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NBJ 2006 Bus Tour Guide Book

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NBJ 2006 Bus Tour Guide Book T ABLE OF CONTENTS Central Submarket 7 Henderson Submarket Sponsored by The Korte Company 10 Airport Submarket Sponsored by Marnell Properties 26 Southwest Submarket Sponsored by Juliet Property Company 34 Bus Tour Map 44-45 Northwest Submarket Sponsored by Shea Commercial 56 North Submarket Sponsored by DP Partners 66 2005 Bus Tour Sponsors 80 SPECIAL SUPPLEMENT To Order Reprints, Contact: Nevada Business Journal 4386 S. Eastern Ave. Suite B • Las Vegas, NV 89119 • 702-735-7003 COPYRIGHT ©2006 REPRODUCTION PROHIBITED UNLESS AUTHORIZED BY PUBLISHER Central Office Submarket Overview by Bruce Follmer, CB Richard Ellis he Central Office Submarket is and the new owners have invested a substantial amount of cap- composed of several older office ital in extensive renovations. CENTRAL Tcorridors in the Las Vegas Valley The Sahara Office Corridor is another one of our traditional of- with approximately 9.3 million SF of fice corridors that has been negatively impacted by the emergence general office space and 3.1 million SF of the Southwest Office Submarket. Sahara Avenue has weathered of medical office space. This submarket the emergence of the new office submarkets because of the rela- had a 9.22 percent vacancy rate in gen- tive ease of access to the Northwest portion of the Valley, coupled eral office space and 8.94 percent in with the low vacancy rates in the Northwest Las Vegas Valley. With medical office space at the end of the the continued growth of the Valley and this corridor’s good freeway Bruce Follmer 2nd quarter 2006. The primary office access, landlords should be able to maintain stable vacancy rates corridors are East Flamingo Road, West Sahara Avenue and down- over the next several years. town Las Vegas. Downtown Las Vegas redevelopment seems to have finally The Flamingo Road office corridor has not seen a significant turned the corner and started to gather momentum. The majority development in recent years, with the exception of the continued of office space in downtown Las Vegas has served the court sys- development of the Howard Hughes Center. Crescent Real Estate tem and local government. The newest office project in Downtown is in the final construction stages of 3883 Howard Hughes Park- Las Vegas is the 265,000 SF Molasky Corporate Center/Southern way, which will see its first tenants in April 2007. This corridor Nevada Water Authority building, nearing completion. has the bulk of the vacancy in this submarket and has seen pos- The Medical District just west of I-15 has 1,365,162 SF of itive absorption over the last quarter. The majority of the office medical office space with a vacancy rate of 4.06 percent. Three properties in the corridor, with the exception of the Hughes Cen- hospitals currently operate in this submarket with 1,228 hospital ter, are older properties that have been negatively affected by the beds. Average lease rates in this submarket are $1.82 per square emergence of the Henderson submarket and Southwest submar- foot per month, which is slightly above the market average of ket. Over the last year, various properties have changed hands $1.78 per square foot per month. Shadow Lane Office Building SUBMARKET SPONSOR 1 701 Shadow Lane Type: Office/ Medical Developer: Tower Realty and Development / Eron Kennedy / 702-366-0444 x101 Leasing Agent: CBRE / Jan Hoback, Carla Cole, Bruce Follmer / 702-369-4800 Architect: Westar General Contractor: Western US Contractors Year Built: Feb-07 Thanks for Status: Under Construction supporting NAIOP! Project Square Footage: 30,000 Asking Rates: $2.00 NNN Major Tenants: University Medical Center of Southern Nevada COMMENTS: Directly across the street from Valley Hospital and University Medical Center of Southern Nevada. Excellent location for medical/professional tenants. Molasky Corporate Center 701 Bridger Avenue 2 100 City Parkway 3 701 Bridger Ave. CENTRAL Type: Office Type: Office Developer: The Molasky Group of Companies / Rich Worthington / 702-725-0155 Developer: Tower Realty and Development / Jason Thompson / 702-366-0444 Leasing Agent: Burnham Real Estate/ Keith Bassett / 702-384-4488 Leasing Agent: CBRE / Jan Hoback, Carla Cole, Bruce Follmer / 702-369-4800 Architect: KKE / HFTA Architect: Westar General Contractor: Marnell Corrao General Contractor: Western US Contractors Year Built: Fall 2007 Year Built: Aug-06 Status: Under Construction Status: Completed Project Square Footage: 285,000 Development Acreage: 3.00 Project Square Footage: 68,714 Asking Rates: $3.25 FSG Development Acreage: Major Tenants: Southern Nevada Water Authority Asking Rates: $2.45 MG COMMENTS: Major Tenants: Pyatt Sylvestri & Hanlon, Cotkin Collins & Ginsburg, Dial Reprographics Las Vegas' Downtown Redevelopment District is going GREEN with the Molasky Corpo- COMMENTS: rate Center. The 16-story mixed-use office and retail high-rise building will be Leader- ship in Energy and Environmental Design (LEED) silver-certified and promises to set the Completely renovated building, replacing and upgrading all building systems. New park- tone for the area's future development. ing structure and retail annex added to provide a 5:1000 parking ratio. 3883 Howard Hughes 47 3883 Howard Hughes Parkway 1,2,3, 47?? Because NAIOP wanted to make sure each property on Type: Office this year’s Bus Tour got the attention it deserved, the Developer: Crescent Real Estate Equities, LTD. / Bob Boykin / 714-840-1170 tour was divided into two routes, roughly east and west Leasing Agent: Colliers International / Tom Stilley or Lizz Stilley / 702-735-5700 of the I-15 freeway. Because of this, the numbering Architect: HKS Architect Inc. system we used to use doesn’t flow very well. General Contractor: Kitchell Contractors Year Built: Jun-07 Please take our word for it: the properties as listed here Status: Under Construction Project Square Footage: 238,957 belong in the submarket where they’re located, even if Development Acreage: the numbering system doesn’t seem to make much Asking Rates: $3.00 - $3.25 FSG sense. Please refer to the map on pages 60 and 61. Major Tenants: Snell & Wilmer, Boyd Gaming, Echelon Resorts, A.G. Spanos COMMENTS: 3883 Howard Hughes Parkway, Crescent Real Estate’s landmark new Have a wonderful Bus Tour! 11-story, state-of-the-art Class A office tower will be the newest building constructed in Hughes Center since 1999. The project features granite pre-cast panels, metal- wrapped columns and an architecturally distinctive “fin”. The second phase of the NAIOP Bus Tour Committee project, an 8-story tower, will complete the planned development for the site. In- cludes water-conserving plantings and multi-functional spaces around a central gar- den court. Northwest Office Submarket Overview by Dean Kaufman, Colliers International he Northwest office market is The diversity of projects under construction indicates an in- bounded by the I-215 Beltway to creasing sophistication of the Northwest submarket. At six stories, Tthe west, east along Desert Inn Business Bank of Nevada’s 150,000 SF Class A project is expect- Road to Durango Rd, then north to ed to stimulate a new era of office development in Summerlin over Summerlin Parkway, east to Decatur the next five years. Plise Companies’ five-story 127,000 SF Cen- Road, and finally north where it rejoins tennial Corporate Center at Ann Road and US 95 has also raised the Beltway. As of the second quarter the standard considerably. These two projects alone have in- 2006, it consists of over 6.8 million SF creased the inventory of Class A product by over 27 percent. of space, which represents approxi- Looking forward, the Northwest submarket is on a path to fur- Dean Kaufman mately 21 percent of all office space in ther growth. Strong job creation, a healthy supply of new compet- Southern Nevada. Approximately 5.6 percent, or just under itively priced housing, and the opening of the Centennial Hills Hos- 383,000 SF, is vacant, a decrease from the 7.4 percent at the pital will continue to stimulate population growth. As commute NORTHWEST same time last year. times to more established office markets increase, so too will the Absorption for the first two quarters of 2006 was a healthy demand for local office space. Developers such as American Neva- 163,000 SF. As of the second quarter 2006, almost 800,000 SF da Company are integrating office development into master- was under construction; a considerable increase in supply. Howev- planned communities, enhancing the quality of future growth. er, demand has historically kept pace with supply, as demonstrat- We can expect a pause in Class A development as the projects ed by 2005’s absorption of almost 884,000 SF. under construction absorb. Demand for multi-story Class B office Leasing rates in the Northwest currently average $2.39 / SF / product will increase as medium-sized tenants enter the submar- Month / Full Service Gross, an increase of $0.11, or almost 5 per- ket. Though land prices have increased, opportunities remain for cent over the past year. Most of the increase came from Class B Class C projects that will continue to cater to smaller tenants. and Medical space, where rates have increased by 11.5 percent Overall, we can expect continued healthy absorption of office in- and 12.1 percent respectively. ventory in the Northwest and a wider diversity of product types. 4 Mountain View Professional Park SUBMARKET SPONSOR 6950 - 7200 Smoke Ranch Rd. Type: Office Developer: Christopher Commercial / Douglas Crook / 702-243-2800 Leasing Agent: Christopher Commercial / Douglas Crook / 702-243-2800 Architect: Swisher & Hall Architects General Contractor: R & O Construction Year Built: Jun-05 Status: Completed Project Square Footage: 150,000 Development Acreage: 15.50 Thanks for Asking Rates: Major Tenants: The OB/GYN Center, Dr. Laura & Jeffrey Gitlin, Dr. Pasha supporting NAIOP! COMMENTS: Only one parcel remaining.
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