construction Date Built: Jan-08 Date Built: Jul-07 Status: Under Construction Status: Completed Project Square Footage: 72,283 Project Square Footage: 112,323 Development Acreage: 4.23 Development Acreage: 6.48 Asking Rates: $2.45 MG Major Tenants: Asking Rates: $0.80 - $0.85 NNN - Warehouse $1.55 - $1.60 NNN - Office Major Tenants: COMMENTS: Beltway Business Park is a 400-acre master-planned business park located on the COMMENTS: southern side of the I-215 Beltway between Jones and Decatur. At build out, the park Decatur Crossing Phase 3 is a high image multi-use development providing flex of- will include 5,000,000 SF of office, distribution and retail facilities. Corporate Gateway fice/warehouse suites from 2,000 SF and 2nd level office suites from 1,000 SF con- III, 6770 Edmond Street is a 72,000 SF Suburban Class A office building that features veniently located at Decatur & I-215. With 4 /1,000 parking, the suite can be built- dramatic architecture, efficient floor plans and sophisticated interior finishes. out as 100% office. SOUTHWEST EJM Development Creating an Arroyo in the Southwest
JM Development’s largest undertaking to date, The and will offer a walking beltway along the arroyo, with inter- E Arroyo, is well underway. Set in the Southwest Valley, connecting foot bridges and seating throughout. Phase I is cur- The Arroyo consists of more than 450 acres of pre- rently under construction with pre-leasing by Randy Broadhead mier real estate centered around a natural arroyo. Upon com- and Brad Peterson of CB Richard Ellis. pletion, the mixed-use project will contain more than 4.5 mil- The tenants of Corporate Center will benefit from the prox- lion square feet of industrial, office and retail space. imity of Arroyo Market Square, a 950,000-square-foot power Located on the north and south side of the I-215-Beltway be- center, slated to open by the end of 2007. Market Square will tween Rainbow Boulevard and Buffalo Drive, The Arroyo is po- be home to such major retailers as Wal-Mart, Sam’s Club, Home sitioned for easy access to McCarran International Airport, the Depot, Best Buy, Marshall’s, Sports Chalet, Ulta, Ross, Bed Bath Las Vegas Strip and Interstate 15. Its central location between & Beyond, and restaurants such as Mimi’s Café, Chili’s, Henderson and Summerlin offers an easy commute and an Sammy’s Woodfired Pizza and Jason’s Deli. Kit Graski of Voit is ideal location to service both ends of the Valley. the leasing agent. Arroyo North Industrial, situated north of the Beltway, en- Arroyo South Office is located on Warm Springs and Tenaya. compasses 10 buildings totaling 1,013,000 square feet. Phase Phase I will consist of three single story office buildings, each II is currently leasing with Spencer Pinter of Colliers Interna- totaling 46,230 square feet with divisibility starting at 5,330 tional serving as the agent. Arroyo South Industrial, located square feet. Tom Stilley and team, of Colliers International are south of I-215, will comprise seven buildings totaling 388,500 the leasing agents. square feet. EJM Development is involved in all aspects of real estate de- Arroyo Corporate Center, the 1.5-million-square-foot Class A velopment, and has projects throughout the southwest, includ- office component of The Arroyo, is located south of the Beltway ing Nevada, California, Arizona, Utah and New Mexico.
NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK 37 Eldorado Business Park Blue Diamond Business Center - Buildings 3, 6 & 9 40 7445, 7465, 7485 Dean Martin Dr. 41 Blue Diamond Rd. & Windmill Ln.
Type: Industrial Type: Industrial Developer: Chip Johnson / 702-732-8860 Developer: Juliet Companies / Jason Ahlstrom / 702-368-5800 Leasing Agent: CB Richard Ellis / Karolina Janik / 702-369-4800 Leasing Agent: Prudential-IPG CRES / Art Farmanali / 702-547-1110 Architect: Lynn Centner & Associates Architect: Pacific Designs General Contractor: J & F Construction General Contractor: Affordable Concepts Date Built: 2008 Date Built: 2006-2007 Status: Under Construction Status: Completed Project Square Footage: 876,850 Project Square Footage: 204,041 Development Acreage: 110.00 Asking Rates: $0.70 Industrial $1.25 Office Development Acreage: 15.10 Major Tenants: Outdoor Kitchen Concepts, Sara Lee Bakery, Las Vegas Review Journal, Asking Rates: $0.98 NNN PODS Major Tenants: Monaco Motor Coach, Maytag Appliances, Hardwood Floors Outlet COMMENTS: COMMENTS: Blue Diamond Business Center is a 110-acre master-planned business park which at Master-planned business park. Concrete tilt-up construction with frontage on Dean completion, will feature approximately 1.5 million SF of industrial space. The project Martin Dr. Located just north of Blue Diamond Rd., the property has 5,000 SF bays consists of mid-bay and big-box distribution buildings, as well as several build to with 24' clear height and great visibility near I-15 and McCarran International Airport. suits. Flex office/warehouse space is also in the planning stages. HENDERSON
38 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK Henderson Office Submarket Overview By David Flynn, Lee & Associates
he Henderson office submarket is 100,000 square feet Tuscano Medical Parc adjacent to St. Rose’s loosely defined as the area be- Siena Campus; the 65,000 square feet 1505 E. Wigwam Avenue Ttween the Las Vegas Strip and property at Stephanie; CityScape, a 167,000 square feet develop- Pecos Road south of Windmill Lane, to- ment for lease or sale along the I-215 at Stephanie; the 52,000 SF gether with the area east of Pecos Road Pebble Place at Eastern Avenue by Anchor Development; the and south of Sunset Road. The sub- 30,000 square feet Stephanie & I-215 Marketplace; the 125,000 market currently consists of approxi- square feet Beltway Corporate Center at Eastern & I-215; the mately 7,089,075 square feet in 356 63,000 square feet Pecos Springs Business Park at Warm Springs buildings. This supply is up more than Road; American Nevada’s under construction 135,000 square feet David Flynn 11.3 percent with 35 new buildings four-story Class A building in Green Valley Corporate Center, which from the previous year. As of the second quarter 2007, the vacan- is already 50 percent pre-leased; the 33,000 square feet Viewpoint cy rate was 17.20 percent. This is up from last years’ 13.20 per- Professional Center just completed on Eastern Avenue near Wind- cent which reflects the weak 2007 year-to-date absorption of mill Lane; and the six-story, 140,000 Eastgate Phase II at 81,000 square feet in this submarket. Stephanie Avenue and Warm Springs Road. Lease rates have continued to rise with the submarket’s aver- The I-215 corridor seems to be the epicenter of activity in age rate on a full service basis hitting $2.46 per square foot, with this submarket. While we are seeing exciting activity in the many newer projects showing rates much higher. Tenant improve- Stephanie & I-215 area, a large amount of the future growth will ment allowances on new projects are also starting to rise into the certainly move west along St. Rose Parkway. Plise’s 125-acre, $45 to $50 per square foot range as the cost of constructing im- $2 Billion dollar City Crossing development, with more than provements becomes a bigger issue in completing leases. 1,000,000 square feet of office space planned appears ready to Current developments include: Steelhead Development’s get under way.
Henderson Industrial Submarket Overview By Patti Dillon, Colliers International
espite the economic slow down prices in Henderson range from $12 to $16 per square foot for and rising construction costs, new parcels under 20 acres and between $17 to $20 per square foot Dindustrial development in Hender- for larger developable parcels. At these prices, Henderson is ap- son has continued to increase with +/- proaching lease rates and sale prices equivalent to those of the 466,132 square feet of completed con- southwest and airport submarkets. struction and +/-754,187 square feet A number of master-planned industrial developments are cur- HENDERSON currently planned and under construc- rently planned and under construction in Henderson that will ser- tion development in second quarter of vice the needs of local and national manufacturing and distribution 2007. With a positive net absorption of operations. Conde Del Mar is under construction on 155,832 Patti Dillon +/-397,940 square feet, the demand for square feet of office/showroom/warehouse space at Valley Free- industrial properties continues to exceed supply in this area. way Center. Phase III will be completed November 2007. Lease Current vacancy in Henderson stands at 3.7 percent, up from rates will range from $0.70 to $0.75 per square foot NNN. Blevins 3.0 percent last quarter and compared to an overall market va- Industrial Associates is under construction on +/-156,000 square cancy of 4.4 percent. The average lease rate for industrial space in feet at Traverse Point Distribution Center (formerly Wigwam Distri- Henderson has increased $0.02 per square foot to $0.77 per bution Center). The building will be completed November 2007, square foot NNN. A shortage of industrial land in Henderson, and a and lease rates range from $0.60 to $0.65 per square foot NNN. demand for more mixed-use projects will cause industrial rents to Pacific Business Center will complete +/-94,937 square feet of continue increasing. mid-bay space in December 2007 with lease rates ranging from With a limited supply of land zoned for industrial use in Hen- $0.55 to $0.75 per square foot NNN. Gibson Wigwam Business derson, the city is looking to the BLM to expand its borders farther Center, will deliver +/-26,133 square feet of flex space with ask- south to ensure its long-term economic growth. Current land ing rates of $0.75 to $0.80 per square foot NNN.
NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK 39 Silver Creek Office Park Henderson Quail Commercial Aviation & Air Centers 42 9708-9816 Gilespie St. 43 Executive Airport Dr. & St. Rose Pkwy.
Type: Office Type: Office Developer: Gaming Guaranty LLC / Carolyn Petrie / 702-434-3500 Developer: Jonny Ribeiro Builders, LLC/ Jonny Ribeiro Leasing Agent: Resource Realty / Carolyn Petrie / 702-434-3500 Leasing Agent: Ribeiro / Dan LaLibierte, Liz Horton / 702-798-1133 Architect: Jerry Miceli Architect: Jonny Ribeiro Builders General Contractor: Revolution Development General Contractor: Jonny Ribeiro Builders Date Built: May-07 Date Built: Aug-07 Status: Completed Status: Under Construction Project Square Footage: 43,000 Project Square Footage: 130,000/Total Project 700,000 Development Acreage: 8.00 Development Acreage: 80.00 Asking Rates: $1.85 NNN Asking Rates: Office $2.00 NNN Purchase $210-$225 SF Hanger $1.50 NNN Major Tenants: Liberty Realty, US Funding, Cornerstone Mortgage, James Industries. Major Tenants: Maverick Airlines, Life Guard International COMMENTS: COMMENTS: South Strip. Three blocks to I-15 interchange on Silverado Ranch Blvd. INTERCHANGE Private/corporate hangar and office project OPEN. CP zoned single story garden office park - blocks east of South Point Casino. 5 Buildings complete - 42,500 SF. Currently 16,000 SF Available. Upon completion, 11 buildings for a total of 86,500 SF.
H bizctr I @ Whitney Mesa H bizctr 2 @ Whitney Mes 59 1851 to 1891 Whitney Mesa Dr. 60 Mountain Vista St. & Whitney Mesa Dr.
Type: Office / Industrial Type: Office / Industrial Developer: Hedley Construction & Management Co. / Ken Hansen / 714-437-1122 Developer: Hedley Construction & Management Co. / Ken Hansen / 714-437-1122 Leasing Agent: New Growth Commercial Real Estate Company / Bridget Richards Leasing Agent: New Growth Commercial Real Estate Company / Bridget Richards 702-290-8838 702-290-8838 HENDERSON Architect: Lee & Sakahara Architects Architect: Lee & Sakahara Architects General Contractor: Brooks Corporation General Contractor: Brooks Corporation Date Built: Feb-07 Date Built: Sept-07 Status: Completed Status: Completed Project Square Footage: 58,515 Project Square Footage: 96,741 Development Acreage: 3.31 Development Acreage: 6.42 Asking Rates: $180 - $244 SF Asking Rates: $180 - $229 SF Major Tenants: Major Tenants: COMMENTS: COMMENTS: These upscale flex condos are close to US-95 and I-215, located minutes from down- These upscale flex condos are close to US-95 and I-215, located minutes from down- town and the airport. Buildings range from 3,500 to 7,400 SF. Perfect for supply, de- town and the airport. Buildings range in size from 1,811 to 36,570 SF. Perfect for sup- sign, engineering and architectural owner-user clients. ply, design, engineering and architectural owner-user clients.
40 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK
Eastgate Plaza II Valley Freeway Center Phase III 61 450 N. Stephanie St. 62 7705, 7715 & 7735 Commercial Way
Type: Office Type: Industrial Developer: United Insurance Company of America / Thomas & Mack Development Developer: Conde Del Mar Properties / Steve Groat / 702-856-3235 Group / Mike Byrne / 702-260-1008 Leasing Agent: Colliers International / Greg Pancirov, Mike DeLew, Kevin Collura Leasing Agent: Grubb & Ellis / David Scherer / 702-733-7500 702-735-5700 Architect: KKE/HFTA Architects Architect: Ron Wilson Architecture General Contractor: Summit Builders General Contractor: Solid Construction Date Built: Jun-08 Date Built: Oct-07 Status: Under Construction Status: Under Construction Project Square Footage: 140,000 Project Square Footage: 155,832 Development Acreage: 9.16 Development Acreage: 10.4 Asking Rates: $2.45-$2.65 MG Asking Rates: $0.68 - $0.75 - Warehouse $1.18 - $1.35 -Office Major Tenants: Major Tenants: COMMENTS: COMMENTS: Eastgate Plaza II will be the premier Class A, mid-rise office building in Henderson. Valley Freeway Center Phase 3 is a mixture of mid-bay distribution, incubator and Rising six stories above the major commercial corridor along N. Stephanie St. East- freeway showroom suites. It is located in the Henderson submarket just east of the gate Plaza II will be the tallest office building in Henderson and will offer breathtaking Valley Auto Mall and immediately off the Auto Show Dr. off-ramp. Suite sizes start at views and the finest amenities to its tenants. 1,900 SF with dock and 5,700 SF fronting the Freeway. HENDERSON
42 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK Henderson Commerce Center IV - Phase II Pacific Business Center Phase IV 63 Buildings J-N Warm Springs Rd. & Eastgate Rd. 64 Gibson Dr.& American Pacific Rd.
Type: Industrial Type: Industrial Developer: Harsch Investment Properties / John Ramous / 702-362-1400 Developer: Voit Development Company & Northwestern Mutual Life Insurance Leasing Agent: Company / Rich Dooley / 415-439-6120 Architect: VLMK Consulting Engineers Leasing Agent: Voit Commercial Brokerage / Kevin Higgins, Garrett Toft, Steve Paravia 702-734-4500 General Contractor: TWC Construction Architect: KKE/HFTA Architects Date Built: 2nd Qtr. 2008 General Contractor: Burke & Associates, Inc. Status: Under Construction Date Built: 1st Qtr. 2008 Project Square Footage: 750,000 Status: Under Construction Development Acreage: 17.44 Project Square Footage: 216,317 Asking Rates: Development Acreage: 10.85 Major Tenants: Asking Rates: $0.55 - $0.75 NNN COMMENTS: COMMENTS: Henderson Commerce Center IV is a master-planned business park situated on 49 Pacific Business Center Phase IV is the final phase of this master-planned industrial acres in Henderson. The park consists of 11 buildings totaling 750,000 SF of flex/of- park. It will feature two midbay buildings of 44,338 SF and 50,599 SF with frontage fice, light distribution, and distribution space. Phase II will consist of five light build- on American Pacific Drive. Additionally there is a 121,380 SF front loading distribution ings totaling 240,000 SF. building that is divisible to 27,625 SF.
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NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK 43 ROEL Construction Co. Delivering 90 Years of Construction Excellence
s ROEL celebrates its 90th anniversary, it continues to story 109,000 square-foot building includes demolition, con- A thrive not only in the San Diego construction market- crete block, structural steel, interior metal stud framing, fin- place where its long been a household name, but in its ishes, mechanical, electrical, plumbing and site work. Among newer corporate sites in Las Vegas, Bullhead City and Palm other 2006 – 2007 completed projects: Desert. Founded on integrity, quality and trust, ROEL has been de- • National University campus in Henderson - This project con- livering construction excellence for nine decades. Whether the job sisted of tenant improvements of a new shell building. Today the involves small tenant improvements or large scale new construc- university boasts a new state-of-the-art 11,323-square-foot facil- tion, ROEL provides a wide array of expertise to ensure an unpar- ity offering computer-equipped classrooms, a full-service com- alleled client experience. puter lab, and multi-media lecture rooms for classes, meetings ROEL attributes its continued success to people, relation- and professional rental. ships and trust. A testament to this ongoing dedication to • Towbin Hummer in Las Vegas - a 43,000-square-foot dealer- client satisfaction, ROEL has nine times received the Large ship including a high-end showroom, state-of-the-art service de- General Contractor of the Year award by both the Associated partment and corporate offices. General Contractors and the American Subcontractors Associ- • Dinners Ready in Las Vegas – a 1,775-square-foot kitchen ation. Additionally, the 2007 McGraw-Hill Engineering News- and food preparation facility. Record ranked ROEL 209 amongst the nation’s 400 largest • Lamplight Square in Henderson – 900-square-foot clubhouse general contractors. inclusive of a kitchen and media area as well as a swimming pool Launched in 1993, the Las Vegas office of ROEL Construc- and spa. tion is verging on another record setting year. Most notably, • Runvee Hobart Clubhouse in North Las Vegas – a 13,100- ROEL recently completed the construction of the corporate of- square-foot community clubhouse featuring a billiard room, fit- fices of Boyd Gaming. The complete build out of this four- ness room, aerobics room, saunas, cabana, and gatehouse.
44 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK
Traverse Point Distribution Center Stephanie/215 Marketplace 65 880 Wigwam Pkwy. 66 Stephanie St. & I-215
Type: Industrial Type: Office Developer: Interex of Nevada / Tony Olbres Developer: Lyle Brennan Investments / Christopher Richardson / 702-385-5999 Leasing Agent: Colliers International / Dave Frear / 702-735-5700 Leasing Agent: Christopher Richardson / 702-385-5999 Architect: Design Build Architect: Pacific Design Concepts General Contractor: LM Construction General Contractor: Date Built: Jul-07 Date Built: Early 2008 Status: Completed Status: Planned Project Square Footage: 150,000 Project Square Footage: 30,000 Development Acreage: 9.63 Development Acreage: 1.75 Asking Rates: $0.60 - $0.77 NNN Asking Rates: Major Tenants: Major Tenants: Nevada Business Journal, ReD Report COMMENTS: COMMENTS: Freestanding state of the art distribution center situated on 9.68 acres on Wigwam Stephanie/215 Marketplace will offer a unique mixed-use office and retail center in a Pkwy. This building features 4000 amps of three-phase power, 30' clear height and very prominent location. The center will feature panorama views of the Las Vegas sky- ESFR sprinklers. It is divisible to 20,000 SF with yard and trailer storage available. line and have great freeway visibility.
Green Design Trends SH Architecture Paving the Way for Greener Valley
H Architecture is designing Cashman Equipment’s ergy than a standard facility of this size thanks to this holistic S new headquarters, which consists of seven build- design approach. ings totaling over 290,00 square feet on more than Similarly, SH Architecture is designing the new SPWB’s 60 acres in Henderson. This project will house Cashman Campos Parole and Probation office building. This five story Equipment’s administra- 75,000-square-foot tive offices, repair and building located in the maintenance facilities, “SH Architecture’s design will take advantage of heart of downtown will be replacing the existing power solutions division, natural opportunities for heating and cooling parts department and the facility. The new Campos rental store. Upon comple- to reduce the buildings’ use of energy.” Parole and Probation of- tion, Cashman Equip- fice building is designed HENDERSON ment’s buildings will be to be efficient in struc- LEED Gold certified, one of only a handful of LEED certified ture and cost. It maximizes the use of natural day lighting to buildings in the west, and the first facility of its kind in the en- reduce energy consumption and low-water-use plumbing fix- tire nation to achieve the Gold level certification. tures to minimize water usage. SH Architecture’s design will take advantage of natural op- SH Architecture is a leader in sustainable design and strives portunities for heating and cooling to reduce the buildings’ use to inspire clients and communities to new levels of environ- of energy. One example is a geothermal ground loop system that mental awareness. will store excess building heat during the summer until it is The way SH Architecture does business is a reflection of the needed in the cooler months. This eco-friendly solution saves 20 company’s sustainable philosophy. SH Architecture embodies percent more energy than standard HVAC systems. What’s more, ideas for sustainable solutions that meet the needs of and ed- Cashman Equipment on a whole will save 45 percent more en- ucate its clients.
46 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK
1505 E. Wigwam The District at Green Valley Ranch 67 1505 E Wigwam Pkwy. 68 120 & 170 S Green Valley Pkwy.
Type: Office Type: Office Developer: Wilo West Investment Partners III, LLC Developer: American Nevada Company / Charles Van Geel / 702-458-8855 Leasing Agent: CBRE / Jan Hoback, Carla Cole, Bruce Follmer / 702-369-4800 Leasing Agent: American Nevada Company / Charles Van Geel / 702-458-8855 Architect: Valentiner Crane Architect: JMA General Contractor: General Contractor: The Korte Company Date Built: 4th Quarter 2007 Date Built: May-06 Status: Under Construction Status: Completed Project Square Footage: 51,704 Project Square Footage: 64,000 Development Acreage: 17.5 Development Acreage: Asking Rates: $2.65 MG Asking Rates: $2.15 NNN Major Tenants: First Comp Insurance, Silver State Bank, Charles Schwab, Major Tenants: Nevada Orthopedic & Spine Center, Matt Smith Physical Therapy, Dunbar Commercial Advanced Prosthetic and Orthopedics COMMENTS: COMMENTS: Main lobbies in the second and third floors of these buildings incorporated natural 65,000 SF medical office building located on the new HCA Hospital Campus to be con- stone flooring, wood paneling, classically detailed light fixtures, original artwork and structed at Stephanie St. & I-215. live plants, creating a sense of elegance upon arrival. HENDERSON
48 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK 2360 Corporate Circle Venture Carmichael Plaza 69 2360 Corporate Circle Dr. 70 Horizon Ridge Pkwy. & Carmichael Way
Type: Office Type: Office Developer: American Nevada Company / Charles Van Geel /702-458-8855 Developer: Venture Corporation Las Vegas / Ryan Gould / 702-341-8809 Leasing Agent: American Nevada Company / Charles Van Geel / 702-458-8855 Leasing Agent: Venture Corporation Las Vegas / Ryan Gould / 702-341-8809 Architect: TKC Design PC Architect: PGAL General Contractor: The Korte Company General Contractor: Lusardi Construction Date Built: May-08 Date Built: Jun-06 Status: Under Construction Status: Under Construction Project Square Footage: 60,000 Project Square Footage: 134,391 Development Acreage: 4.5 Development Acreage: 3.00 Asking Rates: $2.00-$2.25 NNN / $260 For Sale Shell Asking Rates: $2.35 NNN Major Tenants: Major Tenants: Vegas, Showbiz & In-Business Magazine, associated with Greenspun Media Group COMMENTS: Venture Carmichael Plaza is a Class A design, 60,000 SF, two-story building in Hen- COMMENTS: derson (Southeast Las Vegas) ideal for medical, dental and professional offices rang- 2360 Corporate Circle is designed to meet the needs of high profile tenants in a four- ing in size from 1,500 to 4,500 SF.Venture Carmichael Plaza is located in the heart of story, Class A building. Targeted for LEED certification, this project offers adjacent Green Valley Ranch, surrounded by residential and commercial retail, including the structural paring, sleek elevations and sophisticated interior features. Expansive District at GVR and the Green Valley Ranch Resort/Casino. valley views, freeway visibility and amenities. HENDERSON
NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK 49 Tuscano Medical Parc Beltway Corporate Center- Phase II 71 10521-10581 Jeffereys St. 72 8965-8985 Eastern Ave.
Type: Office Type: Office Developer: Steelhead Development, Inc. / Argo Corporation Developer: DSA Development / Daryl Alterwitz / 702-735-0061 Leasing Agent: Lee & Associates / Chuck Witters / 702-739-6222 Leasing Agent: CBRE / Randy Broadhead / 702-369-4800 Architect: Gerald Garapich Architect: Indigo Architects General Contractor: Steelhead Development General Contractor: The Korte Company Date Built: Dec-06 Date Built: Aug-06 Status: Under Construction Status: Under Construction Project Square Footage: 128,000 Project Square Footage: 94,720 Development Acreage: Development Acreage: 7.8 Asking Rates: $2.20 MG Asking Rates: $2.00 SF NNN Major Tenants: Kimball Hill Homes, Ford Motor Credit Major Tenants: COMMENTS: COMMENTS: Beltway Corporate Center is a professional office development that will be comprised Park like grounds, Tuscany Mediterranean architecture, five single-story buildings of two three-story buildings totaling +/- 128,000 SF. Convenient location off the I-215 from 7,750 SF to 12,000 SF extensive use of Italian tile in building common areas, at Eastern Avenue offering freeway visibility, accessibility and within minutes of Mc- generous tenant improvement allowance. Carran Airport.
HONESTY • CUSTOMER SERVICE • INTEGRITY
SPECIALIZING IN: Brian Berg HENDERSON • Commercial Business Complexes • Homeowners Associations 949-439-7872 • Master Associations • Planned Unit Developments [email protected] • Condominium Complexes Nevada California • Apartment Complexes 10161 Park Run Dr., Ste. 150 23661 Birtcher Dr. • High Rises Las Vegas, NV 89145 Lake Forest, CA 92630 • Lessors Risk Exposures 702-835-6984 949-243-0899
50 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK
Pebble Place Business Center Viewpointe Professional Office Center III 73 2190 & 2140 E Pebble Rd. 74 8235 S. Eastern Ave.
Type: Office Type: Office Developer: Anchor Development, Inc / James Wilmot / 702-253-7600 Developer: Viewpointe Professional Office Center III, LLC / Chip Johnson Leasing Agent: Colliers International / Suzette La Grange, Ryan Martin, Chris Jensvold 702-732-8860 702-735-5700 Leasing Agent: Lee & Associates / Chuck Witters, David Flynn / 702-739-6222 Architect: James E. Stroh Architect: Perlman Architects General Contractor: TWC Construction General Contractor: Affordable Concepts Date Built: Apr-07 Date Built: 2007 Status: Completed Status: Completed Project Square Footage: 51,928 Development Acreage: 3.85 Project Square Footage: 121,600 Asking Rates: $1.80-1.90 NNN Development Acreage: 8.00 Major Tenants: Anchor Development, Dr. Craig Hamilton, James E. Stroh Architect, Inc., Asking Rates: $2.40 MG Skywire Media Major Tenants: COMMENTS: COMMENTS: Pebble Place Business Center, Pebble Place features two two-story buildings totaling Class A corporate style office park environment with high visibility located by almost 52,000 SF with a lushly landscaped courtyard and highly upgraded lobby major arterial and close to McCarran Airport. Four two-story office buildings, areas, as well as unparalleled conveniences within the Eastern & I-215 area. Suites professionally decorated with air conditioned garages, document storages on-site are available from +/- 1,000 SF. Full floor space is available. and covered parking available. HENDERSON
52 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK GATSKI COMMERCIAL REAL ESTATE SERVICES Fast-growing company expands scope of services
From left, Lannie Neal, Sharon Strehlow, Frank Gatski, Rob Lujan and Jason Simon of Gatski Commercial Real Estate Services
hile the homegrown Gatski Com- managing our three buildings and we mercial Real Estate Services has have all become good friends,” Kirchmey- Wmore than 4 million square feet in er said. “The ‘Gatski Team’ has worked its portfolio, clients continue to receive per- hard to keep our buildings in repair and sonalized services not often found at other looking nice; they have a good relation- large firms. ship with our lessees and keep a very low “All of our services are customized, we expertise. “Gatski Commercial proves to mostly zero vacancy factor. They also can sit down and figure out what is best for every day that their effort will not stop until provide excellent monthly financial state- and with the client,” said Frank Gatski, CPM, the projects are leased. They are the defin- ments, accounting for every dollar. If there CCIM, president of the Las Vegas-based ition of persistence,” Crighton said. was an award of five stars for the best Gatski Commercial Real Estate Services. As Gatski Commercial continues to management company in Las Vegas, we Leasing has become a large part of what grow, it hasn’t lost sight of its core busi- are sure that it would be given to Gatski the company does, much of it from the ness and the heartbeat of the company: Commercial Real Estate Services.” ground up for local developers. property management. Gatski Commercial has developed sys- Richard Crighton, partner in Nevada- Charleston Pavilion, LLC retained tems and procedures to handle a variety of based RCS Development, is working with Gatski Commercial as its property man- services in-house that many competitors Gatski Commercial Real Estate Services on agement company for Pavilion, a tend to outsource, such as landscaping, the leasing and property management of 154,000-square-foot Class A office build- building maintenance, emergency re- three ground-up retail centers in Southern ing at 10801 W. Charleston Blvd. in the sponse, mold remediation and a new busi- Nevada. Crighton was referred to Gatski Summerlin Centre. ness brokerage service. Commercial by another broker and said he Jason Awad and Iain Finlayson of Pavil- “It’s always been my experience in this was immediately attracted by the company’s ion welcomed Gatski Commercial Real Es- business, that you are only as good as the tate Services to the management role. people you have working for you,” Gatski “Gatski Commercial has a reputation for said. The company will soon debut more credibility, reliability and integrity,” Awad in-house services, bringing more added said. ”Also, as long-time Las Vegas resi- value for clients. dents, we especially like the fact that the company is locally owned.” Finlayson said, “Frank and his staff seem focused on re- Gatski Commercial sults, and we like that." Real Estate Services Ken Kirchmeyer, president of the 4755 Dean Martin Dr Hawaii-based Kirchmeyer Development Corporation owns approximately 64,000 Las Vegas, NV 89103 From Left: Lannie Neal and Frank Gatski of Gatski Commercial square feet of commercial space in (702) 221-8226 pictured with clients Iain Finlayson and Jason Awad of Pavilion. Inc. magazine recently named Gatski Commercial as one of Southern Nevada. “Frank Gatski and his www.gatskicommercial.com the 5000 Fastest Growing Private Companies in America. staff have done an excellent job in
NEVADA BUSINESS JOURNAL ADVERTORIAL Pecos Springs Business Park Shea at Sunset 75 7395 S. Pecos Rd. 76 3602-3656 E. Sunset Rd.
Type: Office Type: Office / Industrial Developer: Pecos Springs LLC / Chip Johnson / 702-732-8860 Developer: SAXA, Inc / Lucinda Stanley / 702-592-1196 Leasing Agent: Commercial Executives / Soozi Jones Walker, Bobbi Miracle Leasing Agent: Prudential-IPG CRES / Darlene Sandri / 702-363-7600 702-316-4500 Architect: DFD Cornoyer Hedrick Architect: Perlman General Contractor: Caviness Construction Company General Contractor: Affordable Concepts Date Built: Jul-07 Date Built: 1st-2nd Quarter 2008 Status: Completed Status: Under Construction Project Square Footage: 118,000 Project Square Footage: 63,060 Development Acreage: 10.00 Development Acreage: 6.57 Asking Rates: For Sale $200-$225 SF Asking Rates: $2.50 MG Major Tenants: The International School of Hospitality, General & Geriatric Psychiatry by Major Tenants: Dr. Ngo COMMENTS: COMMENTS: $40 SF tenant improvement alowance with the HVAC and concrete on the shell. The Industrial / Office 10-acre mixed-use park with 118,000 SF. A few opportunities re- beautiful center is being developed with nine buildings. Stone accents, great parking maining for 1,250 to 5,100 SF office suites to purchase. Construction complete, beau- ratios, and easy access into the center from Pecos or Warm Springs. Covered Parking tiful architecture. Located close to McCarran Airport, 215 Beltway & I-15. Attractive- will be available. ly priced from $200 SF Gray Shell or $270 SF for a built-out office.
Pavilion Shines In Summerlin Centre
avilion, a 154,000-square-foot class A office build- way,” he said, referring to the natural stone and stunning P ing at 10801 West Charleston Blvd. in Las Vegas, is glass frontage. the jewel of Summerlin Centre, a 400-acre commu- Awad’s long-time colleague Iain Finlayson serves as man- nity being developed by The Howard Hughes Corp. aging director of Pavilion, overseeing tenant coordination, The area surrounding Pavilion will include office buildings, leasing and overall management. “Iain understands that condominiums, homes Pavilion is not just a and shopping within building to our tenants close proximity to the “Our goal was for a building that would be loved and he ensures that I-215 Beltway. by the community with architectural elements clients are receiving A number of high pro- Class A service,” Awad file tenants will office at that were truly Class A in every way.” said. “Iain pays great at- Pavilion, including City tention to important de- HENDERSON National Bank, Fertitta tails and is a big reason Enterprises, UBS, TD Ameritrade, Harris & Associates, Hill In- for the success of Pavilion.” ternational, Station Casinos and others. Charleston Pavilion, LLC plans to develop other office and Jason Awad of Charleston Pavilion, LLC said Pavilion was retail projects in the Summerlin Centre area. “The area is very originally conceptualized as two three story buildings. Awad hot and the demand is certainly there,” Awad said. “Sum- went through the rezoning process for a six story structure on merlin Centre is a premiere location in Southern Nevada. We the site in order to better spotlight some of the building’s focal certainly would like to have the opportunity to do more work points, which include spectacular views and balconies. “Our in that area.” He added that they are also looking to develop goal was for a building that would be loved by the communi- a Class A office building on the southwest side of Las Vegas, ty with architectural elements that were truly Class A in every near the Buffalo/Durango corridor.
54 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK
1 MCC-5 Marnell Corporate Center 2Town Square 3 3883 Howard Hughes Pkwy. 4 701 Shadow Lane Office Building 5 Molasky Corporate Center 6 Shea at Tenaya Village 7Venture Centennial Hills Center 8 Cheyenne Fairways Business Center 9 Las Vegas Tech Center II 10 Parkway Pointe 11 Pavilion 12 Stone Canyon Professional Park 13 The Gardens Plaza 14 Venture Hualapai Pavilion Commons 15 Venture Professional Center Ft. Apache 16 Manhattan West 17 Desert Canyon Business Park 18 LaPour Corporate Center 19 The Park at Spanish Ridge 20 Discovery Gateway Park 21 Copper Pointe Business Park 22 Durango Village 23 Village Business Park located in The West Village 24 Durango Warm Springs Medical 25 MacFarlane Medical Center 26 The Arroyo-Single Story 27 The Arroyo Corporate Center 28 Buffalo/215 Business Park 29 Arroyo Industrial Phase II 30 Park West 31 Tenaya Quail Commercial Center 32 Rainbow Sunset Pavilion 33 Rainbow Corporate Center 34 Spanish Trail Business Park 35 Post Business Park 36 Beltway Business Park 37 Beltway Business Center - Buildings 6, 7 & 8 38 Corporate Gateway III at Beltway Business Park 39 Decatur Crossing - Phase III 40 Eldorado Business Park 41 Blue Diamond Business Center - Buildings 3, 6 & 9 42 Silver Creek Office Park 43 Henderson Quail Commercial Aviation & Air Centers 44 NorthPort Business Center, Phase III & IV 45 Cheyenne Commerce Center - Phase II 46 Civic Center Corporate Park 47 ProLogis Park North at North Las Vegas - Building 3 48 The Park at Northpointe 49 Cannery Commerce Center 50 Golden Triangle Industrial Park - Building F & G 51 Camino al Norte Office Park 52 Aliante Corporate Center 53 Centennial Pkwy. & Mt. Hood St. 54 VenturePointe Speedway Commerce Center 55 Speedway Commerce Center - Phase II 56 Northern Beltway Industrial Center - Buildings A & B 57 Cheyenne Industrial Center 58 NorthEast Crossing Commerce Center 59 H bizctr I @ Whitney Mesa 60 H bizctr 2 @ Whitney Mesa 61 Eastgate Plaza II 62 Valley Freeway Center Phase III 63 Henderson Commerce Center IV - Phase II 64 Pacific Business Center Phase IV 65 Traverse Point Distribution Center 66 Stephanie/215 Marketplace 67 1505 E. Wigwam 68 The District at Green Valley Ranch 69 2360 Corporate Circle 70 Venture Carmichael Plaza 71 Tuscano Medical Parc 72 Beltway Corporate Center- Phase II 73 Pebble Place Business Center 74 Viewpointe Professional Office Center III 75 Pecos Springs Business Park 76 Shea at Sunset 77 Arrowhead 21 78 Tuscano Professional Parc 79 Venture Commerce Center 80 Pama Lane Business Park 81 Equipment Management Technology Center 82 740 @ Hughes Airport Center 83 Sunset Pilot Plaza
North Las Vegas Office Submarket Overview By Chris Jensvold, Colliers International
“Developers are still anticipating that many small office users will come from future housing developments such as the master-planned community Aliante.”
urrently, the north offers about tion. Many present business owners do not live in the North Las 720,000 square feet total of ex- Vegas area and have not yet realized the opportunity that exists Cisting office space, this is twice to service the rapidly growing population in the area. Sales prices Chris Jensvold the amount of existing square feet for free standing office buildings in the north are currently be- from the previous year. About 35 percent remains vacant and tween $185 and $230 per square foot. Rental rates are at an av- there is another 80,000 square feet under construction. The past erage of $2.58 per square foot, full service gross. This is up about couple of years have shown increases in interest rates, con- 10 percent from the previous year. struction costs and land values. During that time, many develop- Some notable projects in the area include Centennial Corpo- ers were still able to take advantage of the north’s less expensive rate Center by Plise, a three-story Class A building for lease locat- land. Developers are still anticipating that many small office ed just west of US 95 and Ann Road. The Park at Northpointe by users will come from future housing developments such as the PLISE is located on Martin Luther King Boulevard between Craig master-planned community Aliante. This combined with the cur- and Alexander roads. First phase of construction is finished and rent attraction of affordable housing and the city’s redevelopment upon completion, the project will total approximately 100,000 plans, North Las Vegas is in a great position for future absorp- square feet.
North Las Vegas Industrial Submarket Overview By Suzette La Grange, Colliers International
he North Las Vegas submarket is to North Las Vegas. Lease rates have increased an average of 15 bordered by Lake Mead Boule- percent over the last 12 months with rates for distribution space T vard to the south, Decatur Boule- at $0.42 to $0.50 per square foot per month net, $0.60 to $0.70 vard to the west, Nellis Boulevard to square foot per month for mid-bay dock-high space, and $0.75 the east and extends beyond the I-215 to $0.90 square foot per month net for flex and incubator type in- Beltway to the north. As of the second dustrial space. The lease rates in the North Las Vegas area are 20 quarter 2007, the submarket consists percent less than the rates in the Southwest submarket due to of nearly 27.8 million square feet of the lower land costs in North Las Vegas. However, over the last industrial space, which represents 12 months, asking prices for land in North Las Vegas are around Suzette La Grange more than 29 percent of all industrial $12 per square foot from $6.00 to $8.00 per square foot in early space in Southern Nevada. Over the past year, the vacancy rate 2005, to more than $10.00 per square foot in many locations. in North Las Vegas increased slightly from 3.9 percent in the Many developers still find it hard to pencil industrial warehouse second quarter 2006 to 4.8 percent at the end of the second buildings given the high land values and construction costs. quarter 2007. Approximately 1.3 million square feet of space is North Las Vegas is well positioned to take advantage of ten- vacant. North Las Vegas is the most active industrial submarket ants leaving the Southwest and Airport submarkets where space in Southern Nevada with 40 percent of all net absorption occur- is more expensive and new inventory is limited. With more than ring in the North Las Vegas area. 1.2 million square feet under construction and 2.4 million square Industrial space in North Las Vegas is occupied by major dis- feet planned, tenants will find a nice selection of alternatives in tribution or manufacturing companies that service the entire North Las Vegas over the next 12 months. However, with 2.8 per- west or southwest United States. Over the past year, many com- cent vacancy rates in North Las Vegas distribution space, they panies that service the local market have expanded or relocated will have to wait for new product to be completed. NORTH LAS VEGAS
58 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK NorthPort Business Center, Phase III & IV Cheyenne Commerce Center - Phase II 44 3525, 3575 & 3675 W. Cheyenne Ave. 45 720 & 730 Cheyenne Ave.
Type: Office Type: Industrial Developer: Jackson-Shaw Company / Ralph Murphy / 702-732-7400 Developer: Harsch Investment Properties / John Ramous / 702-362-1400 Leasing Agent: Grubb & Ellis / David Scherer / 702-733-7500 Leasing Agent: Harsh Investment Properties Architect: KKE/HFTA Architects Architect: VLMK Consulting Engineers General Contractor: Affordable Concepts General Contractor: TWC Construction Date Built: Jun-06 Date Built: Oct-06 Status: Completed Status: Completed Project Square Footage: 1-33,009 / 2-33,009 / 3-29,067 Project Square Footage: 101,670 Development Acreage: 4.77 Development Acreage: 7.58 Asking Rates: Phase III - $1.35 NNN Phase IV - $1.60 NNN Asking Rates: $0.85-$1.45 Net Major Tenants: Jaynes Corporation, Payroll Solutions, MTS Cabinets Major Tenants: Silver State Helicopters, Staffmark, City Mortgage COMMENTS: COMMENTS: NorthPort Business Center was designed with varying clear heights, parking ratios, Cheyenne Commerce Center Phase II is an office/warehouse property featuring custom overhead door availability, etc. In an effort to accommodate many business uses. Phase designed suites of "hi-tech" flex space. Cheyenne Commerce Center Phase II offers III is (2) single-story office/flex buildings totaling 66,000 SF. Phase IV is the only two- units ranging in size from 873 to 5,775 SF with 18' clear height in Building B, as well story Class A office building located within the Cheyenne Technology Corridor. as grade level and dock high loading doors.
Civic Center Corporate Park SUBMARKET SPONSOR 46 3858 & 3868 Civic Center Dr.
Type: Industrial Developer: Panattoni Development Company / Ben Campbell / 702-269-1360 Leasing Agent: CB Richard Ellis / Donna Alderson, Greg Tassi / 702-369-4800 Architect: Tectonics Design Group General Contractor: Panattoni Construction Co. Date Built: Nov-07 Status: Under Construction OT A VEGAS LAS NORTH Project Square Footage: 181,220 Thanks for Development Acreage: 14.00 Asking Rates: $1.70 - $1.75 supporting NAIOP! Major Tenants: Pape Rents COMMENTS: Available for delivery in the 4th quarter of 2007, this M-2 zoned +/-14-acre master- planned business park will include 4 buildings from +/-16,000 to +/-100,000 SF in size. The high image concrete tilt-up buildings will include features like an 18' to 30' clear height, a 48' truck apron, ESFR sprinkler systems, and ample 277/480 3-phase power service.
NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK 59 ProLogis Park North Building 16 The Park at Northpointe 47 3837 Bay Lake Trail 48 4040-4130 Martin Luther King Blvd.
Type: Industrial Type: Office Developer: ProLogis Trust / Pat Welsh / 702-891-9292 Developer: Glen, Smith & Glen Development / Kenneth Smith / 702-212-9400 Leasing Agent: Colliers International / Suzette La Grange, Dan Doherty Leasing Agent: Colliers International / Jimmy Marsh / 702-735-5700 702-735-5700 Architect: Perkowitz & Ruth Architects Architect: Blakely, Johnson & Ghusn Inc. General Contractor: SR Construction General Contractor: United Construction Company Date Built: Nov-06 Date Built: 3rd Qtr. 2007 Status: Completed Status: Completed Project Square Footage: 97,200 Project Square Footage: 2,100,000 Development Acreage: 9.37 Development Acreage: 102.00 Asking Rates: $1.85-$2.05/ SF NNN / $185-$205/ SF Shell for Sale Asking Rates: TBD Major Tenants: Pain Wellness Center, Pentagon Studios, TLC Dental Major Tenants: Bed Bath & Beyond, CDW Corp., Pride Mobility COMMENTS: COMMENTS: The Park at Northpointe is a 9.37-acre development featuring 18 single-story buildings Prologis Park at North Las Vegas is a 2.1 million SF - 102-acre master-planned indus- ranging from 4,200 to 7,200 SF and are for sale or lease. Features include sophisticat- trial park. Building 16 is a cross-dock, concrete tilt-up building divisible to units of ap- ed architectural style with stone exterior building accents. Property located at the cen- proximately 52,000 SF.Additional buildings are planned and build-to-suit opportunities ter of North Las Vegas’ retail corridor on Martin Luther King Boulevard and Craig Road. are available within the park. NORTH LAS VEGAS
60 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK
Cannery Commerce Center Golden Triangle Industrial Park - Building F & G 49 Berg St. & Craig Rd. 50 Building G
Type: Industrial Type: Industrial Developer: SDS, LLC Development Developer: Operating Engineers Funds Leasing Agent: CB Richard Ellis / Donna Alderson, Greg Tassi / 702-369-4800 Leasing Agent: CB Richard Ellis / Donna Alderson, Greg Tassi / 702-369-4800 Architect: Smith Consulting Architects Architect: HPA General Contractor: Lusardi Construction Company General Contractor: ConAm Date Built: 1st Qtr. 2008 Status: Under Construction Date Built: Jun-07 Project Square Footage: 163,500 Status: Under Construction Development Acreage: 10.00 Project Square Footage: 187,427 Asking Rates: Development Acreage: 200.00 Major Tenants: Asking Rates: COMMENTS: Major Tenants: Office Max, Murray Feiss Lighting, Custom Building Products Available for delivery in the 4th quarter of 2007, this M-2 zoned, 10-acre master- planned business park will include three buildings from 43,500 to 60,000 SF in size. COMMENTS: The concrete tilt-up buildings include 18’ to 24’ clear height, 95’ to 162’ truck court, The +/-108,507-SF Building F and +/-78,920-SF Building G are rear-loaded. Ameni- fire sprinklers and ample 277/480 volt three-phase power service. Property located on ties include 30’ minimum clear height, dock-high loading doors, fire system, two Berg Street, north of Craig Road and west of I-215. 12’x14’ grade level doors, evaporative cooling and foil insulation.
Newland Communities’ Union Park A City Within a City
nion Park is a 61-acre, 11-million-square-foot CESS Medical Development, which is planning to build a med- U mixed-use development located in the heart of ical office and hotel. The community’s open space has been downtown Las Vegas. Designed to invigorate and planned to include areas that will accommodate festivals, ex- dramatically enhance the downtown area, Union Park is taking hibits and art shows, complimenting the substantial art influ- shape as a “city within a city” and is considered the center- ence of the nearby downtown arts district. Further adding to piece of downtown redevelopment. The personal legacy of Las the vitality of Union Park are hotels, restaurants, shopping, of- Vegas Mayor Oscar B. Goodman, Union Park remains a top pri- fice and medical facilities. A place to window shop, meet ority for the City of Las Vegas. It is being developed as a place friends for coffee or dinner, conduct business, visit an art for those who live and work in Southern Nevada to dine, shop, gallery and take in a concert or the ballet, Union Park will de- people-watch, and enjoy its many cultural and entertainment liver a full-bodied urban experience never before available in offerings. In the city’s historic downtown, Union Park is Las Las Vegas. A true mixed-use development, Union Park defines Vegas’ only authentic urban center. It not only encompasses the very essence of downtown living and will offer a variety of development on the immediate site, but is a part of the dy- urban-style residences developed by Newland Communities. namic Union Park District, which includes many of the city’s These include apartments, condominiums, street-level brown- most significant projects, such as World Market Center, Clark stones and mid-rise lofts. County Government Center, Las Vegas Premium Outlets and As Las Vegas continues to evolve past the glitz and glamour Molasky Corporate Center. of the Strip, Union Park is destined to become a centralizing Union Park projects announced to date include the Lou Ruvo force for the city. It is the obvious gathering place for current Brain Institute, The Smith Center for the Performing Arts, World and future generations of Las Vegans seeking a more sophisti- Jewelry Center, Charlie Palmer Boutique Hotel/Condo and AC- cated and progressive urban experience. NORTH LAS VEGAS
62 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK
Camino al Norte Office Park Aliante Corporate Center 51 5105 to 5195 Camino al Norte 52 2550 Nature Park Dr.
Type: Office Type: Office Developer: Dr. Rick Abelson / 949-322-9038 Developer: American Nevada Company / Charles Van Geel / 702-458-8855 Leasing Agent: Sun Commercial Real Estate / Cathy Jones, Logan Schrumpf Leasing Agent: American Nevada Company / Charles Van Geel / 702-458-8855 702-986-7301 Architect: JMA Architect: KKE/HFTA Architects General Contractor: The Korte Company General Contractor: Affordable Concepts Date Built: Sept-06 Date Built: Mar-07 Status: Completed Status: Under Construction Project Square Footage: 27,821 Project Square Footage: 38,487 Development Acreage: 6.50 Development Acreage: 13.00 Asking Rates: $2.25 MG Asking Rates: $1.75-$1.85 NNN Major Tenants: Major Tenants: First Commerce Bank, Remax, Town Center Suites COMMENTS: COMMENTS: Architecture of this two-story Class B office building is influenced by surrounding Camino al Norte office development contains twelve commercial buildings on the desert forms and environment. Exterior features include the use of vibrant stucco, southwest corner of Camino al Norte and Washburn. This impressive office park offers stone veneers, metal canopies and sunshades. The site was designed to provide a growing community and excellent option for office use. Phase II will encompass six maximum views of the northern mountains and expansive Nature Discovery Park to new office condominiums totaling 38,487 SF. the south. NORTH LAS VEGAS
64 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK
Centennial Pkwy. & Mt. Hood St. Venture Pointe Speedway Commerce Center 53 Centennial Pkwy. & Mt. Hood St. 54 Tropical Pkwy. & Mt. Hood St.
Type: Industrial Type: Industrial Developer: Centennial West, LLC / Gene Monkarsh / 310-278-1830 Developer: Venture Pointe Development / John Clement Leasing Agent: Leasing Agent: CB Richard Ellis / Donna Alderson, Greg Tassi / 702-369-4800 Architect: RGA Architects Architect: Ware Malcomb General Contractor: LM Construction General Contractor: TWC Construction Date Built: 1st Qtr. 2008 Date Built: 4th Qtr. 2007 Status: Planned Status: Under Construction Project Square Footage: 158,854 Project Square Footage: 156,800 Development Acreage: Development Acreage: 9.00 Asking Rates: Asking Rates: Major Tenants: Major Tenants: COMMENTS: COMMENTS: The project is located in the City of North Las Vegas in the Northeast industrial corridor. Available for delivery in the 4th quarter of 2007, this M-2 zoned (North Las Vegas) +/- Phase I is the first of a three phase project that has a scheduled start date for the 1st 9-acre master-planned business park will include four buildings from 32,000 to 52,800 quarter of 2008. Phase I will consist of two buildings: Building 1 will be +/-72,284 SF SF in size.The high image concrete tilt-up buildings will include features like a 22' clear with a potential of eight bays and Building 2 will be +/-86,570 SF with a potential of height, dock and grade level loading, yard space, and ample 277/480 volt three-phase 12 bays. power service.
Jones Vargas Contributing to the Las Vegas World Market
t’s becoming a staple of the Las Vegas landscape: de- has since seen an increase in interest from developers, thus I velopment and redevelopment projects rapidly growing the number of redevelopment projects in Las Vegas. sprawling outward and upward. More than 110 high- While Las Vegas works to replace the old with the new, rise condo, hotel, mixed-use and other major projects in Las the WMC is booming with success. The project, situated in Vegas are in various stages of development. Jones Vargas has the heart of downtown Las Vegas, is in its third phase, with contributed to one of Nevada’s largest redevelopment projects, an expected completion date of 2008. Meanwhile, the cur- the Las Vegas World Market Center (WMC). rent facility, a 530-room, three-million-square-foot furni- Jones Vargas lawyer Richard Jost played a vital role in the ture complex, continues to sponsor semi-annual home and WMC project, helping to set the stage for the redevelopment hospitality contract furnishings industry trade shows at- movement in southern Nevada. Backed by the Las Vegas Rede- tended by more than 100,000 national and international velopment Agency, the WMC was made possible by a new tax professionals. increment model developed in part by Jost and the Jones Var- “This project has rapidly evolved the furniture industry as we gas team. know it today. If the pace continues, I believe it could join the Centered around the idea that everyone wins or nothing hap- gaming industry, becoming a driving element in Nevada’s econ- pens, the model was originally introduced to the Las Vegas Re- omy,” said Richard Jost. development Agency as a tool for developers to gain more con- With nearly 80 years of experience, Jones Vargas is a leader trol over the WMC project. In return, both parties agreed not to in Nevada Law with offices in Las Vegas and Reno, Jones Var- compensate the developer until the area’s property value had gas offers legal services in business transactions, litigation and improved. The Redevelopment Agency adopted the idea and government relations. NORTH LAS VEGAS
66 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK
Speedway Commerce Center - Phase II Northern Beltway Industrial Center - Buildings A & B 55 6949, 6957, 6963, 6969 Speedway Blvd.6120, 6140, 6160, 6190 Hollywood Blvd. 56 El Campo Grande Ave. & Range Rd.
Type: Industrial Type: Industrial Developer: Harsch Investment Properties / John Ramous / 702-362-1400 Developer: Thomas & Mack Development Group / Rick Meyers / 702-260-1008 Leasing Agent: Voit Commercial Brokerage / Kevin Higgins, Garrett Toft, Steve Paravia Leasing Agent: CB Richard Ellis / Ed Aragon / 702-369-4800 702-734-4500 Architect: Group Mackenzie Architect: Lee & Sakahara Architects General Contractor: TWC Construction General Contractor: Martin Harris Construction Date Built: 3rd Qtr. 2007 Date Built: Jun-07 Status: Under Construction Status: Completed Project Square Footage: 188,950 / 234,836 / 134,735 Project Square Footage: 522,839 Development Acreage: 21.22 Asking Rates: Buildings A & B: $0.42 - $0.50 NNN / Phase C: $0.65 - $0.77 NNN Development Acreage: 29.80 $135 - $165 SF Asking Rates: $0.62 - $0.76 NNN Major Tenants: Major Tenants: National Dairy, Nevada Power Company, Wickes Furniture COMMENTS: COMMENTS: The Northern Beltway Industrial Center will be a 1,926,000 SF master-planned indus- Speedway Commerce Center Phase II is an eight building industrial park featuring units trial park consisting of seven buildings. The first phase consists of Building A, 188,950 from +/-3,500 to +/-11,138 SF. Units can be combined for up to 21,143 SF of space. SF, divisible to 27,022 SF; and Building B, 234,836 SF divisible to 25,168 SF. Phase C Each of the 80 units are ready for occupancy with existing office, a minimum of one will consist of eight freestanding industrial buildings ranging is size from 7,894 - grade level and one dock high loading door per suite. 25,814 SF available on a sale or lease basis.
American Nevada Company Setting the Standard
merican Nevada Company is a preeminent real estate ship with Del Webb Communities, Inc. to develop the 1,905-acre A developer in Southern Nevada, specializing in the de- master-planned community of Aliante in North Las Vegas; and a velopment of master-planned communities, office partnership with MGM Mirage and Jeanco Realty Development, parks, retail centers and mixed-use properties, with an impressive LLC to master-plan a mixed-use development on approximately commercial portfolio of more than 2.5 million square feet. Its suc- 166 acres of land currently owned by MGM Mirage in Jean. cess in the commercial sector can be attributed to its reputation American Nevada Company’s signature development is The Dis- for delivering the finest in quality commercial space, while utiliz- trict at Green Valley Ranch, Nevada’s first mixed-use metropolitan ing its knowledge, speed and flexibility to meet the needs of lifestyle center. Opened in 2004, the center features more than 70 today’s ever-changing business world. upscale retail shops, boutiques and restaurants, 88 condominium In 1978, American Nevada Company developed Green Valley, residences above retail, office above retail, a three-story office build- the first master-planned community in Southern Nevada. Upon its ing and two outdoor green spaces which host a variety of live enter- completion, the 8,400-acre community, which is now home to tainment, outdoor movies and special events throughout the year. more than 75,000 people, received national accolades and was The newest addition to the company’s portfolio is the 134,400- recognized by the Urban Land Institute as a prototype of an out- square-foot office building in the company’s signature office standing master-planned community. park, Green Valley Corporate Center which will feature a two- In 1993, the company unveiled plans for Green Valley Ranch, a story atrium lobby, a combination of punched window openings 1,310-acre master-planned community, located just south of with a saw tooth pattern to create multiple corner offices and a Green Valley. The community features 775 acres of residential parking garage. neighborhoods and more than 4,000 homes. Today, American Nevada Company continues to set standards Other developments and projects include: a managing partner- for land use, lot sizing, configuration, product type, pricing, mar- ship of Silver Canyon Partnership, which developed the 1,310-acre ket research, architectural design and engineering in master- Seven Hills master-planned community in Henderson; a partner- planned communities and commercial properties. NORTH LAS VEGAS
68 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK
Cheyenne Industrial Center NorthEast Crossing Commerce Center 57 4825 & 4875 Cheyenne Ave. & 3125 & 3175 Marco St. 58 2925, 2935, 2945, 2955, 2965, & 2975 Lincoln Rd.
Type: Industrial Type: Industrial Developer: Panattoni Development Company, LLC / Doug Roberts / 775-829-6112 Developer: Jackson Shaw Company / Ralph Murphy / 702-732-7400 Leasing Agent: Grubb & Ellis / Xavier Wasiak / 702-733-7500 Leasing Agent: CB Richard Ellis / Donna Alderson, Greg Tassi / 702-369-4800 Architect: BJG Architect: Dennis Hill Architects General Contractor: Panattoni Construction Co. General Contractor: LM Construction Date Built: Aug-07 Date Built: 2006 Status: Under Construction Status: Completed Project Square Footage: 500,000 Project Square Footage: 130,050 Development Acreage: 26.00 Development Acreage: 10.00 Asking Rates: $0.50 NNN Asking Rates: $120.00 Major Tenants: Home Depot Supply, Johnstone Supply Major Tenants: Southwest Stone & Tile, Designer Distribution Services, Thunder COMMENTS: Power Batteries Available for delivery in the 3rd quarter of 2007, this M-1 zoned (Clark County) 26-acre COMMENTS: master-planned business park will include four buildings from 100,000 to 137,000 SF Phase I of NorthEast Crossing Commerce Center consists of 6 freestanding buildings in size. The high image concrete tilt-up buildings will include features like 30' clear for sale with exceptional clear height allowing interior mezzanine build-out and ware- height, a 200' truck court, a 60' truck apron, ESFR fire sprinklers and ample 277/480 house racking systems. This development also features securable lay down yards three-phase power service. Units available will range from 22,000 to 137,500 SF . which also allows exterior storage space.
Southern Nevada Water Authority’s Water Efficient Technologies Program
housands of Southern Nevadans have heeded the meet the threshold. Businesses also can work with the T call to conserve water in the face of an ongoing Souther Nevada Water Authority to implement custom tech- drought. Through a variety of incentive programs, nologies that meet their business needs, then qualify for a residents and businesses have saved more than 18 billion gal- performance-based monetary incentive. lons since 2002 – even as the area’s population grew by Consumptive-use technologies (for water not returned to the 330,000 residents. sanitary sewer system, such as landscape irrigation) earn up to At the same time, businesses are discovering the benefits of $10 for every 1,000 gallons conserved annually. Nonconsump- saving water through Water Efficient Technologies (WET), a pro- tive-use (primarily indoor water use) technologies earn up to gram geared toward Southern Nevada’s commercial sector that $2.50 for every 1,000 gallons conserved annually. helps reduce overhead costs while realizing long-term savings Local businesses also are eligible to participate in the on water bills. SNWA’s highly successful Water Smart Landscapes (WSL) WET offers incentives of up to $150,000 for commercial Rebate program. For grass removed and replaced with and multi-family property owners who install water-efficient water-smart landscaping, the SNWA will rebate businesses devices, such as toilet retrofits, water-efficient showerheads, $2 for the first 1,500 square feet. The rebate for the con- waterless urinals, on-site reuse systems and cooling tower version of grass in excess of 1,500 square feet is $1 per improvements. square foot. To qualify, customers must create at least 500,000 gal- The SNWA projects a savings of 825,000 gallons of water per lons of annual savings. The program allows applicants to year for the average 15,000-square-foot conversion to water- combine technologies and multiple business locations to smart landscaping. NORTH LAS VEGAS
70 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK
Southern Nevada’s THE OFFICE MARKET Office Market Summary n the second quarter of 2007, I the Las Vegas Valley’s specula- tive office space vacancy rate remained relatively unchanged from first quarter, 2007. It increased by 0.1 per- centage points to 10.9 percent. Class A vacancy increased by 3.4 points to 10.5 percent, while Class C rose by .08 points to 13.5 percent. The Class B vacancy rate was 10.6 percent (down 1.1 percentage point) and medical space was 6.6 percent (down 1.2 points). Office projects completed in 2007 were 38.1 percent vacant. Those com- pleted between first quarter, 2003 and fourth quarter, 2006, had an average va- cancy of 15.6 percent, a decrease from first quarter, 2007’s 17.3 percent. Pro- jects built between 2000 and 2002 aver- aged 4.8 percent vacant, down from last quarter’s 5 percent. Projects built be- tween 1995 and 1999 were 5.9 percent vacant, a 0.4 percentage point decrease The Marnell Corporate Center - MCC-4 was awarded the 2007 Office Building from last quarter. of the Year Spotlight Award. It was developed by Marnell Properties, The slight increase in vacancy did not designed by Marnell Architecture and built by Carson Taylor Construction Company. affect the average monthly asking price of $2.51 price per square foot FSG when compared to first quarter, 2007. In real- reached 923,227 square feet, 89 percent percent and 30.1 percent of the total. dollar terms, the Valley’s office rents did higher than that recorded in first quarter. Forward-supply increased in second not keep pace with our first quarter, 2001 Additionally, 1,161,934 sf of new office quarter to 5,775,072 square feet from benchmark rates until third quarter, space entered the market in second 5,184,232 in first quarter, or by 2006, where it has been ahead of the quarter, down 10 percent from first quar- 590,840 square feet. Like completions, benchmark ever since. The second quar- ter. Combined, this resulted in a much most of the second quarter forward ter’s office rents were 10 percent greater healthier absorption-to-completion ratio supply was concentrated in the South- than first quarter 2001 office rents, in of .79 feet of demand for every foot of west (3.15 million square feet). Approx- real-dollar terms. new supply, when compared to first imately 24.5 percent (1,415,803 square Class A and Class B saw a rise over quarter’s ratio of .47:1. feet) of the forward-supply in second first quarter average asking rents, with Most of this new office space was lo- quarter was under construction, repre- the largest increase in Class A ($0.08). cated in the Southwest (424,896 square senting approximately 3.8 percent of The submarkets that did increase in av- feet) submarket, followed by East Las the existing office inventory. erage rents were Downtown (up $0.55), Vegas, (238,957 square feet), North Las If all of the office space presently under North Las Vegas (up $0.10) and East Vegas (191,412 square feet) and North- construction or planned is completed Las Vegas (up $0.07). west (171,601). One of the Valley’s old- (which is not likely), it would represent a Office projects completed in 2007 rented est office submarket, Downtown, saw 15.8 percent increase in the Valley’s for an average of $2.62 per-square-foot very few completions in second quarter speculative office inventory. As a point of per month, while those built between first (34,500 square feet), and West Central reference, the Valley’s office inventory quarter, 2003 and fourth quarter, 2006 had and Henderson saw no new comple- has been growing at an 8.2 percent aver- an average monthly asking rent of $2.49 tions. By product type, most comple- age annual pace since first quarter, 2003. per-square-foot in second quarter, down tions in second quarter were in Class C from $2.72 per-square-foot in first quarter. (495,868 square feet) and Class A build- John Restrepo is principal of Restrepo Second quarter office absorption ings (349,929 square feet), with 42.6 Consulting Group LLC (RCG).
72 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK 2nd Quarter 2007 Office Market
TOTALMARKET Las Vegas
Total Square Feet 36,601,663 Vacant Square Feet 4,003,554 Percent Vacant 10.9% New Construction 1,161,934 Net Absorption 923,227 Average Lease sf/mo (nnn) $2.51 Under Construction 1,415,803 Planned 4,359,269 CLASS A
Total Square Feet 4,503,819 Vacant Square Feet 470,989 Percent Vacant 10.5% New Construction 349,929 Net Absorption 174,464 Average Lease sf/mo (nnn) $2.95 Under Construction 607,499 Planned 663,862 CLASS B Total Square Feet 11,917,385 Vacant Square Feet 1,264,010 Percent Vacant 10.6% New Construction 151,824 Net Absorption 258,812 Average Lease sf/mo (nnn) $2.54 Under Construction 86,983 Planned 1,897,423 CLASS C Total Square Feet 13,647,344 Vacant Square Feet 1,839,059 Percent Vacant 13.5% New Construction 495,868 Net Absorption 332,395 Average Lease sf/mo (nnn) $2.38 Under Construction 269,339 Planned 994,117 MEDICAL OFFICE Total Square Feet 6,533,115 Vacant Square Feet 429,496 Percent Vacant 6.6% New Construction 86,901 Net Absorption 157,556 Average Lease sf/mo (nnn) $2.53 Under Construction 451,982 Planned 803,867
Compiled by RCG LLC/Colliers International
NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK 73 Southern Nevada’s Industrial Market Summary
The Southeast Loft District was awarded the 2007 Industrial Building of the Year Spotlight Award. It was developed by Familian of Nevada, Inc., designed by C2G Architecture Design Construction and built by Familian Development Group.
nventory levels within the South- Game Technology’s (IGT) campus and the ern Nevada industrial market Pepsi Co. facility, both located in the south- I continue to expand at an above- west portion of the valley. Additionally, over average pace, while concerns over long- 4 million square feet of planned space re- term growth opportunities remain. This mains on the drawing boards. accelerated level of market expansion has been met with an equally impressive level Product Pricing of market demand as vacancies have re- mained below historical averages and Average asking rents in the industrial availability in most product types remain sector reflect a diversifying mix of proper- somewhat limited. A handful of large-scale ties that includes investor-purchased distribution buildings are underway with a freestanding buildings, increasing office reasonable share of space pre-leased. The components in large-scale distribution fa- current wave of activity will thrust the mar- cilities and limited availability. Valley-wide ket forward with total inventory surpassing average asking lease rates also continued 100 million square feet in the near term. to fluctuate based on the size and mix of properties available. Average asking rates Latest Activity were $0.82 per square foot per month, up materially from the prior year Through the first nine months of 2007, Rising development costs and a lack of the Las Vegas Valley industrial market ex- land suitable for industrial uses (given pric- panded by more than 4 million square feet ing) contributed to the increase. Asking av- while vacancy rates remained below 5 per- erages for the quarter were $0.73 per square cent. Market demand continued its positive foot for warehouse-distribution space course, yet is off the feverish pace of new (blended with office components); manufac- supply. The latest activity results in modest- turing space reached $0.95 per square foot; ly higher vacancies from the low 3.5 per- and flex space had the highest lease rates of cent mark reported at the close of 2006. all sectors at $1.01 per square foot. In addition to the latest activity, over 6 mil- lion square feet of space remains under con- Market Outlook struction throughout the valley. A significant share of future supply is already pre-leased Based on the most recent data avail- and is inclusive of built-to-suit projects for able, the Las Vegas economic climate re- large-scale facilities, including International ported continued strength in various sec-
74 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK 2nd Quarter 2007 tors, while others lagged principally due to ability of industrial-zoned property at feasi- Industrial Market a slowdown in for-sale residential market ble prices. While the market has been able activity. Population growth remained pos- to accelerate development activity, con- TOTALMARKET Las Vegas itive as another 80,000 new residents are cerns regarding pricing persist. Maintaining
Total Square Feet 92,344,059 expected to make Southern Nevada their a competitive market position within the new home. Employment growth remains western region will be critical to attracting Vacant Square Feet 4,081,975 off the peaks reported in the previous few large-scale distribution firms and compli- Percent Vacant 4.4% years as a softer housing market has mentary manufacturers to the Las Vegas New Construction 860,436 clearly impacted the demand for residen- Valley. Should material escalations in pric- Net Absorption 974,430 tial construction employees and others di- ing prevail, Las Vegas may become less de- Average Lease sf/mo (nnn) $0.82 rectly and indirectly impacted by the in- sirable than other markets, including the In- Under Construction 6,911,681 dustry (e.g., real estate agents, mortgage land Empire, Northern Arizona, Southern Planned 4,653,005 brokers, and title officers). Utah and other surrounding jurisdictions. DISTRIBUTION However, the amount of resort investment Diversification within the market and Total Square Feet 58,996,992 activity continues to support the latest com- land availability remains a key element of Vacant Square Feet 2,571,352 mercial wave of activity. Projects with an- continued strength in the industrial market. Percent Vacant 4.4% nounced completion dates during the next While the leisure and hospitality sector has New Construction 500,246 five years total in excess of $30 billion dollars reported below-average expansion, it is Net Absorption 531,037 and comprise nearly 40,000 hotel rooms. worth noting the market is on the leading Average Lease sf/mo (nnn) $0.73 Projects underway include Palazzo (2007), edge of the largest building boom in Las Under Construction 5,542,889 Trump (2008), Encore at Wynn (2009), City- Vegas history. Those impacts will likely rip- Planned 3,614,640 Center (2009), and Echelon (2010). The eco- ple throughout all major sectors of the Las MANUFACTURING nomic engine of Southern Nevada appears Vegas economy; the industrial market will Total Square Feet 20,579,137 poised for another exciting ride. ultimately be a likely beneficiary. Vacant Square Feet 838,970 With regard to the economic engine’s im- Percent Vacant 4.1% pact on the industrial sector, we continue to Brian Gordon, CPA, is principal of New Construction 336,998 remain concerned about the long-run avail- Applied Analysis. Net Absorption 256,084 Average Lease sf/mo (nnn) $0.95 Under Construction 1,026,821 Planned 944,283 R&D Total Square Feet 476,018 Vacant Square Feet 0 Percent Vacant 0.0% New Construction 0 Net Absorption 0 Average Lease sf/mo (nnn) $0.00 Under Construction 51,040 Planned 0 FLEX Total Square Feet 12,291,912 Vacant Square Feet 671,653 Percent Vacant 5.5% New Construction 23,192 Net Absorption 187,309 Average Lease sf/mo (nnn) $1.01 Under Construction 290,931 Planned 94,082
Compiled by Applied Analysis
NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK 75 Voit Commercial Brokerage The Higgins’ Winning Team
ince Voit’s Las Vegas launch, the and Kit Graski, continue to play leading S company has established itself roles in local community organizations and as one of the leading commer- professional groups. Longtime Las Vegans cial real estate brokerage firms in Southern Higgins and Graski opened Voit Commercial Nevada, and its principals, Kevin Higgins Brokerage’s Las Vegas office in October
Steven Paravia, sales associate; Kevin Higgins, vice president; and Garrett Toft, senior associate
2002 as senior vice presidents of the re- gional firm. Their high level of success has also brought them national recognition. The Higgins Team won NAIOP’s 2007 In- dustrial Brokerage Team of the Year. In 2006, Kevin Higgins closed 85 transac- tions totaling more than $125 million, which included more than 750,000 square feet of product and 75 acres of land and was named Voit’s No. 1 broker nationwide for three consecutive years. He served as president of the Southern Nevada chapter of NAIOP in 2003 and as president of the Southern Nevada Chapter of the Society of Industrial and Office Realtors (SIOR) in 2004. Higgins earned NAIOP's Industrial Broker of the Year award in 2000, 2001, 2003 and 2006, as well as NAIOP's Spe- cial Recognition Award in 2004. Graski closed 23 transactions totaling $57.8 million comprised of 204,713 square feet and 32 acres in 2006, earning him the company’s No. 7 ranking nationally. He is a retail expert with 22 years of experience working in one of the strongest and most prosperous retail markets in the country and is an active member of the Internation- al Council of Shopping Centers (ICSC). Tami Lord joined the firm as vice presi- dent in 2006 and specializes in the Las Vegas retail market as well. A subsidiary of The Voit Companies, Voit Commercial Brokerage, a member of COR- FAC International, also has offices in Irvine, Anaheim, Chula Vista and San Diego, Calif. The company, headquartered in Newport Beach, Calif., has completed sales and lease transactions valued in excess of $13 billion.
76 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK Majestic Realty Co. and Thomas & Mack Team Create Business Destination
ith more than 5 million square feet of office, industrial and 850,000 square feet under construction, bringing its local W retail space anticipated at build-out, opportunities abound portfolio to 5.1 million square feet. Prime sites near the Strip at the Beltway Business Park, a 400-acre master-planned and McCarran International Airport continue to attract ten- office and industrial park in southwest Las Vegas. Centrally located ants to Majestic’s properties, where it takes a unique devel- off the I-215 Beltway between Decatur and Jones boulevards, the op-and-hold approach, offering fully integrated services— project is a joint venture be- from design and tween Thomas & Mack De- construction to in-house velopment Group and Ma- “In 2006, the Majestic Realty Foundation leasing and manage- jestic Realty Co. Beltway placed more than 300 grants nationwide, ment. Majestic also earns Business Park is designed praise for its commitment to be a complete business totaling nearly $2 million.” to the community. destination. In 2006, the Majestic Currently under construction is Corporate Gateway, featuring Realty Foundation placed more than 300 grants nation- four symmetrical buildings totaling 292,000 square feet of first wide, totaling nearly $2 million, including 20 grants to wor- class office space. Additionally, the industrial section of the park thy Nevada nonprofits, including the Nevada Partnership will include 12-14 buildings totaling more than 3 million square for Homeless Youth, Classroom on Wheels, the YMCA of feet of warehouse space. And the first offering on the retail side Southern Nevada and the Volunteer Center for Southern is Beltway Commons, which will bring 38,000 square feet to Nevada. Founded in 1948 and headquartered in southern park tenants. Beltway is the latest endeavor in Las Vegas for California, Majestic is one of the nation’s oldest and largest Majestic. privately held real estate firms, with an office, retail and Fueled by the strong business environment and the thriv- industrial portfolio totaling more than 70 million square ing gaming and resort industry, the developer currently has feet nationwide.
NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK 77 Burke & Associates, Inc. Building For The Future
or more than two decades, Burke and Associates has company president Kevin Burke. F been one of the most respected general contractors in Burke and Associates has recently become even more social- a city recognized for its prolific growth. As a result, ly responsible with on staff LEED®Accredited professionals they have received many honors, including the coveted NAIOP overseeing construction of one of the largest anticipated LEED General Contracting Firm of the Year Award. Gold certified projects in Nevada – the 53-acre 290,000- Since 1984, the company has built some of the most recog- square-foot Cashman Equipment Corporate Headquarters in nizable structures in Las Henderson. Burke is proud Vegas, several schools, of their affiliation with the countless restaurants, “We work and live here as well, so we USGBC and the commit- casinos, retail centers, believe our success requires us to give back and ment made to sustainable warehouse and office development for future buildings—you name it we’re proud to be in a position to help.” generations. and Burke and Associates “This is Las Vegas, and was involved. Burke is there are hundreds of building for the future with upcoming projects including Cash- general contractors that offer a complete range of services. It man Equipment Company’s Corporate Headquarters, the Pre- takes a different kind of company, however, to deliver those sidio Heights Condominiums and the Pacific Business Center. services within the context of specific requirements. For us, The company is dedicated to the city it is helping to build. “We that's what makes this job interesting and challenging. For our work and live here as well, so we believe our success requires clients, this perspective makes us indispensable,” said senior us to give back and we’re proud to be in a position to help,” said vice president Tony Dazzio.
78 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK Harsch Investment Properties Leading with Multi-Tenant Industrial Properties
arsch Investment Properties is a real estate invest- scheduled for completion in the summer of 2008. ment company which owns and operates more The Cheyenne Commerce Center Phase III is a nine-build- H than 100 properties in five states including Ore- ing complex located on the northwest corner of Cheyenne gon, Washington, California, Nevada and Arizona. The com- Avenue and Revere Road in North Las Vegas. Phase III is sit- pany opened its Las Vegas regional office in 1995 with the uated on 18.5 acres and will total 200,000 square feet of acquisition of the 400,000-square-foot Green Valley Corpo- light industrial flex space. Units will range from 1,500 to rate Campus. The portfolio has grown to 25 properties with 10,000 square feet and offer parking for 3.5 spaces per 7.5 million square feet in the region. Harsch is the largest 1,000 square feet. Six of the buildings are slated for com- owner of multi-tenant industrial properties in Las Vegas, pletion in fall of 2008 with the remaining four to follow by satisfying the full spectrum of tenant needs. summer of 2009. Currently, Harsch is working on three major projects: Hen- The latest phase at the Speedway Commerce Center is a derson Commerce Center IV, Cheyenne Commerce Center joint venture with the Gubler family. The 11-building, 35- Phase III and the Speedway Center. The Henderson Commerce acre, 470,000-square-foot project is located on the south- Center IV Phase II is a 17-acre, 240,000-square-foot project west corner of Centennial Parkway and Hollywood Boule- located on the southeast corner of Warm Springs Road and vard. Units will range from 1,500 to 25,000 square feet and Eastgate Drive. This five-building industrial center will offer will offer dock high and grade roll-up doors – fitting the small- to mid-bay units ranging from 4,500 to 18,000 square Harsch prototype. Parking will allow for more than 2.5 feet and parking for 2.2 cars per 1,000 square feet will be spaces per 1,000 square feet. provided. All units will have dock high and grade roll-up Harsch Investment Properties continues to seek quality in- doors, as well as rear loading. The project is in the second of vestment and development office, multi-tenant industrial, three phases and will ultimately consist of 11 buildings. It is retail and multi-family property investments in Las Vegas.
NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK 79 Cox Business Services A Whole "Bundle" of Services
ox Business Services (CBS), the business-to-business bundle its products, a concept Cox introduced into the market- C division of Cox Communications, is a leading provider of place 10 years ago with virtually every telecom provider now advanced video, voice and data services to the Southern imitating the practice. By bundling multiple products, CBS pro- Nevada business community. Cox Communications is a Fortune vides services that may otherwise prove more expensive when 500 company, as well as the third largest cable broadband com- purchased separately from individual providers. munications provider in the nation. And while CBS is national in “It just makes more sense to get all telecom needs from one scope and on track to reach provider,” noted Blau. “You $1 billion in revenue by get multiple services from 2010, the B2B division is also "One of the key competitive advantages at one company on one bill very much a local company and deal with only one ac- meeting local needs. CBS is the ability to bundle its products." count representative. Plus, “In Southern Nevada, Cox you get 24/7 technical sup- provides high-paying jobs to port from trained profes- more than 1,200 employees of which nearly 200 belong to sionals. There are the savings you’ll achieve by getting all your tele- CBS,” said David Blau, vice president and general manager of com needs in one package from CBS.” the company’s Henderson-based regional operations. “They all The popularity of bundling can be seen by the numbers: in live and work here, and that’s good for the local economy. That’s Cox’s legacy voice markets, over 55 percent of new data cus- one of our key differentiators. We’re local; many others are not. tomers also subscribe to Cox Digital Telephone. With market When you call us for support, you speak to a Southern share on the rise, bundle packages that achieve savings as well Nevadan.” as J.D. Power and Associates awards for customer satisfaction, One of the key competitive advantages at CBS is the ability to CBS is the leading provider of communications solutions.
80 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK Jackson-Shaw Company Creating Value
ackson-Shaw Company, a national real estate devel- The Jackson-Shaw principals, involved in building the company’s J opment organization headquartered in Dallas, Texas, future, have collectively developed more than 60 million square feet brings more than 36 years of continually advancing of industrial, office, flex and hotel space, alongside several capital expertise in the development of office, industrial, flex and hotel partners. The success with these projects continues in the compa- facilities. The company has developed more than 35 million ny’s current work, and its tradition of quality and integrity in its de- square feet of space since its founding. velopments. To form and maintain mutual commitments, the princi- Today, Jackson-Shaw is focused primarily on real estate de- pals of the company are also participants in its investments. velopment and investment in a variety of project types, includ- Jackson-Shaw has been active in the Southern Nevada market ing office, industrial, mixed-use and hotels. The company’s pri- for more than fifteen years. In the Las Vegas Valley, the company mary goal of is to create value in real estate for its clients and recently completed NorthPort Business Center located in the capital partners. Jackson-Shaw is a well-rounded real estate Cheyenne Technology Corridor that consists of approximately development company, possessing extensive in-house develop- more than 340,000 square feet of office space for lease.The com- ment, construction management, financial, marketing and prop- pany is also developing Northeast Crossing, a 30 acre industrial erty management experience. park located at the southwest corner of Cheyenne Boulevard and The core strategy of diversification with various types of de- Lincoln Street. The first phase of the project was recently com- velopments and in various geographical locations continues to pleted and consists of approximately 130,000 square feet in six drive the company’s investments. The firm often moves quickly buildings. Northeast Crossing Phase II will be completed in 2008 with its own capital to secure exceptional property with inherent and will consist of 300,000 square feet in 10 buildings for sale competitive advantages. It then combines its numerous long- and lease. Ralph Murphy, senior vice president – western region term relationships with nationwide lenders and equity partners development, heads the local office and is responsible for devel- to create long-term high value assets. opment throughout the Southwestern United States.
NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK 81 Bank of Nevada Expands Services and Locations
ince Bank of Nevada was founded in 1994, com- er institutions. Businesses also have access to Bank of Neva- mercial real estate lending to facilitate the growth da’s comprehensive array of banking and financial service S of the community has been a cornerstone of the products including a full line of cash management solutions, business. Last year, the Bank funded more than $500 million including the convenience of e-deposit remote deposit cap- in commercial real estate projects. The bank recently marked ture service. The services are supported by a locally-based its 13th year, headquar- team of product special- tered in Las Vegas, with ists, who are available to $3 billion in assets and “The key has been the combination of having a meet with clients at their 15 offices in Las Vegas, businesses. Henderson, North Las robust lending capacity that exceeds the capabilities Over the past 18 Vegas and Mesquite. of community banks and can accommodate months, the bank has The key has been the grown from five offices to combination of having a virtually any Nevada business.” fifteen locations. Last robust lending capacity year, new offices were that exceeds the capabil- opened in Centennial ities of traditional com- Hills, Aliante and in munity banks and can accommodate virtually any Nevada Southwest Las Vegas at Warm Springs and Durango roads. business. Yet, unlike large institutions, this strength is coupled The bank also recently opened an office at Hualapai Way and with experienced bankers who are empowered to make deci- West Charleston and Grand Central Parkway \ in the new Mo- sions locally enabling them to be more responsive than larg- lasky Corporate Center.
82 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK NAIOP Southern Nevada Chapter Member Driven
lot can happen in 21 years. As the coordinated through its twelve committees Southern Nevada Chapter of the “The most remarkable thing including, Membership, Programs, Educa- A tion, Communications, Spotlight Awards, Bus National Association of Industrial about NAIOP is that it is a and Office Properties (NAIOP) celebrates Tour, Golf Tournament, Community Service, more than two decades’ worth of network- volunteer-driven organization.” Industry Trends, Sustainable Development, ing, education and camaraderie, it may be Governmental Affairs and Sponsorship. the most energetic business organization in Southern Nevada. NAIOP is the trade asso- ciation for developers, architects, consul- tants, bankers, brokers, designers, general contractors, engineers who focus on indus- trial and office development. With more than 800 members, the Southern Nevada chapter is the fourth largest in the country. Nationally, the orga- nization is comprised of nearly 15,000 members with 53 North American chapters. NAIOP provides members with business and networking opportunities, education programs, research on trends and innova- tions, and legislative support. “There is really something for every- one,” said Tony Dazzio, president of the Southern Nevada Chapter. “Whether it’s giving back to our community, staying in- formed of state and local issues, network- ing with friends and colleagues, learning more about our industry or growing oppor- tunities for individual businesses, you can find it at NAIOP.” Members meet and network through a variety of activities including monthly breakfast meetings, educational seminars, golf tournaments, mixers, award cere- monies, bus tours, and involvement with the various committees. As one of the largest and most active chapters in the country, one might assume a full time staff is behind NAIOP’s efforts; that is not the case. While the chapter utilizes Al- ternative Management to handle its execu- tive functions and other consultants to help coordinate its communications and govern- mental affairs initiatives, the membership is responsible for most the activities. “The most remarkable thing about NAIOP is that it is a volunteer-driven organization,” said Dazzio. “Our membership and commit- tee chairs dedicate their own time for the good of our industry and organization.” The majority of NAIOP’s outreach is
NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK 83 Program Committee Coordinating Monthly Speakers
ne of the most important O events NAIOP hosts falls under the responsibility of the Programs Committee. Each month, members come together at its monthly breakfast meetings held at The Orleans Hotel & Casino. Members and their guests are invited to hear speakers dis- cuss a variety of topics of interest to the commercial real estate industry. The Program Committee, led by chair Ellie Shattuck, strives to secure the most notable speakers possible, often soliciting pillars of the community who happily agree to address the organization. Over the years speakers have included the Governor, state representatives, the chair- man of the Clark County Commission, Mayors from each of the local municipali- ties, the Sherriff of the Metropolitan Police Department and representatives from public works, McCarran Airport and Neva- da Development Authority.
“Members and their guests are invited to hear speakers discuss a variety of topics of interest.”
Other programs have included infor- mation on green building, political races, local and national market trends, children’s education, the Southern Nevada higher education system and the challenges our transportation sys- tems will face as the economy contin- ues to expand. The breakfast programs are extreme- ly popular and typically attract between 300 to 400 members and guests. “We are really proud of our breakfast programs,” said Tony Dazzio, president of the Chapter. “I think their importance and impact on our membership is proven in the number of people that join us each month. Our members and other members of the industry find them extremely informative.” 84 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK Sponsorship Committee Funding Chapter Events
ith all of the activities and W events hosted by NAIOP, the Sponsorship Committee has a vital role in the success of the chap- ter. Led by Chair Mike Carroll, the team raises money each year to fund NAIOP’s numerous events, programs and tournaments.
“We offer our members and their companies a long list of opportunities to choose from.”
The chapter’s main sponsorship source is its President’s Circle Sponsor- ship program. President’s Circle Spon- sors make up the majority of the oper- ating budget NAIOP uses throughout the year. The highest sponsorship levels include free ads in NAIOP NOW and po- sitioning as the presenting sponsor of the chapter’s signature events such as Spotlight Awards, Bus Tour and the Golf Tournaments. True to form, the chapter also offers even its smallest member firms the op- portunity to participate as a sponsor. “We offer our members and their companies a long list of opportunities to choose from,” said Katrina Ferry, the chapter’s executive director. “Who they are trying to reach or connect with re- ally determines which sponsorship level they choose. We have them at all monetary levels and commitments.” Each year the organization raises more money through sponsorships. Often times the best opportunities sell out quickly and members miss out. “They have the chance to get their company’s message and information in front of 800 industry leaders,” said Tony Dazzio, president of the chapter. “I think that is why we have been so suc- cessful in our fund raising efforts.” NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK 85 Spotlight Awards Committee Planning Signature Event ne of the highlights of the year To add to the event’s prestige, the The awards show is divided into two for the NAIOP chapter is its Spot- chapter’s leadership has been successful areas for members to enter. First are the O light Awards event. Hosted an- in securing high profile Masters of Cere- project awards. Under this section there nually, the event brings together members monies. This year, Gov. Jim Gibbons and are 16 categories ranging from master- to recognize and celebrate the top projects first lady, Dawn Gibbons acted in this role planned office and industrial parks and and leaders in the industry. The Spotlight and handed out trophies to more than 30 buildings to common area interiors. Awards Committee oversees the planning projects, companies and individuals. In Members must submit an application as and coordination of the event. With more years past, the chapter has welcomed well as a binder of supporting materials than 800 people in attendance at this year’s Gov. Kenny Guinn, Mayor Oscar Goodman for the project. These applications and event, Spotlight is NAIOP’s signature event. and Sen. Richard Bryan among others. binders are judged by a panel of indus- try leaders from a neighboring market. Winners are chosen by the judges based on a list of criteria provided to applicants before submitting. “The best thing about the project awards is many times our members work as a team on the development,” Dazzio said. “So the winning project may encompass two or three member companies. It’s great when the winning project is developed, designed, engi- neered and built by members.” The chapter also recognizes members, companies and teams under its industry awards. These winners are selected based on nominations from general mem- bership and decided upon by the board. For the majority of industry awards, there is an application that has to be submitted to the board for consideration. Hosted in the spring and generally held at a new and lavish venue, the event is an evening of celebration, entertain- ment, dinning, and networking. To add to the fun of the evening, the committee se- lects a theme for each year’s event. In 2007, the event was dubbed “Survivor Southern Nevada.” The committee worked for a full year to bring to life the theme through invitations, presentations, gifts, décor and the program. Led by co-chairs Barbara Demaree and Grace Ferrell and overseen by board liaisons Sallie Doebler and Rick Myers, the committee is one of the most active in the chapter. “Members of the Spotlight Awards Com- mittee dedicate a large portion of their time to make this event successful,” Doebler said. “I don’t think people realize how much planning goes into an event this size. I am really proud of our committee and the work they have done over the last few years.”
86 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK Golf Tournament Committee Giving Members More Networking Opportunities
he Golf Tournament Commit- T tee is responsible for plan- ning and coordinating two golf tournaments hosted by NAIOP every year. The tournaments – one in the spring and another in the fall – are designed to give members the chance to network and compete in a social set- ting. The Golf Tournament Committee led by long term board member Lee Phelps chooses the venue, secures sponsorships, promotes the event and handles all of the activities during the day of each tournament. In previous years, both the spring and fall tournaments completely sold of both sponsorships and participants, easily fulfilling the event’s 144-player capacity. This year, NAIOP held its 16th Annual Spring Golf Tournament at the Dragon Ridge Country Club on Stephanie Street in Henderson, with Southwest Gas sponsoring the event. The 72-par golf course was designed by award-win- ning architect Jay Morrish, along with rising architect David Druzisky, and opened in 2001. The tournament was in the format of an 18-hole, four-person scramble. Tro- phies and prizes were awarded for the 1st, 2nd and 3rd place finishers, as well as complementary shirts, hats, shoe bags and a sleeve of balls given as gifts to all competitors. “Anyone who has attended one of our golf tournaments knows it’s a lot of fun but also competitive,” said Tony Dazzio, president of the chapter. “Peo- ple take the game seriously and want to win the trophy and bragging rights. It’s a great social event for our chapter and we are able to tie in our CREPAC, which is a very important component of our governmental affairs efforts.”
NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK 87 Community Service Committee Establishes the Casey Jones Fund
Casey Jones, longtime NAIOP member and past president.
he Southern Nevada chapter of T the National Association of In- dustrial and Office Properties (NAIOP) recently announced the creation of the Casey Jones Fund. The fund will serve as the backbone of the organiza- tion’s community service outreach and will be managed by the Henderson Com- munity Foundation. Throughout its 21 year history, NAIOP and its members have donated their time and money to organizations that are ded- icated to enhancing the quality of life for children and seniors in the valley. In 2006, the chapter created its Community Service Committee to qualify and oversee such outreach. This committee was es- tablished under the leadership of board li- aison and past president Casey Jones.
88 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK The chapter attributes its most recent and aggressive community outreach to Jones, who passed away in December. “Our dear friend, Casey Jones, inspired our organization to make a difference in our community,” said Tony Dazzio, chapter president. “We are thrilled to finally have a way to commemorate his contribution. Now, every time our chapter gives time, money or resources to a non-profit organi- zation, we will do so in his name. His lega- cy will continue for years to come.”
“Giving back to the community we serve is very important to our chapter.”
NAIOP is currently working with two local non-profit organizations. The first is Community in Schools, an organization that supports low-income children and families through the school setting. Re- cently, NAIOP donated $10,000 to Com- munities in Schools for furniture for its Cynthia Cunningham Elementary School health clinic. The health care facility is being built for low-income and homeless children attending the school who may not otherwise have access to important medical and dental services. NAIOP has also assisted Helping Hands of Vegas Valley, an organization that offers a bag of free groceries once a week to low- income seniors, as well as respite cares for hospice workers and transportation for se- niors who are unable to drive. Most re- cently, the chapter held a mid-year food drive where more than $5,000 was raised and 50 cases of food were collected. “Giving back to the community we serve is very important to our chapter,” said Bar- bara Demaree, chair of NAIOP’s Communi- ty Service Committee. “Every year, I am simply overwhelmed with joy by the gen- erous contributions. Casey Jones was so dedicated to people in need and it is truly an honor to help carry on his legacy.”
NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK 89 Government Affairs Committee Representing the Industry’s Needs
A Client Centered Law Firm business & corporate real property • immigration
construction • collection hile the organization is well “The committee has been a very effec- labor & employment W known for its networking and ed- tive group for NAIOP members,” said Tony ucational opportunities, its main Dazzio, chapter president and past chair of focus has always been on government af- the Government Affairs Committee. “Every fairs. The chapter was formed in 1986 by a year it has grown and become stronger.” group of developers who wanted to create a NAIOP representatives regularly meet unified voice to represent their interests in with politicians at all levels to provide the community and with legislators. them with input on important issues to “The fundamental purpose of NAIOP is to commercial development. NAIOP pro- represent the industry’s interests and inter- vides written position papers and briefs act with government at every level,” said on the general principles and philoso- Michael Newman, past president of the phies of NAIOP. chapter and former chair of the government “We have relationships with many of our affairs committee. leaders in government,” Dazzio said.
“The fundamental purpose of NAIOP is to represent the industry’s interests and interact with government at every level.” At Harmon & Davies, P.C., we are dedicated to responding promptly to client needs and providing reliable legal In 1990, the chapter formed its Govern- “Many of our accomplishments revolve advice based on a thorough understanding ment Affairs Committee. The purpose of the around relationships. Translating those rela- of each client’s particular business. committee was to create an entity that tionships into a value for members and rep- could serve as the liaison between the resenting the interests of our members at NAIOP membership and state and local the very highest levels of government is our municipalities. Membership was com- focus. We don’t stand on sidelines with our 1428 S. Jones Blvd. Las Vegas, NV 89146 prised of people who had an interest in im- hands on our hips demanding action. We 702.733.0036 proving the legislative and regularity cli- prefer to act as a resource. They can call us www.h-dlaw.com mate for the chapter. up and ask for assistance and we will be
90 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK “We work to ensure our members’ interests are represented.” happy to provide guidance on any issue that has an impact on our community.” In 2006, the chapter divided its govern- ment efforts into two categories. It hired McDonald Carano Wilson to represent its interest at the state level and continued its relations with Strategic Solutions at the local level. Members of the committee met with all the legislative leadership, including the senate majority leader, the speaker of the assembly and all legislative committee chairmen in both houses. Under the leadership of then chapter President Ralph Murphy, the Government Affairs Committee developed a public af- fairs position paper that formally docu- ments the most important issues affecting NAIOP members and the commercial real estate industry. The paper details positions on taxation and construction law at the state level, and on permit processing time, fees for development approvals and avail- ability of land for future development at the local level. “Together with our lobbyist groups, we monitor a variety of issues ranging from im- minent domain, impact fees, construction law, land use and growth managements, and tax related issues,” Dazzio said. “We work to ensure our members’ interests are represented.” In 1994, the committee reached another milestone when it formed the Commercial Real Estate Political Action Committee (CREPAC). The purpose of CREPAC was to enhance the publics and public officials un- derstanding of the importance of commer- cial real estate development through dona- tions made to candidates. “Our association is now recognized as the voice of commercial real estate devel- opment in Southern Nevada and our voice is getting stronger,” said Murphy current chair of the Governmental Affairs Commit- tee. “As a result, we are able to offer greater service to our members, be more responsive to the needs of our community, and enhance our influence with federal, state and local elected representatives.”
NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK 91 Stoltz Management Company Continues to Evolve
ver the last 50 years, the Stoltz Management Compa- The two Stoltz owned buildings in Hughes Cheyenne Center O ny has evolved from a small, regional family real es- totaling 220,000 square feet located in North Las Vegas were tate service and investment business into a leading sold in the last round of dispositions and what remains are two national real estate/investor/operator and trusted fiduciary. parcels for Stoltz developments. A small 4 acre corner parcel at Through three generations, Stoltz has successfully diversified its Cheyenne and MLK is being developed as a shopping center an- capabilities, garnered comprehensive industry expertise, and chored by TESCO’s Fresh and Easy food store. Preliminary de- championed exceptional service and operational excellence. velopment studies are under way on the second parcel, a 40- In Nevada, Stoltz Management Company acquired the Hugh- acre site on Cheyenne between Coleman and Clayton Roads. es Airport Center and Hughes Cheyenne Center in 2000 totaling The senior executive team at Stoltz Management Company more than 2.3 million square feet of office, office/warehouse is comprised of professionals with decades of experience in and flex office buildings. Over the years, Stoltz sold small successful private real estate investing, asset management parcels in the parks. In 2005 and 2006, the company complet- and leasing, equity joint ventures, investment banking and ed the development of two build-to-suit facilities for gaming in- public company management. The Las Vegas team includes dustry manufacturers, Konami and WMS Gaming, which totaled Wes Jenson, senior vice president, who has been affiliated more than 250,000 square feet. In 2007, Stoltz sold the remain- with Stoltz since 1998. Ty Trueblood, senior vice ing buildings owned and retained four development parcels, president/construction oversight, has more than 30 years of along Sunset Road at Hughes Airport Center. A new 180,000 commercial building construction and has worked in the Las Class A office building broke ground in June, 2007 with occu- Vegas market for the past 12 years. Mikkel Pearce, Janice pancy by May, 2008. Another 90,000 square feet of new space Plummer and Jerry Crossland round out the team handling all is being planned for the remaining two undeveloped parcels for facets of property management, lease administration, market- the end of the 2010. ing and facilities engineering.
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92 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK
Education Committee Providing Value to Members
ne of the key benefits of join- mittee and member of the board of direc- knowledge they did not have when they O ing NAIOP is the opportunity to tors, said the committee works hard to came in.” learn more about the commer- offer members a variety of workshops to Last year, the committee introduced a cial real estate industry. The Education choose from. series of four permit processing workshops Committee develops informative semi- “We know that each of our members to guide members through the necessary nars and workshops aimed at enhancing want information about topics that impact protocol for commercial development in the members’ knowledge of the industry and their business,” Nagy said. “We look for op- four Las Vegas Valley municipalities. Each current trends. portunities to provide this information in a workshop was presented by representa- Kyle Nagy, chair of the Education Com- way where everyone walks away with tives of the respective municipalities, so at-
94 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK “Learning to navigate the municipalities, from concept through building, was a huge success.” tendees learned the correct way to process commercial developments from the deci- sion makers themselves. “Learning to navigate the municipalities, from concept through building, was a huge success,” Nagy said. “We brought together the developers and representatives from the public sector to have an open conversa- tion and discussion on how to make things run smoothly for both parties.” Over the years, NAIOP has teamed with other professional organizations to host seminars. NAIOP joined the Associated General Contractors Las Vegas Chapter to educate members about the impact rising costs of land, labor and materials on the in- dustry. It partnered with the local chapter of the U.S. Green Building Council to explore green building. The discussion included defining the elements of green building, Leadership in Energy and Environmental Design (LEED) certification and sustainable development. In addition to educating its current mem- bers, NAIOP is also committed to assisting the next generation of industry leaders. In 1993, the chapter established a scholarship endowment with the UNLV Foundation and has worked closely with the university ever since. Each year, NAIOP awards a scholar- ship to one student enrolled in the Lied In- stitute for Real Estate Studies program. The Education Committee also oversees the mentor program. The program matches real estate students with NAIOP members who meet regularly throughout the semester. “Our Education Committee does a great service to the membership and provides value to members,” said Tony Dazzio, pres- ident of the Southern Nevada Chapter. “Where else can you learn about how to submit plans, request approvals and qualify for assistance from the direct source?”
NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK 95 Marnell Properties Defines a New Las Vegas
arnell Properties is a real estate development and timated 50 stores with 3,000 parking spaces upon its com- M management company that focuses on the acquisi- pletion in the fourth quarter of 2007. The 600,000-square- tion, development and management of commercial foot community retail center will have 16 steel, stone and real estate holdings and long-term portfolios. The company is glass buildings arranged in a master-planned setting featur- defining a new Las Vegas ing national anchor ten- as a city able to provide ants, retail pads and in- business infrastructure ”Marnell Properties is creating three line retail opportunities. that will enhance the ca- Marnell Airport Center, pabilities of growing busi- high-profile business communities in Las Vegas.“ Marnell Properties ness and leading edge newest development pro- companies serving local, ject, broke ground in Au- national and international markets. gust of 2007. The master-planned office park will be adjacent Marnell Properties is creating three high-profile business to McCarran International Airport and will feature three, three- communities in Las Vegas. Marnell Corporate Center is a story 81,000 square feet office buildings and a single-story 736,000 square foot master-planned Class A office campus, office building. strategically located at the intersection of Interstate 15 and In each of these projects, Marnell Properties is defining I-215 and adjacent to McCarran International Airport. At standards that meet the needs of a growing and increasingly build-out the 37-acre master-planned office campus, Mar- sophisticated business community. The master commercial nell Corporate Center will feature 12 buildings of office developer provides valuable opportunities for clients, employ- space and amenities. ees and the industry at large by defining new and higher stan- Another Marnell Properties venture, McCarran Marketplace, dards and expectations that create more productive work en- is a 75-acre community retail center, which will include an es- vironments and make a distinctive statement.
96 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK Sustainable Development Committee A Greener Nevada
n 2006, NAIOP formed its newest I committee led by Pamela Vilkin “Sustainable Development is an issue who is also the president of the local chapter of the US Green Building that’s time has come.” Council. The Sustainable Development Committee’s main focus is to educate the membership about the benefits of green building and responsible development. “Sustainable Development is an issue that’s time has come,” said Tony Dazzio, chapter president. “It is critically important to the community at large and the industry specifically.” Las Vegas has more than 25 buildings registered for Leadership in Energy and En- vironmental Design (LEED) and three of those have received the designation. Sev- eral categories are judged to be certified in- cluding the site, water efficiency, energy ef- ficiency, material and design. The committee is already making an im- pact on the organization. It has identified four main goals including identifying and understanding criteria for LEED Building Certification, promoting the use of best practices among NAIOP members, gather- ing and monitoring information regarding sustainable development, and attending key conferences and educational events about sustainable development. The Sustainable Development Committee has studied samples of environmentally- friendly construction materials, such as wall coverings and durable flooring prod- ucts. Research is available on the chapter’s Web site to provide members with a simple source for sustainable resources. The Sus- tainable Development Committee coordi- nated Education Committee to present “The Greening of Nevada,” an educational semi- nar that was the first opportunity for the new committee to inform the membership about their growing scope of activities. Other topics of interest are the incentive programs being offered by local utility companies. During a recent meeting, the group learned of trends in the construc- tion recycling industry and will soon make a presentation on the building commissioning process.
NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK 97 Industry Trends Committee Keeping Members Up To Speed
eeping abreast of industry tion and Program Committees to sched- tribution facilities needed to support a K trends is critical for NAIOP ule seminars and meetings to discuss rapidly growing economy, would become members. Three years ago, the topic. The chapter’s leadership iden- far more difficult to develop. NAIOP established a committee to identi- tified this trend as a growing issue in the NAIOP worked closely with local and fy and monitor industry trends that im- valley. To further educate and assist national elected officials to bring this pact the commercial real estate industry. members, it formed the Sustainable De- issue to the forefront and develop solu- It is this committee’s responsibility to ed- velopment Committee. tions to the emerging problem. ucate members and leadership about the “This example is exactly what the Members have been researching effects these trends may have on the in- group is trying to accomplish – identify- the diminishing supply of industrial dustry and the community as a whole. ing new trends and mobilizing the mem- land caused by BLM policies, escalat- Rick Myers, past president of NAIOP, es- bership,” said Myers. ing land costs, rezoning to residential tablished the Industry Trends Committee Of current concern, is the lack of use and other factors and educating and serves as its chair. available land for commercial develop- elected officials. The group is planning When the committee was formed, ment in the Valley. This is specifically an to commission a study to evaluate fu- the initial topic was the emergence of issue with the majority of NAIOP’s indus- ture alternatives. green buildings and Leadership in Ener- trial development members. As housing “We feel it is our responsibility as a gy and Environmental Design (LEED) cer- demand has increased in recent years, chapter to stay ahead of these trends,” tification. The committee followed the much of the land suitable for warehouse chapter President Tony Dazzio said. trend and identified the people who development and distribution buildings “The committee continues to be for- could educate the membership about im- was rezoned and purchased by home ward-thinkers, presenting the most pact. It worked closely with the Educa- builders, creating a concern that the dis- pressing emerging trends to members.”
98 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK Shea at Tenaya Village Approaches Sell-Out
rudential-IPG CRES expects to at about $230 to $250 per square foot. P sell out by year’s end at its “This project has been popular There are two remaining units in the Shea at Tenaya Village office with medical [users] because one-story buildings, sized at 2,012 and park -– thanks to high demand in its un- 3,089 square feet. The project’s remain- derserved section of North Las Vegas. of the proximity to the new ing two-story building, sized at 28,202 The $21 million, 100,000-square-foot square feet can be subdivided into units, office project fills a void in the area, Centennial Hills Hospital.” as small as 4,000 square feet. which offers few alternatives for miles, says Miriam Campos-Root, vice presi- dent of Prudential-IPG CRES. Located on a 10-acre parcel fronting Azure Way, construction on the seven building complex is nearing completion. “The final two buildings are currently under construction and to date the com- plex is about 75 percent sold,” Campos- Root said. With the market returning to normal after a red hot pace, the sales rate for Shea at Tenaya Village remains brisk. Campos-Root predicted all unit sales would close by the end of 2007, two years after its marketing of the project began. Prudential-IPG CRES had the client in mind during the planning process. They decided not to build the units to suit, opting rather to let buyers call the shots on the interior, Campos-Root noted. Included in each gray shell is the con- crete slab, utility connections and fire sprinklers. The buildings feature modern architecture with stucco and stone fa- cades, as well as abundant signage and parking. Among the project’s favorable attrib- utes is its close proximity and exception- al visibility to US 95 and I-215 Beltway. Besides professional office interests, it also has carved out another niche. “This project has been popular with medical users because of the proximity to the new Centennial Hills Hospital,” Campos- Root said. The project offers a complimentary mix of tenants such as a chiropractic of- fice, internal medicine, real estate agency, insurance company, an ortho- dontist and dentistry practices. There is still availability in this much- needed office park in the Northwest area of town. Currently, the project is selling
NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK 99 Communications Committee Resource of Information for Members
or an organization the size of the group. NAIOP keeps members informed The site includes links to news, events, F NAIOP, communicating with with a number of communication forums memberships, sponsorships, committees members is extremely important. including its Web site, its newsletter, NAIOP and other resources. Soon, it will offer in- The chapter’s Communications Commit- NOW, and through the media. teractive registration where members tee’s primary focus is to let members know The chapter’s Web site is a useful can sign-up for events and programs di- what is happening both inside and outside tool in communicating with members. rectly on the site. Broader in scope than the magazine, the web site offers mem- bers a quick way to contact key members of the organization, as well as an oppor- tunity to learn more about what is going on within the organization. NAIOP NOW is the chapter’s quarter- ly newsletter. The publication has grown in size from a black and white newsletter to a 50 page glossy magazine. The publi- cation provides recaps of the chapter’s activities, informs members about up- coming events, profiles members and their companies and educates members on trends in the industry. In addition to the editorial content, the chapter also sells ads to members allowing them to get in front of other members who may utilize their services or products. “Our focus is to keep members in- formed about what the organization and fellow members are doing, making it easier for member-to-member interaction and for doing business with one another,” said Communications Committee chair Karen Marshall. “In the back of the newsletter we have a section called ‘Newsbites.’ This sec- tion gives members the opportunity to get the word out about their projects, new hires, deals, etc. to other members.” Another way NAIOP communicates with members and the community is through the media. Members of the Com- munications Committee work closely with MassMedia, the organization’s communi- cations agency, to promote the chapter’s activities and initiatives to the local press. “We invite the media to every event we have,” said Tony Dazzio, president of the chapter. “We think it’s important to have a relationship with the reporters and editors who cover our industry. I think we serve as a great resource for them when they are writing articles about commer- cial real estate.”
100 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK Bus Tour Committee “The Bus Tour offers ob- vious benefits to mem- bers who wish to learn more about the develop- ments and building trends occurring throughout the Valley.”
very year NAIOP hosts its annual E Bus Tour. The event tours mem- bers around town to different com- mercial, industrial, retail and office spaces, as well as other developments. The tour gives members the opportunity to visit projects de- veloped by their peers. The Bus Tour is one of NAIOP’s most popular events, with more than 420 members boarding buses for a sightsee- ing tour around the Valley. The tour is meant to educate members on the development ac- tivities throughout the Las Vegas Valley. In ad- dition to the educational component, the Bus Tour also gives attendees the chance to net- work with developers and associate mem- bers who reserve booths at the exhibit fair. The 19th Annual Bus Tour theme is the “Amazing Bus Tour,” with thematic similari- ties to CBS’s hit show. Attendees of the tour will be competing against each other, adding an element of fun, competition and interactiv- ity. At each stop, along with learning detailed information about the property, games will be played and teams will rally behind their rep- resentatives to obtain clues that will help them win the tour. As usual, the tour will cul- minate with a cocktail party, held this year at the All American Sports Park on Sunset Road, just south of McCarran International Airport. “The Bus Tour offers obvious benefits to members who wish to learn more about the developments and building trends occurring throughout the Valley,” said Chris Larsen, Bus Tour Committee Chair. “It also offers valuable networking opportunities through our exhibit booths and cocktail party.”
NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK 101 Membership Committee Attracting New Members
ecoming the fourth largest chapter B in the nation didn’t happen by acci- dent. The Membership Committee of the Southern Nevada chapter was estab- lished to bolster the organization’s ranks and develop strategies to monitor growth and member involvement. Each year, the Member- ship Committee sets a goal to attract potential members, educate new members and provide value to current members. To that end, the committee coordinates a variety of activities throughout the year. Attracting new members to the organization is one of the main focuses for this committee. The organization continues its outreach to en- courage principal members, or developers, and associate members, industry profession- als who provide services to developers, to the chapter. Equally important is an increased em- phasis on attracting a younger generation to the organization. The chapter has embraced the national organization’s “Developing Lead- ers” program and host mixers for younger members. To entice these groups as well as others, the Membership Committee uses sev- eral outreach methods. “We have two call-a-thons per year tar- geting people who have come to breakfast meetings and didn’t join, or companies who have one representative who is already a member and we encourage others in firm to join,” said Bill Wilson, chair of the Member- ship Committee. As the organization grows, the Member- ship Committee recognizes the need to help new members discover the benefits of their membership. In 2007, the committee began hosting “New Member Orientation Workshops” to educate members about the organization and its outreach. More than 20 people at- tended the first workshop.
102 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK BENEFITS OF MEMBERSHIP
Legislative Voice To reach its current members, the com- Education Through our Government Affairs Committee, With at least five events each year, these pro- mittee coordinates members-only network- we are able to educate our members about the grams and seminars are designed to help you ing events, including mixers at venues such issues that most affect them. maximize your professional development and as Celebrity Night Club, World Market Cen- business opportunities. ter; the Annual Putting Tournament; and the National Exposure Annual Holiday Luncheon. We are part of a national organization with ex- Community Service Wilson said the events are held to allow posure to educational forums and networking NAIOP members believe the key to a members to meet each other in a social set- opportunities on a national level. successful community is in giving back to its' ting. After all, most people join the chapter to neighbors and making a difference in the meet and network with industry leaders. Local Exposure growth of the Las Vegas Valley. Our members can expose their companies “NAIOP allows you to meet people in the through our sponsorship opportunities and Chapter Activities commercial real estate community that you events to attain greater visibility. Through the Our members can get involved in a num- might not otherwise meet,” Wilson said. Spotlight Awards program, member compa- ber of committees to help expand their President Tony Dazzio says in not just about nies, projects as well as individuals are recog- own membership. These include: Program meeting people but meeting the right people nized by their peers. Committee, Golf Tournament Committee, that attract many to NAIOP. Education Committee, Bus Tour Commit- “A large percentage of our members are Social tee, Government Affairs Committee, leaders in the industry,” said Dazzio. “If Our chapter holds monthly breakfast meetings CREPAC (Commercial Real Estate Political you have a question, comment or observa- featuring presentations by experts on topics af- Action Committee), Communications Com- tion, the person sitting next to you is most fecting the commercial real estate industry and of- mittee, Sustainable Development Commit- fering our members networking opportunities with likely part of the executive team in their or- tee, Community Service Committee and more than 300 individuals involved in the Southern the Spotlight Awards Committee. ganization responsible for making deci- Nevada Commercial Real Estate Industry. sions that shape the growth of the Valley. Also, golf tournaments are held in the spring You never know who you may run into at a and fall, offering a fun and enjoyable networking Our members do business NAIOP event. That’s why we encourage opportunity, and an Annual Fall Bus Tour show- with members! members to get involved and attend.” cases new developments in the Las Vegas area.
NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK 103 NAIOP Presidents
Tony Dazzio 2007 President
2006 • Ralph Murphy 2005 • Casey Jones 2004 • Rick Myers 2003 • Kevin Higgins 2002 • Rod Martin 2001 • Mark H. Bouchard 2000 • Richard D. Smith 1999 • Edward C. Lubbers, Esq. 1998 • Michael Newman 1997 • Robert A. “Tim” Snow, Jr. 1996 • Steven O. Spaulding 1995 • Micki Johnson 1994 • William R. Borinstein 1993 • Bruce G. Barton 1992 • Mark T. Zachman 1991 • Vernon L. Danielson 1990 • Donald R. Sanborn 1989 • Wai-Nung C. Lee 1988 • Kevin M. Buckley 1987 • Donald W. Haze 1986 • Donald W. Haze
104 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK 2007 OFFICERS, DIRECTORS AND COMMITTEE CHAIRS
NAIOP 2007 Board of Directors: Back Row (L to R): Michael Newman, Rod Martin, Rick Meyers, Tony Dazzio, Ralph Murphy, John Restrepo, Kyle Nagy Front Row (L to R): Dan Doherty, Katrina Ferry, Sallie Doebler, Suzette La Grange Not Pictured: John Ramous, Brad Schnepf, Lee Phelps, Jeff Manning and Kevin Higgins
EXECUTIVE COMMITTEE Director OTHER COMMITTEE CHAIRS Kevin Higgins President Voit Commercial Brokerage Communications Committee Chair Tony Dazzio Director Karen Marshall Burke & Associates Suzette La Grange Roel Construction President-Elect Colliers International Programs Committee Chair John Restrepo Director Ellie Shattuck Restrepo Consulting Group Jeff Manning Action Building Group Martin-Harris Construction Immediate Past President Government Affairs Committee Chair Director Bus Tour Committee Chair Rod Martin Chris Larsen Ralph Murphy Majestic Realty Co. Jackson-Shaw Company Dekker / Perich / Sabatini Director, Education Committee Chair Treasurer Kyle Nagy Community Service Committee Chair Rick Myers CommCap Advisors Barbara Demaree Thomas & Mack Development Group Southwest Gas Corporation Director Secretary Michael Newman Trammell Crow Company Sustainable Development Sallie Doebler Committee Chair United Construction Company Director, Golf Tournament Pamela Vilkin Committee Chair Tradewinds Construction Chapter Executive Lee Phelps Katrina Ferry Real Estate Group, Nevada, LLC Alternative Management Sponsorship Committee Chair Director Mike Carroll John Ramous LM Construction Company, LLC DIRECTORS Harsch Investment Properties Director Membership Committee Chair Dan Doherty Director Bill Wilson Colliers International Brad Schnepf Nevada State Development Corporation Marnell Properties
NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK 105 NAIOP SOUTHERN NEVADA CHAPTER 2007 PRESIDENT’S CIRCLE SPONSORS
PLATINUM BRONZE Burke & Associates, Inc. Access Commercial Mortgage CB Richard Ellis Affordable Concepts, Inc. Cox Communications Amtec Communications EJM Development Co. Bank of Nevada Embarq Bergelectric Corporation CENTRA Properties, LLC Southwest Gas Corporation Christopher Commercial City National Bank GOLD CommCap Advisors Glen, Smith & Glen Development Community Bank Dekker/Perich/Sabatini, Ltd. Majestic Realty Co. Granite Exchange Services, Inc. Marnell Properties Helix Electric Plise Companies, LLC Irwin Union Bank Roel Construction Company, Inc. Jackson Shaw Company Thomas & Mack Development Group Jaynes Corporation Juliet Land Company KeyBank SILVER KKE / HFTA Architects American Nevada Company Langan Engineering & Environmental Services Bank of America Nevada Lee & Sakahara Architects CIP Real Estate Martin-Harris Construction Co. Colliers International, Inc. Martin & Martin, Inc. Commerce CRG/Cushman & Wakefield Alliance Nevada State Bank OGI Environmental, LLC CORE Construction Opulence Studios Inc. DP Partners Orgill/Singer & Associates Grubb & Ellis | Las Vegas Panattoni Development Company Harsch Investment Properties, LLC RBF Consulting JMA Real Estate Group Nevada LLC L M Construction Co., LLC ReMax Millennium Commercial LaPour Restrepo Consulting Group LLC Lee & Associates Roche Constructors, Inc. Sansone Companies Marcus & Millichap Southwest Engineering Molasky Group of Companies SR Construction, Inc. Nevada Power Company Stoltz Management 1 Velocity, Inc. Strata Building Group, LLC Prudential CRES Sun Commercial Real Estate Silver State Bank Terracon Stanley Consultants, Inc. Ticor Title Tradewinds Construction The Korte Company The Penta Building Group, Inc. Trammell Crow Company TRC TWC Construction, Inc. WESTAR Architectural Group/NV, Inc. United Construction Company Western Risk Insurance Voit Commercial Brokerage WPH Architecture. Inc Wells Fargo WRG Design, Inc.
106 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK National Association of Industrial and Office Properties Southern Nevada Chapter MISSION The mission of the Southern Nevada Chapter of the National Association of Industrial and Office Properties is to represent and promote quality commercial development in Southern Nevada.
VISION Our vision is to be the leading respect- ed authority on issues affecting com- mercial real estate development in Southern Nevada that will: • Include all commercial developers and owners in Southern Nevada as ac- tive, engaged members. • Be an information resource delivering value and knowledge to all our members. • Be recognized by state and local pub- lic policy makers as a resource for in- formation and advice regarding pro- posed regulations and legislation. GOALS • To represent those who are involved in the design, construction, develop- ment, sale/leasing, ownership and op- eration of commercial real estate. • To encourage interaction and in- creased understanding among the professionals involved in all aspects of commercial real estate. • To enhance the public’s and public officials’ understanding of the impor- tance of commercial real estate. • To provide member education and en- courage educational programs in Southern Nevada.
NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK 107 2007 NAIOP MEMBER COMPANIES
1 Velocity, Inc. Coldwell Banker Premier Realty Gensler of Nevada 1st Commerce Bank Colliers International, Inc. Geocon Inland Empire, Inc. Access Commercial Mortgage CommCap Advisors Geotechnical & Environmental Services, Inc Action Building Group Commerce CRG/Cushman & Wakefield Alliance GeoTek, Inc. ADT Security Services, Inc. Commercial Executives Glen, Smith & Glen Development Affordable Concepts, Inc. Commercial Roofers, Inc. Goldwater Capital Nevada All World Promotions Communication Electronic Systems Greenspun Media Group Alternative Management Community Bank of Nevada Grubb & Ellis | Las Vegas American Asphalt & Grading Co. Conde Del Mar Properties Harris Consulting Engineers American Fiber Systems, Inc. Construcion Testing Services, LLC Harsch Investment Properties, LLC American Nevada Company Construction Consultants. Inc. Hatcher Constuction Company AmPac Development Company CORE Construction Haworth, Inc Amtec Communications Cornerstone Company Hedley Construction & Development Anchor Development CORT Business Services Helix Electric Apex Industrial Park Cox Communications Heller Companies Applied Analysis Creative Wealth Strategies Williams Group Henriksen/Butler Design Group ARGO Corporation Crescent Real Estate Equities, Ltd. Heritage Surveying Aspen Communications Crisci Builders Hill International Asset Preservation, Inc. D. R. Development, LLC Hollister Construction Company Assurance Ltd. Dekker/Perich/Sabatini, Ltd. Houldsworth, Russo & Co. Asylum Design, LLC Desert Community Bank Indigo Architecture, Inc. Aztec Engineering Design Concepts, Inc. Inter-Tel Technologies, Inc. Ballard Spahr Andrews & Ingersoll, LLP DesignCell Architects Investment Equity Development Bank of America Nevada DFD Cornoyer Hedrick IPG Commercial Real Estate Services Bank of Nevada Distinctive Real Estate & Investments, Inc. IPX1031 Bank of the West Diversified Capital Funding Irwin Union Bank Barker Drottar Associates, L.L.C. Diversified Communications Solutions, Inc. J & D Inc. Bergelectric Corporation Diversified Real Estate Group J.D. Construction, Inc. Blue Heron LLC Diversified Realty J.P.L. Engineering, Inc. Bonneville Mortgage Company Domingo Cambeiro Corp. Jackson Shaw Company Brian Berg Insurance Services, Inc. DP Partners Jaynes Corporation Brooks Corporation General Contractors Dragon Ridge Country Club JMA Brown & Brown Insurance DSA Development Joel Laub & Associates Builders Capital, Inc Dunn-Edwards Paints Johnson Jacobson Wilcox Burke & Associates, Inc. Dunrite Management LLC JP Dinapoli Companies Burnham Real Estate Durango Construction, Inc. Juliet Land Company Business Community Capital Dwyer - Curlett & Company Kaercher Campbell & Associates Insurance Brokerage Business Properties Group Dynamic Commissioning Solutions, Inc Kalb Construction Company BusinessSuites Ed Vance & Associates Keller Williams Realty Capital West Development, LLC EJM Development Co. Ken Templeton Realty & Investments, Inc. CapSource Inc. EKN Engineering, Inc. KeyBank Carpenter Sellers Architects Embarq Kimley-Horn and Associates, Inc. Cartmill Rogers Construction Company Equastone Kitchell Contractors Caviness Construction Company, Inc. Equity Title of Nevada KKE / HFTA Architects CB Richard Ellis Ernst & Young LLP Kummer Kaempfer Bonner Renshaw & Ferrario Centra Properties, LLC ESG Construction Consultants L.M. Construction Company, LLC. Centra Realty Corporation Ethos/Three Architecture Land America Commercial Services Chicago Title Faciliteq of Nevada, Inc. Land America Financial Group Christopher Commercial Familian Development Group, Inc. Landry & Associates, Inc. CIP Real Estate Fidelity National Title Agency of Nevada, Inc. Langan Engineering & Environmental Services Citation Property Group First American Title Co. of Nevada LaPour City National Bank First Horizon Construction Lending Las Vegas Development Company, LLC City of Henderson Economic Development First National Bank of Nevada Law Office of Garry L.Hayes City of Las Vegas First Republic Bank Leavitt Insurance Agency City of North Las Vegas FKC Properties, Inc. Ledcor Construction Inc Civil Works, Inc. Flack + Kurtz, Inc. Lee & Associates Clark Construction Group, LLC Fluoresco Lighting & Signs Lee & Sakahara Architects Clark County Comprehensive Planning G.C. Garcia Planning & Development Services Lied Institute for Real Estate Studies Clark County Las Vegas Township Constable GE Real Estate Link Technologies Coldwell Banker Commercial ETN Real Estate Services Gemstone Development LLC LND Construction
108 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK 2007 NAIOP MEMBER COMPANIES
Longford Group, Inc. Post, Buckley, Schuh & Jernigan, Inc. Tamares Real Estate Holdings, Inc. Lucchesi Galati Architects, Inc. Professional Roofing Services Tate Snyder Kimsey Architects Lyle Brennan Investment Progressive Roofing d.b.a. Progressive Services Inc. Terra West Realty Majestic Realty Co. ProLogis Terracon Manning Finance LLC Prudential Americana Group, REALTORS Territory Incorporated Marcus & Millichap Prudential CRES The Bentley Group Real Estate Advisors Mark IV Capital R & O Construction The Business Press Mark L. Fine & Associates R3D Inc. The CW Group Marnell Properties RAFI Architecture The Gilmore Company Martin & Martin, Inc. RBF Consulting, Inc. The Howard Hughes Corporation Martin-Harris Construction Co. RDS Associates, LLC The Korte Company MassMedia RE/MAX Extreme The Penta Building Group, Inc. Matt Construction, LLC Real Estate Services Group The ReD Report, LLC McCarthy Building Companies, Inc. Regal Financial Bank The Regus Group McDonald Carano Wilson LLP REMAX Commercial Professionals, Inc. The Ribeiro Corporation McFadden Insurance Agency Inc ReMax Millennium Commercial The Staubach Company Metro Commercial Properties Remax Platinum The WLB Group, Inc. Molasky Group of Companies Resource Reality Inc. Thomas & Mack Development Group Mountain West Small Business Finance Restrepo Consulting Group, LLC Ticor Title Nadel Architects Inc. RG Group TitleOne NAI Horizon Rice Silbey Reuther & Sullivan, LLP Tower Realty & Development. LLC Nevada Business Journal RMI Investment Services Town & Country Bank Nevada Commerce Bank Roche Constructors, Inc. Tradewinds Construction Nevada Development + Realty Co. Roel Construction Company, Inc. Trammell Crow Company Nevada Pacific Realty Capital Romano Realty, Inc. TRC Nevada Power Company RRC Consulting Group, Inc. Trident Property Management, Inc. Nevada Real Estate Group Nevada, LLC RSM McGladrey Triple Net Properties, LLC Nevada State Bank Saddleback Associates TWC Construction, Inc. Nevada State Development Corporation Sansone Companies U.S. Dept. of Housing & Urban Development Nevada Title Company SAXA, Inc. United Construction Company New Growth Commercial Real Estate Company Scott L. Baker Architect, Inc. University of Nevada Las Vegas NextGen Integrated Solutions Service 1st Bank of Nevada US Bank Nigro Development SH Architecture V POINT- A TRC Company Noble Title Sierra Health Services, Inc. Venture Corporation Las Vegas Noggle Exchange Signature Homes Voit Commercial Brokerage Northwestern Investment Management Co., LLC Silver State Bank Walter P. Moore Oakview Construction Sky Mesa Realty Water Street South ,LLC Oakwood Corporate Housing Sletten Companies of Nevada Inc. Watt, Tieder, Hoffar & Fitzgerald, LLP Odyssey Real Estate Capital Snell & Wilmer, LLP Wells Fargo Bank Office Furniture USA Snow Management Services, LLC West Coast Development Partners, LLC OGI Environmental, LLC Southern Nevada IBEW/NECA - LMCC WESTAR Architectural Group/NV, Inc. Old Republic Title Company of Nevada Southwest Engineering Westcor 1031 Exchange Company Olympia Development Corporation Southwest Gas Corporation Western Pride Construction OneCap Southwest Title Company Western Realco Opulence Studios Inc. Spectrum Surveying & Engineering Western Risk Insurance Orgill/Singer & Associates SR Construction, Inc. Western Technologies Inc Origin Properties, LLC SSA Architecture Western Wall & Ceiling Contractors Association OZ Architecture of Las Vegas, LLC St. Croix Capital Corporation/ NLV Industrial Center LLC Westland Enterprises P G A L Stable Development, LLC Whiting-Turner Contracting Company Panattoni Construction Inc. Stanley Consultants, Inc. Windermere Prestige Properties Panattoni Development Company Stantec Consulting, Inc. WPH Architecture. Inc Panelized Structures, Inc. Stewart Development Company and Valley Construction Company WRG Design, Inc. Paragon Commercial Real Estate LLC Stewart Title of Nevada Wright Engineers Parker Scaggiari Stoltz Management XO Communications Parsons Behle & Latimer Strata Building Group, LLC Young Electric Sign Company PCI Group Studio VBM, LLC Zappos.Com Inc. Perlman Architects, Inc. Summit Builders of Nevada Zions Small Business Finance Pezzillo Robinson Summit Engineering Corporation Zone Engineering Plise Companies, LLC Sun Commercial Real Estate Poggemeyer Design Group, Inc. Sunland Asphalt
NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK 109 2007 Bus Tour 2007 BUS TOUR SPONSORS Committee
Chairman LUNCH SPONSOR Plise Companies, LLC Chris Larsen Dekker/Perich/Sabatini, Ltd. COCKTAIL PARTY SPONSOR Harsch Investment Properties, LLC Committee GUIDEBOOK SPONSOR Coldwell Banker Commercial ETN Real Estate Services Laurie Adair CB Richard Ellis WATER BOTTLE SPONSOR Dekker/Perich/Sabatini, Ltd. Kassi Belz MassMedia TOTE BAG SPONSOR Colliers International, Inc. Connie Brennan Nevada Business Journal SHIRT SPONSOR Action Building Group
David Cohen GO KART SPONSOR Panattoni SR Construction, Inc. Adam Courrier LANYARD SPONSOR Glen, Smith & Glen Development Running Bull Productions SUB-MARKET SPONSORS Marnell Properties Katrina Ferry Southern Nevada Chapter NAIOP DP Partners LaPour Suzette La Grange Colliers International, Inc. BUS SPONSORS Community Bank Natalie Manning EJM Development Co. Manning Finance LLC LM Construction Co., LLC Molasky Group of Companies April McCoy Plise Companies, LLC Nevada Business Journal Wells Fargo SBA Lending Courtney Murphy NextGen Integrated Solutions The ReD Report, LLC Affordable Concepts, Inc. Steve Paravia EXHIBITORS Voit Commercial Brokerage CB Richard Ellis City of North Las Vegas Richard Purvis Coldwell Banker Commercial ETN Fluoresco Lighting & Signs EJM Development Co. Jeff Rensmon Grubb & Ellis | Las Vegas Jaynes Corporation Haworth Jaynes Corporation Bridget Richards New Growth Commercial Landiscor Real Estate Company Langan Engineering & Environmental Services Lee & Associates Andy Sullivan LM Construction Walter P. Moore Martin-Harris Construction Mike Tabeek MassMedia Coldwell Banker Commercial ETN Nevada Business Journal Real Estate Services Perkowitz+Ruth Architects Sandy Thompson Professional Roofing Services Dwyer - Curlett & Company Restrepo Consulting Group SR Construction Garrett Toft Stanley Consultants Voit Commercial Brokerage Tradewinds Design / Building Interior Chuck Witters Voit Commercial Brokerage Lee & Associates Wells Fargo SBA Tara Young WRG Design, Inc. Kummer Kaempfer Bonner XO Communications Renshaw & Ferrario
110 NAIOP • EJM DEVELOPMENT CO. • 2007 BUS TOUR GUIDE BOOK