2015-06-28 - VEGAS INC - Las Vegas

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

By Eli SEgall | Staff Writer

Las Vegas bankers couldn’t write loans fast enough during the real estate bubble, doling out funds for construction projects even if borrowers didn’t have a way to pay them back. ¶ Today, after the massive real estate bust, waves

of bank failures and the worst recession in decades, that spigot is merely dripping. ¶ Southern Nevada’s banks

commErcial lEnding, continuEd on pagE 10

$1.75BValue of investment firm

tracinda Corp.’s stake in

MGM resorts. Kirk Kerkori-

an, the corporation’s owner,

died June 15.

1Number of drivers ruled to be employ-

ees of Uber in California. the California

Labor Commission ruled that Barbara

Berwick is an employee of the ride-

sharing company. Other workers are

considered independent contractors.

Rebuilding a foundation

construction continues on

a medical project financed

by Meadows Bank. (Mikayla

whitMore/staff)

Commercial real estate is slowly making a comeback, but this time, banks are being more cautious

1, 10, 15_VICover_20150628.indd 1 6/26/15 3:36 PM

05 06 18Q&A WITH TERRY DOWNEYThe president and general manager of Aliante Gaming discusses the importance of innovation in the gam-ing industry, his company’s commitment to serving the armed forces and the personality trait he tries to avoid when making hiring decisions.

THE NOTESPeople on the move, P4

MEET: SOLA SALONSThe Great Recession took a toll on the beauty industry and salons closed across the valley, but Russell Nordstrom and Trey Campbell came up with a way to help keep styl-ists in business.

TALKING POINTS■ Commercial real estate is rebounding, P7

■ What you should know about CRE law, P7

DATA AND PUBLIC INFORMATIONA listing of local bank-ruptcies, bid opportuni-ties, brokered transac-tions, business licenses and building permits.

MORE VEGAS INC BUSINESS NEWSCalendar: Happenings and events, P17

The List: Third-party commercial property managers, P20

NOTEWORTHY STORIES

VOLUME 2, ISSUE 25Vegas Inc (USPS publication no. 15540), 2360 Corporate Circle, Third Floor, Henderson, NV 89074 is published every Sunday except the last Sunday of the year by Greenspun Media Group. Periodicals Postage Paid at Henderson, NV and at additional mailing offices.

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PUBLISHER Donn Jersey ([email protected])

EDITORIALEDITOR Delen Goldberg ([email protected]) MANAGING EDITOR Dave Mondt ([email protected])DIGITAL EDITOR Sarah Burns ([email protected])ASSISTANT MANAGING EDITOR/BUSINESS Brian Deka ([email protected])STAFF WRITERS Kailyn Brown, Andrea Domanick, Adwoa Fosu, Moira Johnston, Megan Messerly, J.D. Morris, Kyle Roerink, Daniel Rothberg, Cy Ryan, Eli Segall, Conor Shine, Jackie Valley, Pashtana Usufzy, Katie Visconti, Ian Whitaker COPY DESK CHIEF John TaylorCOPY EDITORS Jamie Gentner, Brian Sandford SPECIAL PUBLICATIONS EDITOR Craig Peterson DIGITAL COORDINATOR Adelaide Chen EDITORIAL CARTOONIST Mike Smith LIBRARY SERVICES SPECIALIST Rebecca Clifford-Cruz RESEARCHER Julie Ann FormosoOFFICE COORDINATOR Nadine Guy

ARTASSOCIATE CREATIVE DIRECTOR Liz Brown ([email protected])DESIGNER LeeAnn EliasPHOTO COORDINATOR Mikayla Whitmore PHOTOGRAPHERS L.E. Baskow, Christopher DeVargas, Steve Marcus

ADVERTISINGASSOCIATE PUBLISHER OF ONLINE MEDIA Katie HortonGROUP DIRECTOR OF SALES OPERATIONS Stephanie RevieaPUBLICATION COORDINATORS Karen Parisi ADVERTISING DIRECTOR Jeff JacobsEXTERNAL CONTENT MANAGER Emma CauthornACCOUNT MANAGERS Katie Harrison, Dawn Mangum, Breen Nolan, Sue SranADVERTISING MANAGERS Jim Braun, Brianna Eck, Frank Feder, Kelly Gajewski, Justin Gannon, Trasie Mason, Donna Roberts, Michelle Walden

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

CIRCULATIONDIRECTOR OF CIRCULATION Ron GannonROUTE MANAGER Joel Segler

GREENSPUN MEDIA GROUPCEO, PUBLISHER & EDITOR Brian GreenspunCHIEF OPERATING OFFICER Robert CauthornGROUP PUBLISHER Gordon ProutyEXECUTIVE EDITOR Tom GormanMANAGING EDITOR Ric AndersonCREATIVE DIRECTOR Erik Stein

CORRECTIONThe June 21 issue of VEGAS INC reported incorrect information. Buffalo Wild Wings will

open this fall and Texas Land & Cattle will open this winter at Miracle Mile Shops.

VINTAGE VEGAS: LANDMARK HOTEL MET ITS DEMISE IN 1995

Construction of the Landmark Hotel

began in 1961 by developer Frank Caracciolo.

Howard Hughes opened the 31-story, saucer-

topped resort — then the tallest building in

Clark County and the highlight of Las Vegas’

skyline — in 1968.

Pictured here Feb. 16, 1972, is the pool, a

local and tourist hot spot for people watching.

But the hotel became mired in fi nancial

problems, and owners declared bankruptcy

twice before closing the resort in 1990. The property changed ownership a few times but eventually was acquired for $15.1 million by the Las Vegas Convention and Visitors Authority.

In true Vegas fashion, the property was imploded Nov. 7, 1995, to make way for parking and trade show space near the Las Vegas Convention Center.

— REBECCA CLIFFORD-CRUZ

CONTENTSVEGAS INC2

JUNE 28- JULY 4

2_VITOC_20150628.indd 2 6/26/15 3:37 PM

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VEGAS INC4

June 28- July 4

Tom Wagener is senior vice president of industrial services at Gatski Commercial. Wagener has a Cer-tified Commercial Investment Member designation. Jennifer Lehr joins Gatski as an associate broker in the professional and medical office division.

Michael Campbell is a senior adviser focusing on investment and land sales at MDL Group. He is chair-man of the Henderson Planning Commission. Alexia Crowley is a senior associate specializing in medical and professional office sales and leasing. She previ-ously was an associate at Avison Young.

DC Building was retained to build a Starbucks in the Grand Bazaar Shops and the first Buffalo Wild Wings in the resort corridor. The projects are valued at almost $5 million. DC Building also completed a Chili’s flagship across from City Center and remod-eled M&M’s World at Showcase Mall, as well as finished a Raising Cane’s at 1950 W. Craig Road, North Las Vegas. Owner TML Mendenhall Legacy contracted DC Building for the project valued at almost $1.5 million. 10Nine Design Group was the architect of record for the Raising Cane’s project.

Michael Newman, managing director of CBRE Las Vegas, is the industrial practice leader for CBRE’s Southwest Region. In addition to overseeing CBRE’s Las Vegas office, Newman leads and coordinates more than 40 industrial professionals through-out Utah, Nevada, Arizona and New Mexico.

Burke Construction Group is building St. Anthony of Padua Parish Hall on behalf of the Roman Cath-olic Diocese of Las Vegas. Located on 10 acres at Fort Apache Road and Centennial Parkway in northwest Las Vegas, it will include an arched sanc-tuary space with seating for almost 1,000 people. It will cost almost $5 million, was designed by John Landsell of LGA and is managed by senior project manager Doug Schmoldt. Burke also is building the Summerlin Aquatic Center for the Howard Hughes Corp. The 25,000-square-foot public facil-ity was designed by Erik B. Peterson of AIA. The $7 million project will be managed by project manager Patrick Schueppert.

Cushman & Wakefield acquired a 1 million-square-foot managed portfolio from Integris Realty Ser-vices LLC. The portfolio includes contracts for retail, office and industrial assets. Joining as part of the acquisition will be Integris Realty Services’ founder David Jewkes and regional vice president Stacy Blattner.

The Southern Nevada CCIM chapter established an endowed scholarship through the CCIM Founda-tion that provides one recipient with $1,000 toward attending the CCIM Institute.

Matt Feustel and Jakke Farley of Virtus Com-mercial assisted Zion United Methodist in leasing 10,000 square feet of space to Gregory and Carol Kirby of Come Unto Me Ministries and Apostolic Behavioral Health Center.

Greg St. Martin is a vice president at Kennedy Wilson, a global real estate investment and services firm. He specializes in industrial, office and retail sectors. Before joining Kennedy Wilson, St. Martin served as vice president of Sun Commercial Real Estate, Realty One Group and NAI Las Vegas.

Bob Hawkins is a senior director at Cushman & Wakefield. He specializ-es in leasing and sales of office and industrial real estate and repre-sents only landlords and sellers. Nicholas Barber and Jeremy Foley are directors at Cushman & Wakefield. They specialize in leasing and investment sales of office and retail properties. Dan Hubbard is senior director of retail services. Hubbard is a member of the International Council of Shopping Centers and the Commercial Alliance of Las Vegas.

Penta Building Group added the following staffers: Bob Gaus, project executive; Greg Darling, superin-tendent; Ralph Sibley, project manager; Brad Par-

nell, project engineer; Don Apodaca, supervisor; Leo Erhardt, superintendent; Marlyne Alderete, project engineer; Nicoleta Rotaru, project engineer; Dina Gattuso, payroll administrator; Charlie Capps, su-perindendent; Ken King, superintendent; Siddharth Kothari, building information modeling engineer; Tanuj Patel, project engineer; Michael Whitmire, project manager; Greg MacClennen, superintendent; and Lacey Tisler, project engineer.

DC Building Group Lead Esti-mator Charlie Stewart is a certi-fied professional estimator, one of only 14 in Nevada. Stewart’s designation is certified by the American Society of Profes-sional Estimators.

Roseman University of Health Sciences bought 3.5 acres at the corner of South Hualapai Way and Discovery Drive for $3.1 million from the Howard Hughes Corp. The purchase completes Phase I of Roseman University’s Summerlin Campus Master Plan, which already includes 9.25 acres of adjacent undeveloped land, a flagship building and the Ralph & Betty Engelstad Cancer Research building of the former Nevada Cancer Institute. The Summerlin campus is home to Roseman University’s MD-granting college of medicine, which hopes to enroll its first class of 60 medical students in fall 2017.

Summerlin started work on the Cliffs, the commu-nity’s 20th village. The 22,500-acre community will hold 11 neighborhoods, more than 1,700 homes and sits at the foot of the Spring Mountains.

CBRE Las Vegas is the listing agent for available space at the Linq Promenade, 3535 Las Vegas Blvd. South.

FoLEyHAWKINS

NEWMAN

STEWART

HUBBARD

CoMMERCIAL REAL ESTATE qUARTERLySend your business-related information to [email protected]

Panattoni Development Company broke ground on Jones Corporate Park at the northwest corner of Sunset Road and Jones Boulevard in Las Vegas. The industrial business park is slated to include two buildings of equal size totaling about 416,000 square feet. The company also is working on Henderson Freeways Crossing at the northeast corner of West Lake Mead Parkway and Eastgate Road in Henderson, which will include six buildings totaling 452,710 square feet and corresponding parking lots.

NAIoP Southern Nevada’s 2015 Spotlight Awards

honor members for achievements, projects and

deals completed during the prior year. The hon-

orees are: Frank Martin, Lifetime Achievement;

JMA Architecture Studios, Architecture Firm of

the Year; Colliers International, Brokerage Firm

of the Year; Walker Engineering LLC, Engineering

Firm of the Year; Bank of Nevada, Financial Firm

of the Year; Martin-Harris Construction, General

Contracting Firm of the Year; Harsch Investment

Properties LLC, Principal Firm of the Year; Steve

Neiger, Developing Leader; The Equity Group’s

Jason otter, Broker of the Year – Retail; Voit Real

Estate Services’ Higgins & Toft Team, Broker of

the Year – Industrial; CBRE’s Randy Broadhead,

Brad Peterson, Darren Lemon and Amy Lance,

Broker of the Year – Office; Jeff Foster, Principal

Member of the Year; CCIM’s Jennifer Levine, As-

sociate Member of the Year; Sallie Doebler, Spirit

of Spotlight; Prologis, Trendsetter Firm; Vadatech

corporate headquarters and manufacturing facil-

ity, Sustainable/Green Building; Brooklyn Bowl,

Tenant Improvements - Retail/Entertainment;

Mainor Wirth Injury Lawyers, Tenant Improve-

ments – Small; McDonald Carano Wilson, Tenant

Improvements – Medium; Barclaycard call center,

Tenant Improvements – Large; Nevada System of

Higher Education Southern Nevada headquarters,

Public Use/Government; SLS Hotel, Redevelop-

ment Project; Downtown Container Park, Mixed-

Use Development; Las Vegas Harley-Davidson,

Retail Building; Carpenters Union International

Training Center, Industrial Building; EVAPS Profes-

sional Law office core and shell, Office Building;

Vadatech corporate headquarters and manufac-

turing facility, NAIOP Works Award.

NAIoP SoUTHERN NEVADA’S 2015 SPoTLIGHT AWARDS

4_VINotes_20150628.indd 4 6/26/15 3:30 PM

commercial real estate quarterlySend your business-related information to [email protected]

VEGAS INC5

June 28- July 4

How have you adapted Aliante to fit the needs of locals?

By providing a high-value experience in a high-quality setting. Our amenities, restaurants, entertainment and Players Club program continue to evolve to fit the people of our community. We are dedicated to be part of the “neighbor-hood” and have partnered with notable charitable organizations to make a dif-ference in North Las Vegas.

Why do you think Aliante has been successful?

Aliante is a stand-alone property owned by a small group of investors who have given the management team broad latitude to proceed ag-gressively, and swiftly, as business conditions change and as guest inter-ests change. Also, Aliante has a strong financial foundation, and a dedicat-ed, well-trained base of employees, which allows us to provide attention to the unique needs and interests of our guests. For example, we deter-mined very quickly that our guests, both local and from out of the area, were tired of the exact same promo-tions being offered by our competi-tors month after month, just with the name of the promotion and artwork changed. So we’ve been innovative with our promotions, and our casino guests have responded with apprecia-tion.

Another area where we differenti-ate our property from the competi-tion is in food quality. We made the decision early on that we were going to buy fresh food and let our chefs not only cook but also create. It varies from the standard of buying every-thing pre-cut, prewashed, in cans and bags and just throwing it together in a pot. We like to say “our chefs work with knives, not scissors.”

What charitable organizations does Aliante support?

We are involved in a wide variety of community charities, from large organizations such as United Way to individual events such as deliver-ing holiday presents to children at Nellis Air Force Base. We have also partnered with Red Cross, SafeNest, ONEHOPE, Opportunity Village and

many others.

What prepared you for your position at Aliante?

I grew up in Las Vegas, have a hos-pitality degree from UNLV and have spent my entire career working in the industry.

I was always in love with the hospi-tality industry. I remember reading the Reader’s Digest version of “Hotel” when I was very young and being influenced by it. My mother worked in hotels her entire career, and I was enthralled with the stories she brought home.

What is the most challenging part of your job?

Las Vegas is perhaps the most com-petitive hospitality market in the country, so we need to be constantly staying a step ahead of our competi-tors and attuned to the interests of our guests — both locals and out-of-town visitors, in making sure we are not only relevant but also cutting-edge.

For instance, our innovative kiosk-based games and promotions provide our guests with entertainment and a somewhat unique experience.

What has been the most rewarding part of your job?

Building a fantastic team that is taking Aliante from the depth of the recession to setting revenue and earn-ings records almost monthly.

How has the industry changed during your career?

Technology has changed so many things, especially with regard to the manner in which we find, keep, reward and communicate with our guests. I appreciate the technology tools that are available today, but the caveat has to be that you don’t forget who you are or what we are here for. We are in the business of providing hospitality.

Describe your management style.Manage by walking around — being

among all the people; customers and team members alike. That’s where our business really happens. If you aren’t in touch at that level, you are in the wrong business.

I have not always been a general manager. I worked my way through the ranks and have gained a great ap-preciation for what it takes to help a guest have an enjoyable experience and how difficult each employee’s job can be at times. And, early in my career, someone told me that “corn grows tall in the farmer’s shadow.” As my career has evolved, I have tried to cast a larger shadow.

Where do you see yourself in 10 years?

I’m not really sure, but I’m having the time of my life right now. I tried to retire once already, but I really missed interacting with folks on a grand scale

like this job and career allow. So I would like to think I will still enjoy this enough in 10 years to keep doing what I’m doing.

What is your dream job, outside of your current field?

Jazz guitarist, history professor, writer … so many things, so little time. I would love to write a sitcom about the gaming industry. People have no idea what it entails. Or I would love to do anything in the sports field, be-cause I love being outdoors.

Whom do you admire and why?

Los Angeles Dodgers broadcaster Vin Scully — what a career! And after all these years, he’s still highly moti-vated and sharp as a tack.

What is your biggest pet peeve?Negative people. Pessimists tend

to stifle the motivation of others and create an unwelcome environment. Thankfully, I rarely need to confront negativity in person. The culture of encouragement, support and opti-mism that we have created at Aliante tends to weed out the “lemon suck-ers.”

What is something that people might not know about you?

I have 10 grandkids. I am also an honorary commander of the 57th Wing at Nellis Air Force Base.

I have a deep and abiding respect and appreciation for the men and women who serve our country in the armed forces. Their sacrifices deserve to be honored.

Aliante is in close proximity to Nel-lis Air Force Base, so we frequently have the opportunity to provide hos-pitality to service men and women, and their visiting families. We al-ways extend them a special welcome. Aliante is also proud to have been the site of many special events hosted by the Nellis Air Force Base leadership.

Further, we chose to honor the men and women of the 57th Wing, located at Nellis Air Force Base, by creating a permanent namesake at our property and naming our global cuisine restau-rant Bistro57. The men and women of the 57th Wing are our friends!

q&a with terry downey

‘Don’t forget who you are, or what we are here for’

Terry Downey, president and general manager of Aliante, has little time or

patience for pessimism. (STEVE MARCUS/STAff)

Terry Downey had retired after a long and successful career with Station Casinos. But he was talked back into working and be-came president and general manager of Aliante Gaming, which runs Aliante Casino and Hotel in North Las Vegas. The resort focused on ways it could set itself apart from others.

5_VI_Q&A_20150628.indd 5 6/26/15 3:26 PM

by the numbers

$150 MillionEstimated cost to transform

Cashman Center into a hub for drone and technol-ogy research. A proposal to turn Cashman into the

Unmanned Aerial Robotics Resource Center took first place in a federally spon-sored contest for commu-

nity revitalization.

$9.3 MillionAmount of Allegiant funds under scrutiny by corpo-rate-governance activists,

particularly CtW Investment Group. The money came from multimillion-dollar

contracts between Allegiant and side businesses oper-ated by its CEO, Maurice

“Maury” Gallagher.

3,400Additional Starbucks loca-tions that will allow cus-

tomers to place orders via mobile app.

$700 MillionNV Energy’s income last year, more than all of the resorts on the Las Vegas

Strip.

700McDonald’s locations

worldwide that are expect-ed to close. For the first

time since 1970, McDonald’s will shut down more restau-rants this year in the United

States than it will open.

31Times, out of 38, that

Nevada has chosen the can-didate who ultimately wins the presidency. Though the presidential election is more

than a year away, several hopefuls, including Hillary Clinton, Marco Rubio and Ben Carson, already have

visited Las Vegas.

$100 MillionFine the Federal Com-

munications Commision imposed on AT&T Mobil-ity LLC. The FCC said the mobile company misled consumers into buying

plans for unlimited data, but when customers reached a certain level of use, the

data would slow to speeds that contradicted advertise-

ments.

Describe your business.

We put salon professionals into business for themselves by providing elegantly furnished, stand-alone salon suites.

Who are your customers?

Our customers range from tra-ditional stylists, estheticians, manicurists and massage thera-pists to niche service providers and smaller beauty retailers. All of them have chosen Sola Salons because they are ready to run their own business without the drama typical of many traditional salons.

Most of our customers come to Sola when they have an established book of clients and are ready to run their own business. We provide the resources and support to get them started, from insurance options to custom paint colors in their suite.

How is Sola Salons different from other salons?

Sola Salons was created to address a gap in the beauty industry. Prior to the introduction of Sola Salons, the only option for an independent stylist was to rent a chair or booth in a large salon. Many top stylists were frus-trated at paying chair rent to a traditional salon, only re-ceiving 10 percent commission on retail sales and being treated like an employee.

Additionally, they were unable to control important aspects of their business such as pricing, scheduling and retail. The introduction of Sola Salons changed the beauty industry in Las Vegas. In fact, since 2008, we have helped more than 300 people go into business for themselves.

What is the hardest part about

doing business in Las Vegas?

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

What is the best part about

doing business in Las Vegas?

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

What obstacles has your business overcome?

As a new concept in salon ownership, it took some time and creative marketing to help potential customers understand how Sola is different from a traditional sa-lon. We had to keep explaining that we would not be the “boss” — our customers are the boss of their own busi-nesses.

Once people understood how Sola works, word spread and we were able to expand. Our success did not go un-noticed, and several competitors popped up trying to mimic Sola. They offered lower pricing, but that meant lower quality. The loyalty of our customer base was test-ed, and we were pleased to see very few people leave.

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

Sola Salons are stand-alone suites where stylists, manicurists, estheticians, massage therapists and others can rent

space without feeling like someone else’s employees. (courtesy of sNAP reAl estAte PhotogrAPhy)

sola salonsAddress: Six locations in Southern Nevada

Phone: 702-468-9529Email: [email protected]

Website: solasalons.comHours and days of operation: Salon

professionals have the freedom to set their own hours

Owned/operated by: Russell Nordstrom and Trey Campbell

In business since: 2008

VEGAS INC6

June 28- July 4commercial real estate quarterlysend your business-related information to [email protected]

6-7_VI_MeetColumn_20150628.indd 6 6/26/15 3:24 PM

ReadeR commentsWe want to hear

from you. Visit

vegasinc.com to

post your opinion.

on moira John-

ston’s lasvegassun.

com story “Plan to

convert cashman

center into drone-

testing site earns

national honors”:

This is another step

to ensure the drone

industry is done

right. — Alittle com-

monsense

on Kyle Roerink’s

lasvegassun.com

story “switch could

file lawsuit over

denial to leave nV

energy”:

The real issue is what

will happen when

Joe Residential has

a technology that

enables you to stop

using the monopoly-

for profit-investor-

owned power com-

pany? Will he be free

to say “No more,” or

will the government

say you have to pay?

— SeldomSeenSmith

on eli segall’s

vegasinc.story

“Luxury-home

construction may

not be booming, but

it is bouncing back”:

As a builder of

custom, often luxury

homes, I can say the

market hasn’t gone

away. I have been as

busy as I ever was.

— elguapo505

on J.d. morris’

vegasinc.com story

“Boyd Gaming

pledges $2.5 million

for UnLV hotel

college building”:

The folks that own

and operate Boyd

Gaming do a superb

job of taking care of

their employees, their

customers and the

communities they

operate in. — Ameri-

can Gaming Guru

Commercial real estate is rebounding

What you should know about CRE law

C ommercial real estate in Southern Nevada is back in a big way.

For the first time since the recession, NAIOP Southern

Nevada, the Commercial Real Estate Association, has a growing membership base. We stand now at around 380 professional members, up from 320 in 2013. That speaks volumes about our industry. Companies no longer are struggling just to survive but again are invested in nurturing and growing the commercial real estate and development community in Southern Nevada.

The industrial market is well into recovery mode and even is expanding. Speculative industrial buildings are being developed at 150,000 square feet and larger. In addition, many Las Vegas-area distribution centers have expanded recently, including TJ Maxx, which just added 400,000 square feet of new space.

The retail market, too, is well into recovery and looks to expand if current trends continue to improve. Southern Nevada retail feels healthy, with vacancy rates at less than 10 percent, though some inline retail developments without strong anchors still are struggling. Big-box retail is a casualty of the recession and an ever-changing landscape, which is why we are excited to see creative adaptive reuses of such spaces. Look for the former Boulevard Mall Dillard’s space to be converted for office use, for example.

Speaking of office, certain sectors, such as Central Las Vegas, will continue to struggle due to a lack of rent growth compounded with short-term leases. Some submarkets, such as those surrounding the 215 Beltway, downtown Las Vegas and the Strip corridor, have seen vacancy rates remain at nearly half of the 20 percent valley average. The efficiency trend continues, with companies packing more bodies into less overall space since the recession.

The multifamily market is poised to make some major contributions to the valley in the

near term. Multifamily developers secured land during the downturn now are in a position to build, and in a big way. More than 9,500 units are projected to be built through 2016. The beltway curve of the 215 is going to see the most activity, with more than half of those units slated for the Southwest submarket. This level of activity will affect construction costs and labor availability.

The single-family builder activity has slowed after being the most active buyers through 2013 and 2014. They seem to be content with current inventory. Prices paid by homebuilders have been in the high $200s to low $400s per acre.

Here’s to more growth in 2015. Charles Van Geel is president of NAIOP Southern Nevada

and vice president of commercial leasing and sales at American Nevada Company.

C ompared with other states such as California, Nevada doesn’t have many laws regulating commercial real estate.

But if you are involved in commercial real estate in Nevada, you need to know these laws and understand how they could affect your business.

n Nevada’s “One Action Rule”: This rule generally requires that the holder of a mortgage or deed of trust first exhaust its rights to real property collateral before proceeding against a borrower on underlying debt. If such a holder brings an action to obtain a money judgment before proceeding against the real property collateral, the mortgage or deed of trust is discharged as a lien against the real property upon entry of a final judgment. Some acts do not constitute an “action” for and may be brought without violating the rule.

n Commercial foreclosure process: In Nevada, most commercial foreclosures are conducted as nonjudicial foreclosures. The trustee of a deed of trust generally must record certain notices, provide copies of such notices and wait certain time periods before conducting a sale. The purchaser at such a sale takes title to the property free of any and all junior liens or encumbrances, and there is no right of redemption.

n Deficiency judgments: If the commercial foreclosure sale amount is less than the amount of the outstanding secured indebtedness, the holder of the mortgage or deed of trust

may pursue a deficiency judgment against the borrower and guarantor. Such holder must file a complaint for a deficiency judgment within six months of the date of sale. With the recent passage of Assembly Bill 195, the amount of the deficiency judgment is limited to the lesser of: (a) the amount by which the secured indebtedness exceeds the fair-market value of the property sold at the time of the sale, with interest, or (b) the difference between the amount for which the property was sold and the amount of the secured indebtedness, with interest.

n Transfer tax: In Nevada, real property transfer tax is imposed on each deed or land sale installment contract. The amount, $2.55

for every $500 of value in Clark County, varies by county. Some real property transfers are excluded from such tax, including certain transfers between an entity and certain of its affiliates.

n Mechanic’s liens: Landlords and their property are not subject to mechanic’s liens arising from tenants’ improvements. Generally speaking, this procedure requires that a landlord record a notice of nonresponsibility and that a tenant: (a) establish and fund a construction disbursement account or record a surety bond, and (b) record a notice of posted security. Both landlord and tenant must also comply with the other detailed statutes regarding this procedure.

Note: These laws are subject to change. Angela Turriciano Otto is a shareholder at the law firm of

Brownstein Hyatt Farber Schreck.

guest column: charles van geel

guest column: angela

turriciano otto

VEGAS INC7

June 28- July 4commeRciaL ReaL estate qUaRteRLy

Send your business-related information to [email protected]

6-7_VI_MeetColumn_20150628.indd 7 6/26/15 3:25 PM


By cy ryanStaff Writer

Gov. Brian Sandoval’s record $1.1 billion tax increase takes effect July 1, but there are many other fees and taxes that will hit Neva-dans on that date or later.

They range from levies on taxi rides to divorce actions. And local governments are authorized to ask voters to approve tax in-creases for many reasons.

n There’s a 3 percent tax on taxicab and ride-hailing car fares. The tax was imposed to help fully fund a $27 million request by UNLV to start a medical school.

n Customers who transact business with the state Department of Motor Vehicles will be assessed $1 to help pay for a massive new computer system.

n In a joint divorce action, there will be an additional fee to reopen terms. The per-son who files a request to amend a divorce decree will be charged $129. The individual who responds to the new case will have to pay $59. The money goes to the court sys-tem.

n Boxing promoters will pay the state 8 percent of the gross gate receipts, up from 6 percent.

n The live entertainment tax ranges from 5 to 10 percent on admissions, depending on the size of the venue. Effective Oct. 1, the rate is 9 percent for all admissions, includ-ing outdoor events.

n There is an immediate tax increase of $1 per pack of cigarettes.

n Counties will be permitted to create a district to impose a sales and use tax to pay off bonds to help finance water projects that cost more than $50 million. The tax must be cleared by the Interim Finance Committee of the Legislature.

n Counties and cities with master and recreational plans may impose a residen-tial construction tax for new or expanded parks. The tax would apply to construction of homes, apartment complexes and the de-velopment of mobile home spaces. The tax would be 1 percent of the valuation on the building permit or $1,000 per residential unit, whichever is less.

n Rural counties will be able to ask voters in 2016 if they want to approve an increase in the gasoline tax.

n The state business license fee for corpo-rations will increase from $200 to $500.

Slew of new taxes and fees to take effect July 1

UNLV raises twice its goal for medical school scholarshipsBy ian whitakerStaff Writer

The campaign to raise $6 million in scholarships for the first class of students at the proposed UNLV medical school was supposed to last the rest of the year.

It’s now June, and the campaign is finished. In a little over two months, the campaign raised more than twice its goal.

“It’s just unbelievable,” said medical school Dean Barbara Atkinson. “People just came forward.”

Atkinson and her team were just $600,000 shy of the goal in May, but a recently announced $10 million donation from the Engelstad Family Foun-dation sealed the deal. It will provide 25 scholar-ships for the school’s charter class of 60 students in fall 2017 as well as 25 scholarships for each of the school’s next three classes.

In total, the school has commitments for 135 scholarships at a cost of $13.5 million.

“In my 44 years in the profession, I have never seen a campaign that successful,” said Peter Smits, senior fellow at the Council for Advancement and Support of Education. The nonprofit group helps universities build relationships with alumni and donors, among other things.

He said similar campaigns usually take universi-ties two to five years on average to complete.

It’s a huge victory for the fledgling medical school, which has had to prove to lawmakers that it has enough community support to thrive in South-ern Nevada.

“It’s just an enormous expression of faith in the university,” Smits said.

It also caps off a month of great news for the school. On June 11, Gov. Brian Sandoval signed leg-islation that would give the school $27 million in startup funding over the next two years.

“We have had a very good month,” said Atkinson.At $100,000 per scholarship, the donation from

the Engelstad family will fund four years worth of medical education for 100 students.

Until now, most of the donations have been from private individuals giving smaller sums. The dona-tion from the Engelstads is the first major donation in the school’s history, and comes from a family with a history of philanthropy at UNLV.

In 2009, the family gave $12 million to create the Engelstad Scholars program at UNLV, the largest endowment of its kind in the state, according to the university.

Kris Engelstad McGarry, trustee of the founda-tion, said the gift was motivated by a commitment to students and the state of health care in Southern Nevada.

“For people who have made their living here, to have to look elsewhere as soon as you are ill is re-ally a tragedy that needs to be rectified,” she said. “We want to have quality doctors in Nevada, and it seems to us the way to start that is the medical school.”

The scholarships allow the school to choose the best students, which will make a big difference when an agency examines the school’s test scores in its fourth year to determine whether or not to grant it accreditation.

“We want to ensure high quality in this medical school,” said UNLV President Len Jessup, who do-nated $100,000 of his own money to pay for a schol-arship. “A fundamental part of that is the students.”

The school now must hire faculty and prepare to open admissions for the school’s first students ear-ly in 2016. The initial application for accreditation is due in a few weeks, Atkinson said.

The school also must raise the money for its first building, which will be located near UNLV’s dental school across from University Medical Center.

“There’s a lot going on,” Atkinson said. “People are really starting to talk about the school being ready to go.”

a recently announced $10 million donation from the Engelstad Family Foundation will provide 100

scholarships for the first four graduating classes at the UNLV medical school. (coUrtESy oF aaroN mayES)

8June 28- July 4VEGAS INC

8_VI_IBLV_20150628.indd 8 6/26/15 3:21 PM

By eli segallStaff Writer

Allegiant Air investors recently re-elected the carrier’s entire board of di-rectors and rejected a proposal to curb executive pay, thwarting labor groups that wanted to shake up the Las Vegas airline’s corporate governance.

At the company’s annual shareholders meeting at its Summerlin headquarters, executives announced that all six board members of parent Allegiant Travel Co. were picked to serve another year.

Their elections were far from unani-mous. Linda Marvin, chairwoman of the audit committee, got “yes” votes from investors representing about 10.3 million of Allegiant’s roughly 17 million shares, by far the fewest of any board member, while investors representing 5.7 million shares withheld their votes for her, by far the most.

Board member John Redmond got approvals from investors representing about 14.5 million shares, the second-fewest, while those holding 1.5 million shares withheld their votes for him, the second-highest tally, according to a secu-rities filing.

CtW Investment Group, a union-affili-ated corporate-governance activist firm, had asked Allegiant shareholders to vote out half the board — Marvin, Redmond and Gary Ellmer.

Those three have close ties to Allegiant chairman and CEO Maurice “Maury” Gallagher and, as members of the audit committee, have approved multimillion-dollar contracts with outside businesses that Gallagher controls or partially owns.

According to CtW, the trio has dis-played a “collective failure to guard against” the “poor use” of company mon-ey.

CtW targeted Marvin, a former Alle-giant chief financial officer; Redmond, who owns real estate with Gallagher; and Ellmer, who, according to CtW, worked with Gallagher at the former WestAir Commuter Airlines. Gallagher was a principal owner and executive at the car-rier in the 1980s and early ’90s.

ISS recommended that sharehold-ers re-elect every board member except Marvin.

Unlike the Allegiant shareholders vote, most board members at U.S. pub-licly traded companies get near-unani-mous approval. Last year, directors with the 3,000 largest U.S. public companies received an average approval tally of at least 96 percent, according to CtW, cit-ing data from the Council of Institutional Investors.

Allegiant’s audit committee is tasked with giving independent oversight of

Allegiant board intact despite group’s push to oust membersairline finances. Among other areas, it oversees outside auditors, moni-tors financial reporting and approves contracts worth at least $125,000 with companies owned or partially owned by major Allegiant investors, board members or top executives, or their immediate families.

Having a company’s former CFO

on the panel “should not happen,” said Michael Pryce-Jones, director of corporate governance at Washington, D.C.-based CtW.

Marvin, for one, has “approved ques-tionable deals” with Gallagher’s side ventures and “revealed (her) lack of independence and objectivity,” he said.

Asked to comment on Bryce-Jones’

remarks, the airline said “the issues raised by CtW are merely tactics of the (Teamsters) that distract from our on-going efforts to reach a contract agree-ment” with Allegiant’s pilots.

The pilots voted in August 2012 to join Teamsters Local 1224 but still do not have a collective bargaining agree-ment under the union.

CommerCial real estate quarterlySend your business-related information to [email protected]


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commercial lending, from page 1

These days, bankers are steering clear of speculative developmenthave drastically cut back on construc-tion and development lending since the market tanked. They’ve boosted profits and overall lending, but when it comes to real estate development, bankers aren’t opening the vault near-ly as often as they did during the go-go years last decade.

“We’ve all kind of stayed away from that,” Meadows Bank CEO Arvind Menon said.

Clark County’s six remaining small, locally based community banks — lenders with just one or a few locations — had a combined overall loan port-folio of about $757 million by the end of the first quarter. Construction and land development loans comprised $54 million, or 7 percent.

By comparison, during the first quarter of 2009, when the economy was nosediving, their total lending stood at $440 million, with develop-ment funding at nearly $143 million, or 32 percent of all loans, according to the Federal Deposit Insurance Corp., a banking regulator.

Those numbers — a snapshot of loans outstanding — do not include the much larger Nevada State Bank. Its total loan portfolio has dropped 23 percent since early 2009, to $2.3 billion — and its development financing has plunged 89 percent, to almost $101 million by first quarter’s end, according to the FDIC.

Las Vegas banks are not alone, as lenders have been scaling back con-struction financing in other parts of the country that also were hit espe-cially hard by the real estate bust.

“This is very much a regional issue,” said Michael Natzic, senior vice presi-dent of the community bank group at Los Angeles-based Crowell, Weedon & Co., a stock brokerage and money management firm.

A big reason for the drop here: Un-like during the boom years, bankers are steering clear of speculative devel-opment.

Local executives say they’ll fund projects only if developers already have lined up tenants. Securing paying customers in advance improves the odds of being able to pay off the loan, which borrowers frequently failed to

do after the bubble burst.Menon said his bank — by far the

biggest of Las Vegas’ smaller, home-town lenders, with $467 million in assets — “will not touch” speculative developments. Neither will Kirkwood Bank of Nevada, the smallest of the pack with $69 million in assets.

Unless a project is preleased, “we wouldn’t do new construction,” said Kirkwood chief credit officer John Dru.

“Bankers are a lot smarter now, and customers are too,” Dru said.

Regulators also have pressured banks to rein in such lending. Sinking under bad development loans, banks failed nationwide during the reces-sion, and financial regulators cracked down on funding to ensure banks wouldn’t put themselves at risk of col-lapsing again.

“They’re still watching them very closely,” Natzic said.

Local community banks still de-vote most of their lending to real es-tate deals, but they seem to be writing mortgage loans more often than fund-ing construction.

In early 2007, Nevada State Bank devoted 35 percent of its loan portfo-lio to construction and development deals. By early this year, it was down to 4 percent, according to FDIC data.

The bank has shifted to commer-cial-property mortgages and other business-focused lending, said Jeff Jenkins, executive vice president and statewide real estate lending manager.

“We’re trying to grow the book in a more balanced fashion than what’s been done in the past,” Jenkins said.

Borrowers still have plenty of op-tions for finding loans, as Southern Nevada’s community banks are mi-nuscule compared with the likes of Wells Fargo Bank and Bank of Amer-ica. Meadows, for instance, has only four branches — two in the valley — and $402 million in total deposits. Wells Fargo, with 80 branches in Clark County and $12 billion in local depos-its, has about 6,300 branches nation-ally and $1.2 trillion in total deposits, according to the FDIC.

commercial lending,

continued on page 15


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commercial lending, from page 10

Construction has picked up the past few yearsDeveloper Doug Roberts, who re-

cently broke ground on two local speculative warehouse projects, said financial giants such as JPMorgan Chase Bank and Bank of America are issuing construction loans in the val-ley.

Lenders are more disciplined, though, requiring far more cash up front than they did during the bubble. Back then, banks would finance 80 to 85 percent of a project’s construction costs. Now, they’re down to about 55 percent, said Roberts, a partner with Panattoni Development Co.

n n n

Though still a shadow of what it was during the bubble, construction has picked up valleywide over the past few years. Most of the work involves tract housing, apartment complexes and warehouses.

In June 2006, around the height of the real estate bubble, 112,000 people in the Las Vegas area worked in con-struction. That plunged 69 percent to 34,800 workers in early 2012, ac-cording to the Associated General Contractors of America. Today, about 50,400 people work in construc-tion locally, up 45 percent from the depths.

One project that received fund-ing this year is a planned two-story, roughly 60,000-square-foot skilled nursing facility on Wigwam Parkway at Eastern Avenue. Meadows issued the developer, Tower Realty & Devel-opment, a $10.8 million loan, county records show.

Owned by brothers John and Louis Carnesale, Tower already has lined up a tenant to operate the facility. Con-struction crews are doing site work, and the building is expected to open next year, said Barry Lindemann, an asset manager at Tower affiliate Tay-lor Financial.

Lindemann said he probably “knocked on 10 different doors” to secure a lender. He praised Meadows, saying the bank made the underwrit-ing process as easy as possible. In general, larger banks might offer bet-ter loan terms but have more bureau-cracy than community lenders.

“If you can get it done faster, you’re not wasting money sitting around try-ing to fund a loan,” Lindemann said.

n n n

Backed by easy money, Las Vegas

developers built at a frenzied pace during the go-go years, flooding the valley with office buildings, retail centers, warehouses and other prop-erties.

The industry was all but wiped out during the recession, with wide-spread bankruptcies, foreclosures, vacancies and abandoned construc-tion projects.

Financial regulators, amid waves of bank failures nationally, shut down six locally based banks from fall 2008 to spring 2011. Others almost failed, and practically every hometown lender that remained alive was losing money.

The first to collapse, Silver State Bank, also was the largest to go un-der. It had almost $1.9 billion in as-sets, 12 branches in Southern Nevada and four in Arizona, and sales offices in seven states.

The bank grew rapidly along with Las Vegas, more than tripling the size of its loan portfolio between late 2004 and June 2008, to $1.6 billion.

Regulators shuttered the bank in September 2008, 12 years after it opened. Silver State’s receiver, the FDIC, sued former CEO Corey John-son, former Executive Vice Presi-dent of Real Estate Lending Douglas French and two ex-loan officers in 2012. The agency sought to collect more than $86 million in damages tied to losses FDIC officials said were caused by the defendants’ “gross negligence” on numerous real estate loans. The lawsuit recently was set-

tled, court records show.In 2013, a lawyer for Johnson told

VEGAS INC that Silver State’s failure wasn’t his client’s fault.

“It was exclusively the economy,” he said.

The FDIC’s Office of Inspector General, however, blamed the bank’s demise on sloppy real estate lending. In a 2009 report, it said Silver State failed primarily because of manage-ment’s “high-risk business strategy.” Executives pursued aggressive loan growth, concentrating in higher-risk commercial real estate loans and had “weak risk management practices and controls,” the report said.

In late 2004, construction and development lending comprised 21 percent of Silver State’s loan portfo-lio. By June 2008, it had ballooned to 67 percent of all loans, according to the report.

The second-largest to fail, Commu-nity Bank of Nevada, closed in 2009, 14 years after it opened.

Management dumped money into Las Vegas real estate projects, help-ing the bank grow at a rapid clip. It suffered heavy losses when the local economy started to crumble, but ex-ecutives said they were sure it would turn around. Examiners, however, found that bank management had “a ‘lethal sense of optimism’ regarding the resilience of the Las Vegas mar-ket” and “failed to identify and quan-tify the magnitude of risk” in its real estate-heavy loan portfolio, accord-ing to the Federal Reserve’s Office of

Inspector General.Commercial buildings emptied

out as companies laid off workers en masse or shut down altogether. With little demand for new space and practically no money being offered to build, construction largely ground to a halt in Las Vegas.

“There was really no need to build another building,” Jenkins said.

Today, Las Vegas’ commercial property market is stronger, but some sectors are healthier than others.

The warehouse market in particu-lar has gained speed over the past few years, with developers breaking ground on several projects, and land-lords signing more tenants and rais-ing rents.

Retail got a major new player last fall with the opening of Downtown Summerlin, the once-mothballed 106-acre shopping and office com-plex near Red Rock Resort. But over-all, shopping-center vacancy rates re-main largely unchanged over the past year and rental prices are sliding, ac-cording to Colliers International.

The office market has been slow-est to recover. Landlords are signing more tenants and raising rental pric-es a bit, and construction plans are picking up, with a dozen mostly small to medium-size projects in the devel-opment pipeline. But the market’s va-cancy rate hovers around 19 percent, roughly twice that of industrial and retail, according to Colliers.

Overall, lenders have noticed an upswing in competition among banks for construction loans and a bump in requests from prospective borrow-ers. Community bankers expect de-velopment lending to stay flat or to tick higher, though no one is forecast-ing a surge of deals.

“It’s going to go up, (but) it’s not go-ing to be enormous,” Bank of George CEO T. Ryan Sullivan said.

Local banks are far healthier today than they were during the worst of the downturn. They’ve charged off huge amounts of soured loans, sold foreclosed properties and boosted earnings.

And even though bankers are avoiding speculative construction projects, at least one lender may not be surprised if they eventually pile back in.

“We all learned a lesson,” Menon said. “But they do say that bankers have short memories, so who knows?”

commercial lending,

continued on page 15


VEGAS INC15

June 28- July 4

1, 10, 15_VICover_20150628.indd 15 6/26/15 3:36 PM

Art FarmanaliCushman & Wakefield RE – 702-796-7900

Bobbi MiracleCommercial Executives – 702-316-4500

Bradley PetersonCBRE – 702-369-4810

Chuck WittersGatski Commerclal – 702-789-6346

Curtis SandersCushman & Wakefield RE – 702-796-7900

Daniel DohertyColliers International – 702-836-3707

Dean WillmoreColliers International – 702-836-3763

Donna AldersonCBRE – 702-369-4866

Garrett ToftVoit Commercial – 702-734-4500

Greg PancirovColliers International – 702-836-3734

Greg TassiCBRE – 702-369-4853

Jarrad KatzMDL Group – 702-388-1800

Jason SimonJones Lang LaSalle – 702-522-5001

Kevin HigginsVoit Commercial – 702-734-4555

Michael De LewColliers International – 702-836-3736

Michael DunnCushman & Wakefield RE – 702-796-7900 Michael HillisAvison Young – 702-280-5720

Pat MarshColliers International – 702-836-3742

Randy BroadheadCBRE – 702-369-4867

Rob LujanJones Lang LaSalle – 702-522-5002

Ryan MartinColliers International – 702-836-3780

Soozi Jones WalkerCommercial Executives – 702-316-4500

Taber ThillColliers International – 702-836-3796

Thomas GrantDiversified Interests – 702-813-0089

Thomas NaseefColliers International – 702-836-3720

Xavier WasiakJones Lang LaSalle – 702-304-2631

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www.siornv.com | 702-798-5156SOUTHERN NEVADA CHAPTER

SIOR Southern Nevada Chapter Members

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sIOR Chapter transaction Volume $778,819,429

Citywide transaction Volume $1,860,681,544

sIOR Chapter % of total Market Volume 42%

0000124091-01.indd 1 6/18/15 5:39 PM

Tuesday, June 30 The Social Register’s Business Workshop

Time: 11:30 a.m.-1 p.m. Cost: Free for members

and guests, $20 for nonmembers

Location: Spanish Trails Country Club, 5050

Spanish Trail Lane, Las Vegas

Information: Email [email protected]

Matthew Hutchings, of Dolomite Technology, will

discuss ways to keep your business’s information

technology safe and secure.

TMA webinar: “Utilizing and Preparing

Valuation Experts in Bankruptcy Litigation”

Time: 4-5:30 p.m. Cost: $29 for Turnaround

Management Association members, $119 for

nonmembers

Location: Visit turnaround.org


Richard Costello, of Principal Finances and Capi-

tal Markets, will moderate a discussion about

bankruptcy litigation.

Cocktails and Conversations

Time: 5:30-7:30 p.m. Cost: $100

Location: Orleans, 4500 W. Tropicana Ave.,

Las Vegas


Rep. Mark Amodei, R-Nev., and other

elected leaders will share their thoughts on is-

sues affecting the state and its business com-

munity.

Thursday, July 2 Association of Legal Administrators webinar

Time: Noon Cost: $129

Location: alanet.org/webinars

Information: Visit alanet.org/webinars

Learn methods to ease daily tensions that can

be practiced at a desk.

Tuesday, July 7 Las Vision Business Network Mixer

ninth anniversary luncheon

Time: 11 a.m.-2 p.m. Cost: $35

Location: Suncoast, 9090 Alta Drive, Las Vegas


The event will include more than 6,000 exhibits

and 50,000 attendees. There will be

live entertainment, lunch and a silent auction.

Thursday, July 9 CDC gaming webinar: “Protecting

Your Casino from Card Counters”

Time: 10 a.m. Cost: $149

Location: cdcgamingseminars.com

Information: Visit cdcgamingseminars.com

Learn how to detect vulnerabilities in a casino

and how to equip yourself with the skills to

catch a card counter.

Society for Marketing Professional

Services Las Vegas: City Hall tours

Time: 3:30-5:30 p.m. Cost: Free for members,

$15 for nonmembers

Location: Las Vegas City Hall, 495 S. Main St.,

Las Vegas


Las Vegas City Hall has won awards from the

American Public Works Association, U.S. Con-

ference of Mayors and Association of Energy

Engineers. Tour the building and learn about the

city’s past and plans for the future.

Calendar of events

Conventions

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

Society for Human Resource Management (SHRM)

Annual Conference & Exposition 2015 Las Vegas Convention Center June 28-30 18,000

Freedom Fest 2015 Planet Hollywood July 8-12 700

Institute of Transportation Engineers

Technical Conferences & Exhibits 2015 Planet Hollywood July 8-14 500

UFC Fan Expo 2015 Sands Expo and Convention Center July 10-11 12,000

USA/BMX Las Vegas Grand Nationals 2015 Equestrian Events Center at South Point July 10-12 900

Cosmoprof North America 2015 Mandalay Bay July 12-14 23,000

EXPECTED

SHoW LoCATIoN DATES ATTENDANCE

CoMMERCIAL REAL ESTATE qUARTERLYSend your business-related information to [email protected]

VEGAS INC17

June 28- July 4

17_VI_calendar20150628.indd 17 6/26/15 3:18 PM

VEGAS INC18

June 28- July 4

Records and TransactionsBAnKRuPTCIeSCHAPTER 7E. Building Systems LLC8020 W. Sahara Ave., Suite 250Las Vegas, NV 89117Attorney: E. Buildings Systems LLC Pro Se

CHAPTER 11Redrock Enterprises LLC10852 Willow Heights DriveLas Vegas, NV 89135Attorney: Timoth S. Cory at [email protected]

BID OPPORTunITIeSWEDNESDAY, JULY 12:00 p.m.Two-year open-term contract for safety vestsState of Nevada, 8345Annette Morfin at [email protected]

2:30 p.m.Live channel catfishState of Nevada, 8348Nancy Feser at [email protected]

THURSDAY, JULY 23:00 p.m.Current production model 4x4 pumperClark County, 603715Sandra Mendoza at [email protected]

3:00 p.m.Commercial real estate appraisal services specializing in long-term ground leases for retail, office and industrial developmentsClark County, 603700Sandy Moody-Upton at [email protected]

BROKeReD TRAnSACTIOnSSALES$10,350,000 for 183 units, multi-housing 4350 Boulder Highway, Las Vegas 89121Seller: BPLV LLCSeller agent: Doug Schuster, Curt Allsop, Vittal Ram and Diane McK-inney of Newmark Grubb Knight FrankBuyer: The Bascom Group LLCBuyer agent: Did not disclose

$7,760,000 for 160 units, resi-dential 3417 E. Cheyenne Ave., North Las Vegas 89030Seller: Parkwood Apartments LLCSeller agent: Patrick Sauter, Art Carll and Devin Lee of NAI VegasBuyer: Las Vegas Residential

PropertyBuyer agent: Patrick Sauter, Art Carll and Devin Lee of NAI Vegas

$3,900,000 for 2.47 acres, industrial 111, 115, 121, 125 Corporate Park Drive, Henderson 89074Seller: Sage Industrial Holdings LLCSeller agent: Did not discloseBuyer: Elevon Corporate Park LLCBuyer agent: Greg Pancirov and Mike DeLew of Colliers Interna-tional

$560,000 for 7,695 square feet, multifamily residential 1114 E. Clark Ave., Las Vegas 89101Seller: Lu and Dale SiewertSeller agent: James Slack, Michael LaBar and Michael Shaffner of Avi-sion YoungBuyer: Michael KaplanBuyer agent: Jay Mitterlehner of American Realty Properties

$220,000 for 1,600 square feet, office 4218 W. Charleston Blvd., Las Vegas 89102Seller: Enerson 2009 Family TrustSeller agent: Did not discloseBuyer: Absolute Primary Care CenterBuyer agent: Tom Naseef and Jeff Naseef of Colliers International

LEASES$123,920 for 1,549 square feet, retail for 60 months, NNN Invest-ment4388 E. Craig Road, Suite 135, Las Vegas 89115Landlord: Craig & Lamb LLCLandlord agent: Bruce Parker of Parker RealtyTenant: Little Caesar Enterprises Inc.Tenant agent: Nelson Tressler and Mike Zobrist of Newmark Knight Frank

$111,000 for 5,050 square feet, industrial for 38 months3555 Reno Ave., Suite G, Las Vegas 89118Landlord: PrologisLandlord agent: Greg Tassi of CBRETenant: FNOM WorldwideTenant agent: Joe Leavitt and Chris Lexis of Avision Young

BuSIneSS lICenSeS24 Karat Entertainment Business type: OfficeAddress: 3939 Gaster Ave., Las VegasOwner: Albert Boline 3D Puzzle Business type: General retail salesAddress: 775 S. Grand Central Parkway, Suite K16, Las VegasOwner: Frsdp Inc.

42 Aspens Productions LLC Business type: OfficeAddress: Did not disclose, Las VegasOwner: Michael Renken A Royal Flush Bail Bonds Inc. Business type: Bail bond agencyAddress: 810 S. Main St., Las VegasOwner: David Clarke A98 LLC Business type: OfficeAddress: 7103 S. Durango Drive, Suite 108, Las VegasOwner: Carlo Andaya Abelaroado RodelesBusiness type: Property mainte-nanceAddress: 435 Waterbrook Drive, HendersonOwner: Abelaroado Rodeles Acoustical Services of Las Vegas Business type: Contractor Address: 115 E. Wigwam Ave., Las VegasOwner: Did not disclose Advanced Computer Services LLC Business type: Oral solicitationAddress: 5427 Wesleyan Court, Las VegasOwner: Clell Stratton All American Builders Business type: Contractor Address: Did not disclose, Las VegasOwner: Southwest Builders LLC Allvoitel Inc.Business type: Public utility telecomAddress: 13644 Neutron Road, DallasOwner: Allvoitel Inc. Alpha Smoke Shop Business type: Tobacco salesAddress: 3250 N. Tenaya Way, Suite 101, Las VegasOwner: Royale Singhs Inc. Alternative Pathfinders LLC Business type: Instruction servicesAddress: 2400 N. Tenaya Way, Suite 101, Las VegasOwner: Melody Helmick Alterra Pest ControlBusiness type: Property mainte-nanceAddress: 5190 S. Valley View Blvd. Suite 106, Las VegasOwner: Alterra LLC American Regional Center-Las Vegas LLC Business type: Consulting serviceAddress: 2000 S. Eastern Ave., Las VegasOwner: Longsheng Lei Andraly Cleaning Solutions Business type: Residential prop-erty maintenance

Address: Did not disclose, Las VegasOwner: Irma L. Chavez Angela Fong-Himber Business type: Real estate salesAddress: 10750 W. Charleston Blvd., Suite 180, Las VegasOwner: Angela Fong-Himber PLLC Anne A. Bove Business type: Real estate salesAddress: 9525 Hillwood Drive, Suite 120, Las VegasOwner: Anne A. Bove April Business type: Psychic artsAddress: 6848 W. Charleston Blvd., Las VegasOwner: Deborah R Treadway Arrow Stage LinesBusiness type: AutomotiveAddress: 60 Corporate Park Drive, HendersonOwner: Arrow Stage Lines Atevan Home Health Care LLCBusiness type: Home health careAddress: 2152 Anserville Ave., HendersonOwner: Atevan Home Health Care LLC Battle Born Pigeon Control LLCBusiness type: Property mainte-nanceAddress: 3310 China Drive, Las VegasOwner: Battle Born Pigeon Control LLC Betty Kincaid Business type: Real estate salesAddress: 9420 W. Sahara Ave. 100, Las VegasOwner: Betty Kincaid Big Shot Computer and Video Service Business type: OfficeAddress: Did not disclose, Las VegasOwner: Big Shot Video Services Inc. Billy D’s Soul Food Kitchen Business type: Food servicesAddress: 6475 W. Charleston Blvd., Suite 150, Las VegasOwner: Agb LLC Black Ecco Business type: General retail salesAddress: Did not disclose, Las VegasOwner: Black Ecco LLC Blaqcat Ultra Hookah Lounge Business type: Tobacco salesAddress: 6340 W. Charleston Blvd., Suite 140, Las VegasOwner: Buhl Hookah LLC Blue Ribbon K9 Business type: OfficeAddress: Did not disclose, Las Vegas

Owner: David Rivisto Bluestone Dental Lab Business type: ClinicAddress: 3140 Polaris Ave., Suite 1, Las VegasOwner: Jin Seo Bonneville Real Estate Capital Business type: Professional servicesAddress: 777 N. Rainbow Blvd., Suite 325, Las VegasOwner: Bonneville Mortgage Company Bozarth Construction Inc.Business type: ContractorAddress: 2810 W. Charleston Blvd., Las VegasOwner: Justin Bozarth Brady Realty GroupBusiness type: ApartmentAddress: 1901 Haren Drive, Hen-dersonOwner: Brady Realty Group LLC Brydan Solutions Inc.Business type: General retail salesAddress: 3014 S. Rancho Drive, Las VegasOwner: Arneil M. Jaski Cafe 525 & Catering Business type: Alcohol beverage catererAddress: 1044 S. Sixth St., Las VegasOwner: Hart & Hart Chakra PoufBusiness type: Online retalAddress: 201 S. Gibson Road, Suite 2211, HendersonOwner: Keshia Zane Characters Unlimited Inc. Business type: Coin amusement machineAddress: 310 Fremont St. and 300 Fremont St., Las VegasOwner: Olaf Stanton Chelsea Carsello Business type: Real estate salesAddress: 10750 W. Charleston-Blvd., Suite 180, Las VegasOwner: Chelsea Carsello Christine Stonemetz Business type: Real estate salesAddress: 10000 W. Charleston Blvd., Suite 130, Las VegasOwner: Christine Stonemetz Cindy L. Pierce Business type: Real estate salesAddress: 10000 W. Charleston Blvd., Suite 130, Las VegasOwner: Cindy L. Pierce Cole Haan Company Store Business type: General retail salesAddress: 785 S. Grand Central Parkway, Suite 2119, Las VegasOwner: Cole Haan Company Store LLC

Records and TransactionsConcrete HouseBusiness type: ContractorAddress: 652 Finch Island Ave., HendersonOwner: Ronald Garrett Reed

Continental Studio of Beauty Business type: Cosmetological establishmentAddress: 921 W. Owens Ave. 130, Las VegasOwner: Josephine Langforoad Cook Security Group Inc.Business type: Burglar alarm serviceAddress: 3230 W. Desert Inn Road, Suite 160, Las VegasOwner: Cook Security Inc. Cornerstone Cpas LLC Business type: Professional servicesAddress: 9030 W. Cheyenne Ave., Suite 210, Las VegasOwner: Christine Miles Custom Cabinets & Closets LLCBusiness type: ManufacturingAddress: 4550 Donovan Way, North Las VegasOwner: Custom Cabinets & Closets LLC Cynthia Hernandez Business type: Independent mas-sage therapistAddress: Did not disclose, Las VegasOwner: Cynthia Hernandez D Smokeshop Business type: Tobacco salesAddress: 3510 E. Bonanza Road, Suite 101, Las VegasOwner: D Enterprises LLC Dav Sports Trade Co. Business type: Sporting goodsAddress: Did not disclose, Las VegasOwner: Davod Ghasemi David Clarke Business type: Bail bond agencyAddress: 810 S. Main St., Las VegasOwner: A Royal Flush Bail Bonds Inc. Dd’s Discounts #5260 Business type: General retail salesAddress: 562 N. Eastern Ave., Las VegasOwner: Ross Driveess For Less Inc. Dean Legal Group Ltd.Business type: Professional servicesAddress: 725 S. 8th St., Suite 200, Las VegasOwner: Aaron R. Dean Delicate SensationsBusiness type: Beauty suppliesAddress: 4333 Laguna Garden Ave., North Las VegasOwner: Allena Felder

CommERCiAL REAL ESTATE qUARTERLYSend your business-related information to [email protected]

18-19_VIData_20150628.indd 18 6/26/15 3:15 PM

VEGAS INC19

June 28- July 4

Records and TransactionsConcrete HouseBusiness type: ContractorAddress: 652 Finch Island Ave., HendersonOwner: Ronald Garrett Reed

Continental Studio of Beauty Business type: Cosmetological establishmentAddress: 921 W. Owens Ave. 130, Las VegasOwner: Josephine Langforoad Cook Security Group Inc.Business type: Burglar alarm serviceAddress: 3230 W. Desert Inn Road, Suite 160, Las VegasOwner: Cook Security Inc. Cornerstone Cpas LLC Business type: Professional servicesAddress: 9030 W. Cheyenne Ave., Suite 210, Las VegasOwner: Christine Miles Custom Cabinets & Closets LLCBusiness type: ManufacturingAddress: 4550 Donovan Way, North Las VegasOwner: Custom Cabinets & Closets LLC Cynthia Hernandez Business type: Independent mas-sage therapistAddress: Did not disclose, Las VegasOwner: Cynthia Hernandez D Smokeshop Business type: Tobacco salesAddress: 3510 E. Bonanza Road, Suite 101, Las VegasOwner: D Enterprises LLC Dav Sports Trade Co. Business type: Sporting goodsAddress: Did not disclose, Las VegasOwner: Davod Ghasemi David Clarke Business type: Bail bond agencyAddress: 810 S. Main St., Las VegasOwner: A Royal Flush Bail Bonds Inc. Dd’s Discounts #5260 Business type: General retail salesAddress: 562 N. Eastern Ave., Las VegasOwner: Ross Driveess For Less Inc. Dean Legal Group Ltd.Business type: Professional servicesAddress: 725 S. 8th St., Suite 200, Las VegasOwner: Aaron R. Dean Delicate SensationsBusiness type: Beauty suppliesAddress: 4333 Laguna Garden Ave., North Las VegasOwner: Allena Felder

Diversity Wicked Tattoos Business type: Tobacco salesAddress: 300 S. Decatur Blvd., 4401 N. Rancho Drive, Suite 2310 and S. Las Vegas Blvd., Suite 102 , Las VegasOwner: Shahram Inc. Dolan Law Group Ltd.Business type: Professional servicesAddress: 7495 W. Azure Drive, Suite 110, Las VegasOwner: Dolan, Courtney E. Stanley ProjectsBusiness type: ManagementAddress: 2725 S. Mona Lisa St., HendersonOwner: E. Stanley Projects Inc. Edward James Orasi Jr. Business type: Real estate salesAddress: 10000 W. Charleston-Blvd. 135, Las VegasOwner: Edward J. Orasi Jr. Encore Group Of California LLPBusiness type: Project manage-ment consultingAddress: 2380 W. Horizon Ridge Parkway, Suite 100, HendersonOwner: Encore Group Of California Llp Eragance Apparel Business type: General retail salesAddress: 8486 Antique Cameo Ave., Las VegasOwner: Chanel Thorley Evelina Sulrzycki Business type: Real estate salesAddress: 10750 W. Charleston Blvd., Suite 180, Las VegasOwner: Evelina Sulrzycki Evision MediaBusiness type: Website designAddress: 818 Roaring Falls Ave., HendersonOwner: Mark Evans

Fortress Home ServicesBusiness type: ContractorAddress: 7255 N. Monte Cristo Way, Las VegasOwner: Jon Weisberg

BuIlDInG PeRMITS$15,400,000, commercial - altera-tion333 W. Gowan Road, North Las VegasCapitol Steel Constructors Inc. $1,200,000, residential3900 W Oakey Blvd., Las VegasCEI Builders $792,259, wall/fence265 Fox Hill Drive , Las VegasDesert Plastering LLC $517,847, residential- custom1620 Villa Rica Drive, Henderson

Pebble Creek Holdings LP $500,000, tenant improvement1941 N. Decatur Blvd., Las VegasFP Contracting Inc. $468,663, residential - custom2673 Boboli Court, HendersonPebble Creek Holdings LP $434,902, single-family residen-tial production6911 Winter Rain St. , Las VegasRichmond American Homes of Nevada $431,550, professional2990 Bicentennial Parkway, HendersonBicentennial Animal Hospital LLC $394,027, residential - custom7 Lido Mord, HendersonLevel Development Group LLC $390,423, residential - custom1491 Reims Drive, HendersonBlue Heron $372,956, residential - custom210 W. Desert Rose Drive, Hen-dersonDesert Rose Customs LLC $325,000, tenant improvement4660 N. Rancho Drive, Las VegasSustain Builders LLC $282,795, residential - custom1131 Dufort Hills Court, HendersonDR Horton Inc. $270,000, tenant improvement4648 N. Rancho Drive, Las VegasSustain Builders LLC $270,000, commercial - new3950 N. Bruce St., North Las VegasWindset Nevada Properties Inc. $259,865, commercial - alteration2705 W. Lake Mead Blvd., North Las VegasMarco Contractors Inc. $250,000, tenant improvement875 S. Grand Central Parkway, Suite 1660, Las VegasCM Builders $238,324, residential - custom230 W. Desert Rose Drive, Hen-dersonDesert Rose Customs LLC $237,600, commercial825 Gibson Road, HendersonPac-Van Inc. $225,000, single-family residen-tial - addition9324 Verlaine Court, Las VegasLittle Mountain Development LLC $216,000, commercial825 Gibson Road, HendersonPac-Van Inc.

$202,503, residential - production301 Mandarin Hill Lane, HendersonPardee Homes of Nevada $202,281, residential - production306 Mandarin Hill Lane, HendersonPardee Homes of Nevada $191,302, residential - custom1141 Harwood Hills Court, Hender-sonDR Horton Inc. $186,518, single-family residential - production10741 Irving Park Ave., Las VegasToll North LV LLC $186,273, single-family residential - production5536 Bruin Lakes St., Las VegasRichmond American Homes of Nevada $185,647, single-family residential - production12283 Lorenzo Ave., Las VegasPulte Homes of Nevada $185,647, single-family residential - production344 Rezzo St., Las VegasPulte Homes of Nevada $183,373, residential - production309 Mandarin Hill Lane, HendersonPardee Homes of Nevada $182,740, single-family residential - production9809 Guiding Light Ave., Las VegasRichmond American Homes of Nevada $176,485, single-family residential - production9801 Guiding Light Ave., Las VegasRichmond American Homes of Nevada $175,000, tenant improvement4656 N. Rancho Drive, Las VegasSustain Builders LLC $173,935, residential - new3717 Blissful Bluff St., North Las VegasRichmond American Homes of Nevada $173,935, residential - new2511 Endearing Court, North Las VegasRichmond American Homes of Nevada $173,114, residential - production302 Mandarin Hill Lane, HendersonPardee Homes of Nevada $171,070, single-family residential production9113 Mastodon Ave., Las VegasDR Horton Inc. $171,070, single-family residential production

9114 Mastodon Ave., Las VegasDR Horton Inc. $169,989, commercial - remodel874 American Pacific Drive, Hen-dersonKittrell Jenson Contractors LLC $169,621, residential - production1110 Echo Pass St., HendersonKB Homes Nevada Inc. $168,673, residential - new1020 Pine Vista Court, North Las VegasPardee Homes of Nevada $168,673, residential - new1017 Pine Vista Court, North Las VegasPardee Homes of Nevada $167,685, single-family residential - production12240 Toselli Court , Las VegasPulte Homes of Nevada $167,685, single-family residential - production304 Rezzo St., Las VegasPulte Homes of Nevadaada $167,685, single-family residential - production346 Rezzo St., Las VegasPulte Homes of Nevadaada $167,459, residential - production812 Loch Katrine Ave., HendersonDR Horton Inc. $161,809, residential - new1024 Pine Vista Court, North Las VegasPardee Homes of Nevada $160,949, single-family residential - production9119 Mastodon Ave., Las VegasDR Horton Inc. $160,949, single-family residential - production9120 Mastodon Ave., Las VegasDR Horton Inc. $160,949, single-family residential - production9108 Mastodon Ave., Las VegasDR Horton Inc. $159,585, residential - production341 Values Circle, HendersonWoodside Homes of Nevada LLC $159,363, residential - production3222 Porto Vittoria Ave., Hender-sonToll Henderson LLC

To receive a complete copy of Data Plus every week in Excel, please visit vegasinc.com/sub-scribe.


18-19_VIData_20150628.indd 19 6/26/15 3:16 PM


The List

Source: VEGAS INC research. It is not the intent of this list to endorse the participants or to imply that the listing of a company indicates its quality. Although every attempt is made to ensure the accuracy and thoroughness of VEGAS INC charts,

omissions sometimes occur and some businesses do not respond. Please send corrections or additions on company letterhead to Julie Ann Formoso, research associate, VEGAS INC, 2360 Corporate Circle, Third floor, Henderson, NV 89074.

Category: third-party CommerCial real estate managers(ranked by square feet under management as of april 30)

CompanySquare feet managed Properties Property managers Top executive

1 The Equity Group8367 W. Flamingo Road, Suite 201Las Vegas, NV 89147702-796-5500 • teglv.com

8.2 million 141 7 Barbara M. Barron, president

2 MDL Group3065 S. Jones Blvd., Suite 201Las Vegas, NV 89146702-388-1800 • mdlgroup.com

7.9 million 123 7 Carol Cline-Ong, CEO, principal

3 Gatski Commercial Real Estate Services4755 Dean Martin DriveLas Vegas, NV 89103702-221-8226 • gatskicommercial.com

6.9 million 247 6 Frank P. Gatski, president, CEO

4 CBRE3993 Howard Hughes Parkway, Suite 700Las Vegas, NV 89169702-369-4800 • cbre.com

6.3 million 61 13 Meaghan Levy, director of asset services

5 Avison Young3993 Howard Hughes Parkway, Suite 350Las Vegas, NV 89169702-472-7979 • avisonyoung.com

3.1 million 30 3 Joseph E. Kupiec Sr., principal, managing director

6 Colliers International3960 Howard Hughes Parkway, Suite 150Las Vegas, NV 89169702-735-5700 • colliers.com/lasvegas

2.9 million 33 5 Mike Mixer, executive managing director

7 Virtus Commercial1333 N. Buffalo Drive, Suite 120Las Vegas, NV 89128702-787-0123 • virtusco.com

2.6 million 69 6 Chris Emanuel, president, broker

8 Sun Property Management8936 Spanish Ridge Ave.Las Vegas, NV 89148702-968-7305 • sunpm.net

2.1 million 43 4 Susan M. Cotton, principal, managing director

9 Sansone Real Estate Services9017 S. Pecos Road, Suite 4500Henderson, NV 89074702-914-9500 • sansonecompanies.com

1.9 million 12 2 Roland Sansone, president

10 Juliet Realty LLC8375 W. Flamingo Road, Suite 200Las Vegas, NV 89147702-368-5800 • julietcompanies.com

1.7 million 11 Did not disclose Jason Ahlstrom, principal

11 TNP Nevada302 E. Carson Ave., Suite 330Las Vegas, NV 89101702-951-9900 • tnpre.com

1.4 million 12 3 Mala Zheleznyak, vice president

12a Berkshire Hathaway Home Services Ne-vada Properties - McGarey Group2140 E. Pebble Road, Suite 160Las Vegas, NV 89123702-735-0411 • mcgareypartners.com

1.2 million 63 4 Mark Stark, CEO

12b Cushman & Wakefield Commerce3773 Howard Hughes Parkway, Suite 100SLas Vegas, NV 89169702-796-7900 • comre.com

1.2 million 18 2 David L. Jewkes, senior vice president

14 Nevada Development & Realty Co.2500 W. Sahara Ave., Suite 211Las Vegas, NV 89102702-362-4144 • ndrlasvegas.com

978,301 13 1 Tedd Rosenstein, president

15 Commercial West Brokers10120 S. Eastern Ave., Suite 200Henderson, NV 89052702-289-7007

474,000 5 1 Julie Barbagallo, owner, broker

VEGAS INC20

June 28- July 4

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2015-06-28 - VEGAS INC - Las Vegas

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