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ETN Real Estate Services SPONSORED BY ETN Real Estate Services 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 /
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