CONFIDENTIAL OFFERING MEMORANDUM AIRPORT · 2020. 6. 26. · This Confidential Offering Memorandum (this “Memorandum”) is being delivered subject to the terms of the Confidentiality

Grant Traub, +1 702 836 3789 [email protected]

License # NV-S.0039295Senior Vice President Chris Connell, +1 702 836 3709 [email protected]

License # NV-S.0075502Senior Vice President

DOWNLOADNON-DISCLOSURE

AGREEMENT

AIRPORTCORPORATE CENTER

CO N F I D E N T I A L O F F E R I N G M E M O R A N D U M

NEWLY REMODELED CORE PLUS MULTI-TENANT OFFICE BUILDING

https://www.dropbox.com/s/tz64dnmaw9yse2q/376%20E%20Warm%20Springs%20Road_2020%20Confidentiality%20Agreement_Broker.pdf?dl=0

This Confidential Offering Memorandum (this “Memorandum”) is being delivered subject to the terms of the Confidentiality Agreement signed by you (the “Confidentiality Agreement”) and constitutes part of the Evaluation Material (as defined in the Confidentiality Agreement). It is being given to you for the sole purpose of evaluating the possible acquisition of Airport Corporate Center (“Property”), and is not to be used for any other purpose or made available to any other party without the prior written consent of the “Owner” or Colliers International (“Broker”).

This Memorandum was prepared by the Broker based on information supplied by the Owner and the Broker. It contains selected information about the Property and the real estate market but does not contain all the information necessary to evaluate the acquisition of the Property. The financial projections contained herein (or in any other Evaluation Material, including any computer diskettes) are for general reference only. They are based on assumptions relating to the general economy and local competition, among other factors. Accordingly, actual results may vary materially from such projections. Various documents have been summarized herein to facilitate your review; these summaries are not intended to be a comprehensive statement of the terms or a legal analysis of such documents.

While the information contained in this Memorandum and any other Evaluation Material is believed to be reliable, neither Broker, nor Owner, guarantees its accuracy or completeness. Because of the foregoing and since the Property will be sold on an “AS-IS”, “WHERE-IS” basis, a prospective purchaser must make its own independent investigations, projections and conclusions regarding the acquisition of the Property without reliance on this Memorandum or any other Evaluation Material. Although additional Evaluation Material, which may include engineering, environmental or other reports, may be provided to qualified parties as marketing proceeds, prospective purchasers should seek advice from their own attorneys, accountants, engineering and environmental experts.

Owner expressly reserves the right, at its sole discretion, to reject any offer to purchase the Property or to terminate any negotiations with any party at any time with or without written notice. Owner shall have no legal commitment or obligations to any prospective purchaser unless and until a written sale agreement has been fully executed, delivered and approved by Owner and any conditions to Owner’s obligations hereunder have been satisfied or waived. Broker is not authorized to make any representation or agreement on behalf of Owner. Each prospective purchaser will be responsible for any claims for commissions by any other Broker in connection with a sale of the Property if such claims arise from acts of such prospective purchaser or it’s Broker.

The Rent and Financials data provided here in have been provided by a third party property management firm. All information to be verified by the Purchaser. Due to the nature of the property and mixed use of tenants, the rents and rent roll is subject to change at any given time which may not be accurately noted in this Offering Memorandum on its published date.

© 2020 Colliers International

Grant Traub, +1 702 836 3789 [email protected] # NV-S.0039295

Chris Connell, +1 702 836 3709 [email protected] # NV-S.0075502

376 EAST WARM SPRINGS ROADLAS VEGAS, NV 89119

CONFIDENTIAL OFFERING MEMORANDUM

Note: One Or More Colliers International Agents Is An Owner/Licensee.


3960 Howard Hughes ParkwaySuite 150, Las Vegas, NV 89169

TABLE OF CONTENTS

PAGE 04E XECUTIVE SUMMARY

Proper t y Det a i l s

Inves tment H igh l i ght s

PAGE 08TENANT PROFILES

PAGE 10LOCATION OVERVIEW

Locat ion Aer i a l

Ameni t ie s Map

S i te P l an

PAGE 14FINANCIALS

F inanc i a l H igh l i ght s

PAGE 17DEMOGR APHICS

PAGE 15COMPAR ABLES

Compet i t i ve Se t

S a le Comparab les APPENDIXL AS VEGAS MARKET OVERVIEW


OFFERING MEMORANDUM - 376 EAST WARM SPRINGS ROAD PAGE 4

Currently 83% leased to 10 tenants, the building offers suites ranging from ±1,339 to

±7,827 SF. The property boasts a diverse, stable, corporate rent roll with companies

including Carollo Engineers, Crop Data Management, Inc., Jensen Hughes, ConAm

Management Corporation, and Australis Capital. Modest lease rollover of 7.7% over

the next twelve months offers additional security.

±46,419 SF office building located in the Airport Submarket of Las Vegas.




CAPITAL INVESTMENT HIGHLIGHTS

Ownership has made a substantial investment

in the building to offer a highly functional, well-

maintained and contemporary asset.

The building includes newly remodeled lobbies,

hallways, and restrooms. The lobbies also have

designer grade commercial artwork installed.

Exterior improvements include a new

warrantied roof product, complete

replacement of all landscaping, full

building exterior paint scheme, and

parking lot refurbishment.


Offering Price:

Price PSF:

$10,750,000

$231.59

Product Type: Class B Suburban Office

Construction: Tilt-Up Concrete and Steel

Address: 376 E. Warm Springs Road

City, State, Zip Code: Las Vegas, Nevada 89119

NOI (Year 1): $801,584

In Place NOI: $664,239.16

Occupancy: 83%

Building Size: ±46,419 Rentable Square Feet

Land Size: ±2.99 Acres

Number of Buildings: One (1)

Number of Stories: Two (2)

Number of Units: Twelve (12)

APN: 177-04-812-007

Year Built: 2005

Jurisdiction & Zoning: Clark County, General Commercial (C-2)

Fire Sprinklers: Yes

Parking: 5:1,000; 36 covered parking spaces

Lease Asking Rate: $2.10 MG PSF

2020 Property Taxes: $62,563.36

PROPERTY DETAILS


DIVERSIFIED RENT ROLL | ONGOING CASH FLOW PROTECTION | LIMITED VACANCY EXPOSURE

• 83% leased to tenants, each occupying less than 17% of the total net rentable area, eliminating a large vacancy and reduction in cash flow

• Stable, diverse, corporate rent roll

• Well-balanced lease expirations limits cash flow variations

• High historical tenant retention diminishes turnover costs and reduces vacancy exposure

• Loyal tenant base - occupying 46% of building have renewed at least one or more times since the building was built

• Airport submarket historically attracts corporate users with several gaming related companies

• Building caters to smaller and mid-size users between 2,500-7,500 SF

• Positive absorption for class “B” space for the past 4 quarters

• Priced at $231.59 sf, the asset is offered at 20% below replacement cost and 17% below recent comparables

• No new Class “B” office construction planned in submarket and only one class “A” building in planning stages

• Exquisite central location with ultra-convenient access to airport, strip, and two major freeways (I-15 and I-215)

• Abundant amenities including new limited service hotel and dozens of restaurants within 1 mile

NEW INTERIOR AND EXTERIOR IMPROVEMENTS | LIMITED ONGOING CAPITAL REQUIREMENTS

STRONG MARKET FUNDAMENTALS

CORE-PLUS ASSET | BELOW REPLACEMENT COST

Submarket vacancy for small and medium spaces is 7%, well below full submarket vacancy, illustrating strong demand for small and medium suite sizes.

INVESTMENT HIGHLIGHTS

• Upgraded exterior with new paint, full landscape replacement, and parking lot was resealed & restriped in 2019

• Interior lobby and restroom remodel completed in 2019 with accentuated design elements in hallways

• New roof coating completed in 2018

• Ample tenant improvement dollars spend on dated suite interiors

• New off-lobby ±3,548 RSF completed as of 2020


CAROLLO ENGINEERS

±7,666 RSF ±4,348 RSF ±5,925 RSF

CONAM MANAGEMENT JENSEN HUGHES

Carollo Engineers is an environmental

engineering firm that specializes in the

planning, design, and construction of

water and wastewater facilities. Their

firm was founded in Phoenix, Arizona,

in 1933. From that single office with

three engineers, Carollo has grown to

more than 1,000 people in 45 offices

throughout the United States. Their

staff includes civil, structural, electrical,

mechanical, environmental, and

instrumentation and control engineers,

as well as scientists, planners, architects,

and CAD designers.

https://www.carollo.com/

ConAm Management Corporation is

part of The ConAm Group, a multi-

disciplined real estate investment

and services firm based in San Diego,

California. Established in 1975, ConAm

has become recognized as one of

the nation’s most astute multifamily

investment firms and an experienced

and dependable provider of multifamily

real estate services.

ConAm currently manages a

nationwide portfolio of approximately

53,000 apartment units in more than

26 key metropolitan areas.

https://www.conam.com/

Since 1939, Jensen Hughes has been at the

leading edge of safety, security and risk-

based engineering and consulting, serving

the most complex global projects. Jensen

Hughes is a global team of engineers,

scientists and consultants that operates in

more than 100 countries. Their services

span across the entire value chain of fire

& building safety, security, risk, forensics

and emergency management. They pride

themselves on driving code and standard

development and adoption throughout the

world and across industries.

https://www.jensenhughes.com/

TENANT PROFILESAIRPORTCORPORATE CENTER


Australis Capital (AUSA)

is focused on building the

infrastructure required to meet

the demands of the growing U.S.

cannabis market. They acquire and

build transformative companies

to advance the cannabis industry,

bring forward innovation, and set

high-standards for well-being and

quality of life afforded by cannabis.

https://ausacap.com/

Renters Warehouse is America’s leading

real estate investment services company.

Founded in 2007 and backed by growth

equity investor and majority stakeholder

Northern Pacific Group, and under

the leadership of President and CEO

Kevin Ortner, Renters Warehouse

now manages more than $3 billion in

residential real estate, servicing 14,000+

investors across 22,000+ residential

homes in 40+ markets and 25+ states.

From investment planning and acquisition

to property management and disposition,

Renters Warehouse is the largest, full-

service “Rent Estate™” resource of

tenanted properties in the nation.

https://renterswarehouse.com/

AUSTRALIS CAPITAL (AUSA)

±7,353 RSF ±2,927 RSF ±3,019 RSF

RENTERSWAREHOUSE

CROP DATA MANAGEMENT INC.

Crop Data Management Inc. (CDMS,

Inc.), provides data and decision

support technologies for agriculture.

Their services are utilized by a broad-

range of market participants across

the continuum of food production

including product manufacturers,

distribution, consultants, and growers

throughout North America.

https://www.jensenhughes.com/

TENANT PROFILESAIRPORTCORPORATE CENTER

https://renterswarehouse.com/


Amenities are abundant at all price points

with over a dozen sit down restaurants located

1.25 miles away at Town Square (5 minutes)

or a dozen modest price point restaurants

offered at Las Vegas Premium Outlets South

(3 minutes).

SURROUNDING AMENITIES:

3 MIN DRIVE TO I-15 3 MIN DRIVE TO I-215

15

15

215

215

5 MIN DRIVE TOAIRPORT

SUNSET ROADSUNSET ROAD

The Airport Submarket is mature, stable, and locationally integral to the Las Vegas MSA with ultra-convenient access

to the 10th largest airport in the country, the Las Vegas Strip, and both major freeways in Las Vegas, the I-15 and I-215.

LAS

VEG

AS

BO

ULE

VA

RD

LAS

VEG

AS

BO

ULE

VA

RD

±235,000 CARS PER DAY


WARM SPRINGS ROADWARM SPRINGS ROAD

SUBJECT


HUGHES AIRPORT CENTER

WARM SPRINGS MARKETPLACE

15

WARM SPRINGS ROADWARM SPRINGS ROAD

BER

MU

DA

RO

AD

BER

MU

DA

RO

AD

EAST

ERN

AV

ENU

EEA

STER

N A

VEN

UE

SUNSET ROADSUNSET ROAD

PEC

OS

RO

AD

PEC

OS

RO

AD

215

TOWN SQUARE

MCCARRAN AIRPORTCAR RENTAL FACILITY

WO

RLD

FA

MO

US

LAS

VE

GA

S “S

TRIP

” The Airport submarket is home to many corporate users such as:

MCCARRAN MARKETPLACE

Current Submarket Vacancy 12%Vacancy Rate For Small And Medium Suites 7.36%



LAS

VEG

AS

BO

ULE

VA

RD

LAS

VEG

AS

BO

ULE

VA

RD


SUBJECT

LAS VEGAS PREMIUM

OUTLET SOUTHFUTURE VIRGIN

TRAINS USA HIGH SPEED

TRAIN STATION


SUITE 130Atkinson Law Associates

±1,827 RSFSUITE 135

AC LLC±1,378 RSF

SUITE 120Legal Angel and Breeden &

Associates, PLLC±1,302 RSF

SUITE 125 Legacy Food

Service Design ±2,156 RSF

SUITE 190Australis Capital

±7,353 RSF


FIRST FLOOR

Note: The RSF/USF will be updated upon renewals.

SUITE 140VACANT

±4,364 RSF

SUITE 110VACANT

±3,548 RSF


SUITE 240Renters Warehouse Nevada

±2,918 RSF

SUITE 220Crop Data Management, Inc.

±3,019 RSF

SUITE 210Jensen Hughes

±5,925 RSF

SUITE 250Carollo Engineers Inc.

±7,666 RSF

SUITE 250ConAm Management Corp.

±4,333 RSF

SECOND FLOORAIRPORTCORPORATE CENTER

Note: The RSF/USF will be updated upon renewals.


Building Size: ±46,419 Rentable Square Feet

In-Place Occupancy: 83%

Offering Price: $10,750,000

Price/Square Foot: $231.59

Base Rental Revenue (Y1): $1,087,485

Operating Expenses (Y1): $215,960

In-Place NOI: $664,239.16

Year 1 NOI: $801,584

Year 1 Cap Rate: 7.5%

Loan Amount-65%: $7,150,000

Rate: 3.5%

Term: 10 years

Amortization: 30 years

Leveraged Y10 IRR: 16.11%

FINANCIAL HIGHLIGHTS:

PROPOSED DEBT:

OFFERING MEMORANDUM - 376 EAST WARM SPRINGS ROAD PAGE 15COMPETITIVE SET

TOTAL SF ±51,878

LEASE RATE PSF $2.10

LEASE TYPE MG

TOTAL SF ±355,465

LEASE RATE PSF $2.50 - $2.75

LEASE TYPE FSG

TOTAL SF ±58,711


LEASE TYPE MG

TOTAL SF ±400,000


LEASE TYPE MG

Pebble Place Business Center 2140-2190 E. Pebble Road

Marnell Corporate Center6650-6750 Via Austi Parkway

McCarran Center 770 E. Warm Springs Road

Centra Point 8311-8395 W. Sunset Road

Located at Pebble Rd. just west

of Eastern Ave. and north of the

I-215 Freeway. 2 two-story class

“B”office buildings.

Located in the Southwest

submarket adjacent to the I-215

Freeway. 8 two and three story

class “B” office buildings.

Located adjacent to the

interchange of I-15 and I-215 and

across from Sunset Road from

McCarran International Airport.

Master planned suburban class

“A” office development.

Located in a 100 acre, 35 building

mixed-use, master-planned

business park. This property is a

3-story class “B” office building.

All common areas were recently

renovated in 2018.


Pebble Place Business Center 2140 E. Pebble Road

Marnell Corporate Center6750 Via Austi Parkway

Green Valley Corporate Center South 2475, 2485, and 2495 Village View Dr.

Desert Canyon Business Park 9121 and 9127 W. Russell Road

TOTAL SF ±25,939

SALE PRICE $7,070,693

SALE PRICE PSF $272.59

SALE DATE 10/24/17

TOTAL SF 85,950



SALE DATE 07/12/19

TOTAL SF 93,650



SALE DATE 04/03/18

TOTAL SF 162,940



SALE DATE 11/05/18

Building was 100% occupied at

time of sale.

Two fully occupied buildings. Occupancy at the time of sale

was approximately 86%.

Three class “B” office portfolio sale.

The property was 70.2% leased at

time of sale.

SALE COMPARABLES


0 - 1 MILES 0 - 3 MILES 0 - 5 MILES

Per Capita Income $32,904 $31,770 $32,205

Est. Average Household Income $97,514 $81,687 $78,316

Est. Median Household Income $71,630 $61,871 $56,819


2024 Projection 8,730 100,530 387,672

2019 Estimate 8,224 93,786 361,271

2010 Census 7,580 83,705 312,740

2000 Census 6,670 63,715 233,158

Projected Growth 2019 - 2024 6.15% 7.19% 7.31%

Estimated Growth 2010 - 2019 8.50% 12.04% 15.52%

Growth 2000 - 2010 13.64% 31.37% 34.13%


2024 Projection 3,199 39,343 156,042

2019 Estimate 3,027 36,810 145,904

2010 Census 2,829 33,132 127,943

2000 Census 2,434 24,461 96,821

Projected Growth 2019 - 2024 5.68% 6.88% 6.95%

Estimated Growth 2010 - 2019 7.00% 11.10% 14.04%

Growth 2000 - 2010 16.23% 35.45% 32.14%


Total 8,224 93,787 361,272

White Alone 69.21% 59.98% 54.91%

Black or African American Alone 5.07% 9.44% 11.16%

Amer. Indian & Alaska Native Alone 0.78% 0.74% 0.70%

Asian Alone 9.05% 12.28% 14.14%

Native Hawaiian & Other Pac. Isl. Alone 1.14% 1.16% 1.06%

Some Other Race Alone 9.82% 10.30% 11.31%

Two or More Races 4.92% 6.11% 6.71%

Not Hispanic or Latino 76.65% 75.62% 74.74%

Hispanic or Latino 23.35% 24.38% 25.26%

POPULATION

HOUSEHOLDS

2019 EST. HOUSEHOLDS BY HH INCOME

2019 EST. POPULATION BY SINGLE-CLASSIFICATION RACE

ESTIMATED HOUSEHOLDS BY TYPE

ESTIMATED HOUSEHOLDS BY INCOME

EST. POPULATION BY AGE

0% 20% 40% 60% 80% 100% 120% 140%

1-Mile

3-Mile

5-Mile

Single Person Household Married Other Family - Male Head Other Family - Female Head

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

$15,000 orLess

$15,000 to$24,999

$25,000 to$34,999

$35,000 to$49,999

$50,000 to$74,999

$75,000 to$99,999

$100,000 to$124,999

$125,000 to$149,999

$150,000 to$199,999

$200,000 to$249,999

$250,000 to$499,999

$500,000 orMore

1-Mile 3-Mile 5-Mile

0%

4%

8%

12%

16%

20%

0 to 4Years

5 to 9Years

10 to 14Years

15 to 17Years

18 to 20Years

21 to 24Years

25 to 34Years

35 to 44Years

45 to 54Years

55 to 64Years

65 to 74Years

1-Mile 3-Mile 5-Mile

DEMOGRAPHICSAIRPORTCORPORATE CENTER


LAS VEGASMARKET OVERVIEW


Las Vegas Area Overview

Over 42.1 millionpeople visited Las Vegas in 2018.

Clark County, the most populous of Nevada’s 17 counties, is home to more than 2.3 million residents, about 75.8% of the state’s population. The estimated median household income is approximately $57,189. The city of Las Vegas sits at the heart of Clark County and is internationally renowned as the world capital of entertainment. Las Vegas’ gaming, dining, shopping and business conventions are major attractions for national and international visitors. Las Vegas has approximately 149,158 hotel rooms.

Statistic 2014 2015 2016 2017 2018

Visitor Volume 41,126,512 42,312,216 42,936,109 42,208,100 42,116,800

Gaming Revenue $9.5bn $9.6bn $9.7bn $10.8bn $10.25bn

Room Occupancy 86.8% 87.7% 89.1% 88.6% 88.2%

Average Daily Room Rates $116.73 $120.67 $125.96 $129.05 $128.85

Convention Delegates 5,169,054 5,761,366 6,310,616 7,259,100 6,501,800

Total En/Deplaned Passengers 42,878,346 45,389,074 47,435,640 48,500,194 49,716,584

Room Inventory 150,126 149,612 149,339 147,268 149,158

L A S V E G A S E C O N O M I C T R E N D S (Las Vegas Convention and Visitors Authority)

V I S I T O R V O L U M E V S . G A M I N G R E V E N U E

$8,600,000,000

$8,800,000,000

$9,000,000,000

$9,200,000,000

$9,400,000,000

$9,600,000,000

$9,800,000,000

$10,000,000,000

$10,200,000,000

$10,400,000,000

36,000,000

37,000,000

38,000,000

39,000,000

40,000,000

41,000,000

42,000,000

43,000,000

44,000,000

2011 2012 2013 2014 2015 2016 2017 2018

Visitor Volume Gaming Revenue


Las Vegas Employment OverviewAs of 2019, Las Vegas unemployment stands at 4.7% down from 5.41% in January 2018. Tourism is the largest job sector in Las Vegas, representing 24.8% of the market, but professional and business services and retail trade have a significant impact as well, representing 14.0% and 10.3% of the market, respectively.

Firm Employees

Station Casinos Inc. 13,000-13,499

Nellis Air Force Base 12,000-12,499

Boyd Gaming Corp. 9,000-9,499

Las Vegas Sands Corp. 8,500-8,999

Wynn Las Vegas LLC 8,000-8,499

MGM Resorts International 8,000-8,499

Bellagio LLC 8,000-8,499

Aria Resort & Casino 7,000-7,499

Mandalay Bay Resort & Casino 7,000-7,499

Wal-Mart Stores Inc. 6,000-6,499

Caesars Entertainment Corp. 5,500-5,999

The Valley Health System 5,000-5,499

University of Nevada-Las Vegas 5,000-5,499

Las Vegas Metropolitan Police Department 4,500-4,999

Mirage Casino-Hotel 4,500-4,999

The Venetian Casino Resort 4,000-4,499

SUPERVALU Inc. 4,000-4,499

Cosmopolitan of Las Vegas 4,000-4,499

The Palazzo Casino Resort 3,500-3,999

University Medical Center of Southern Nevada 3,000-3,499

L A S V E G A S T O P E M P L O Y E R S

Gaming, government, tourism and education are the leading areas of

employment in Las Vegas. Although in recent years, several new industries

such as data centers, high tech manufacturing and healthcare services are

helping to diversify the local economy.

300,000 new jobsExpected In The Next 20 Years With Major Gains In Technology, Healthcare & Infrastructure Sectors

$2.5 Billion+In Manufacturing/Tech Facility Investment Underway

$4 Billion+In Public Infrastructure Investment Underway

Prestigious Companies8 Fortune 1000 Companies Headquartered In Las Vegas


Las Vegas Highlights

20,000 SeatsT-Mobile Arena, a multi-use indoor arena

on the Las Vegas Strip opened in April 2016

Steady GrowthThe University continues to grow with a total student headcount of 30,457 (2018)

NHL ExpansionT-Mobile Arena hosts over 150 events per

year and is the current home of the NHL Vegas Golden Knights

Mandalay Bay Convention Center

recently underwent a 350,000 square foot expansion and is now one of the largest in

North America

The Las Vegas RaidersThe relocation of the Oakland Raiders is anticipated to create a $600+ million

economic impact add 450,000+ incremental visitors and host 45+ events annually

LVCC ExpansionLas Vegas Convention Center

is currently undergoing a $2.5 billion, 600,000 square foot expansion to absorb

excess demand

MSG SphereA revolutionary new 18,000-seat venue for concerts, sports and live entertainment that

will be completed in 2020.

$1 billion public works project

underway to modernize and expand Las Vegas vehicular infrastructure

Las Vegas Ballpark hosts this Triple-A professional baseball team in Summerlin


#1 Trade Show Destination for 25 consecutive years-Trade Show News Network

Las Vegas

#3 and #9 Largest Convention Centers in the U.S. are Located in Las Vegas

Las Vegas visitation numbers hit a new peak of 42.9M visitors in 2016, a 10% increase over its pre-recession peak. There was a 17.8 increase in International visitation from 2013-2015. McCarran International Airport has benefited from the increased visitation, making it the No. 30 busiest airport in the world in 2018.

70,700 jobs and generates more than $11.1 billion in economic impact. The Las Vegas M.I.C.E . (meetings, incentives, conferences, and events) sector

Convention CentersWhile Las Vegas has historically been known as a gaming destination, the city’s diverse non-gaming allure continues to strengthen and has far surpassed gambling demand. One such demand driver is the unparalleled convention and meeting space capacity available throughout the city. In 2018, Las Vegas held over 21,000 conventions and hosted over 6.5 million convention delegates. Las Vegas also hosted 3 of the top 10 and 6 of the top fifteen largest conventions/trade shows held in the U.S.


Developments in the Las Vegas valley

$1.9 Billion estimated cost Las Vegas’ First NFL Team – On March 27th, 2017, the NFL owners approved the Raiders’ relocation to Las Vegas. The $1.9 billion stadium is expected to take three years to build and will be located near the southern end of the Las Vegas Strip (near Mandalay Bay). This new stadium will also host world-class events including college football games, big-name concerts, major UFC fights, March Madness, soccer matches and political events. The Raiders are expected to play in the 65,000-seat domed stadium by the 2020 season. The Southern Nevada Tourism Infrastructure Committee (SNTIC) estimates that Las Vegas can expect $100 million worth of media exposure a year from the Raiders which is excellent publicity across the Las Vegas community.

NFL - LAS VEGAS RAIDERS

The Las Vegas metropolitan area is home to many sports, most of which take place in the unincorporated communities around Las Vegas rather than in the city itself. The area’s first professional team into town are the NHL Vegas Golden Knights. The Raiders of the NFL will begin play in Las Vegas as the Las Vegas Raiders by 2020 and become the region’s second major professional team. Las Vegas is also home to one minor league sports team: The Las Vegas Aviators Minor League Baseball. Las Vegas Ballpark hosts this Triple-A professional baseball team in Summerlin. In addition, Las Vegas also has the WNBA team- The Las Vegas Stars and the United Soccer League’s Las Vegas Lights FC.


Also restoring the 18-hole Tom Fazio-designed golf course Wynn Resorts Ltd. is moving forward with its 400,000 SF Convention Center construction. The convention center is under construction just north of Sands Avenue and east of the Wynn Las Vegas tower. They’re also restoring the 18-hole Golf Course. “We actually went back and re-engaged Tom Fazio, who was the original designer of our golf course to come in and take a look at the couple holes that were disrupted by this 400,000-square-foot convention center and see if we can design a new 18-hole golf course connected to Wynn and Encore and have that back in back in action before our convention center opens.”

$4 Billion estimated cost Broke ground May of 2015. Upon their 2021 completion date, this $4 billion Asian-themed resort will include 3,400 hotel rooms and will consist of 175,000 square feet of gaming. It’s estimated that there will be 3,500 slot machines and table games. Genting BHD, Southeast Asia’s largest casino operator, is developing this property in multiple phases. The first phase is expected to be completed in 2021. Once fully finished, there will be three towers totaling the room count to 3,400. Resorts World Las Vegas will help the Las Vegas employment market by employing 13,000 direct and indirect jobs. It will also contribute greatly to the Las Vegas economy which is projected to generate $155 million in annual tax revenue.

$2.3 Billion estimated cost The Las Vegas Convention and Visitors Authority (“LVCVA”) has a planned expansion and renovation project intended to make the Las Vegas Convention Center the best meeting and convention facility in the World. The $2.3 billion project, named the Las Vegas Global Business District, is the largest economic development initiative the LVCVA has undertaken since the Las Vegas Convention Center was originally built in the late 1950s. The expansion project is expected to lead to an additional 480,000 new attendees as current conventions grow and through attracting an estimated 20 new trade shows and conventions.

$1.2 Billion Renovation Witkoff and Marriott International have announced a partnership to open the former Fontainebleau as The Drew Las Vegas in 2022. The resort is estimated to include $1.2 billion in renovation fees in addition to the $600 million price tag for the property. The property will contain 3,780 rooms and over 500,000 SF of convention and meeting space. In addition to The Drew Hotel, the resort will also house hotels from two Marriott brands – EDITION and JW Marriott, making it the first JW Marriott to open on the Las Vegas Strip. The project will create 5,000 construction jobs and 6,000 jobs upon opening.

400,000 SF CONVENTION CENTER CONSTRUCTION

RESORTS WORLD

LAS VEGAS CONVENTION CENTER EXPANSION

THE DREW LAS VEGAS

Developments in the Las Vegas ValleyThis popular destination is the 28th largest Metropolitan Statistical Area in the United States with over 2.3 million residents. With its strong economic recovery, Las Vegas has about $15 billion in construction projects that are planned, proposed or under construction. The following pages include a summary of these projects.


Developments in the Las Vegas valley

360 feet tall and just off the McCarran International Airport flight pattern The facility, to be built on a 63-acre lot east of the Sands Expo Center, The Venetian and the Palazzo, will be connected to the convention center by a pedestrian bridge. The 400,000-square-foot facility will be built on an open-air storage lot at Sands Avenue between Koval Lane and Manhattan Street.

22,000-SEAT MSG SPHERE LAS VEGAS

Construction has begun on MSG Sphere Las Vegas with an estimated completion in early 2021


$1.6 Billion estimated cost Union Village is the first Integrated Health Village in the world and is listed as the “largest healthcare building project in the United States,” according to Health Facilities Manage-ment. This +/-$1.6 billion project is located at U.S. 95 and Galleria Drive in Henderson, Nevada. Sitting on 228-acres, this mixed-use healthcare complex is projected to create more than 17,000 direct, indirect and construction jobs. Once fully complete in 2022, it is expected to attract 15,000 to 30,000 people a day. Henderson Hospital opened fall of 2016 and is located inside the Union Village development. Costing $168 million to construct, this local acute-care hospital is part of the Valley Health System.

$3.6 Billion estimated cost The Las Vegas Medical District was initially concieved in 2002 in order to created a cohesive area for medical education and healthcare that was central to the Las Vegas Valley. It is currently undergoing a $3.6 billion expansion which is inclusive of a UNLV Medical School. This district is expected to bring in $181 million in Government revenue, as well as 24,182 jobs by 2030.

$2.7 Billion estimated cost The All Net Arena’s site is located on the north end of the Las Vegas Strip where the former Wet ‘n’ Wild site was once located (just south of the SLS Resort). Construction is underway on this $2.7 billion project and will consist of 22,000 seat arena, 240,000 SF of convention space, two hotel towers, a movie theatre and a Victory Plaza shopping/dining district.

$900 Million estimated cost Project Neon is the largest public works project in Nevada history. Costing $900 million to complete, this project will widen 3.7 miles of Interstate 15 between Sahara Avenue and the “Spaghetti Bowl” interchange in downtown Las Vegas. This is known for being the busiest stretch of highway in Nevada with 300,000 vehicles per day (one-tenth of the state population). Currently, this corridor has approximately 25,000 lane changes in an hour and it’s been predicted that traffic will double along this stretch by 2035. Project Neon is estimated to be completed in late 2019.

UNION VILLAGE LAS VEGAS MEDICAL DISTRICT & UNLV MEDICAL SCHOOLLAS VEGAS

ALL NET ARENAPROJECT NEON

Developments in the Las Vegas ValleyThis popular destination is the 28th largest Metropolitan Statistical Area in the United States with over 2.3 million residents. With its strong economic recovery, Las Vegas has about $15 billion in construction projects that are planned, proposed or under construction. The following pages include a summary of these projects.


Grant Traub,

+1 702 836 [email protected]

License # NV-S.0039295

Chris Connell,

+1 702 836 [email protected]

License # NV-S.0075502

2020 Colliers International. Information herein has been obtained from sources deemed reliable, however its accuracy cannot be guaranteed. The user is required to conduct their own due diligence and verification.

Note: One Or More Colliers International Agents Is An Owner/Licensee.

COLLIERS INTERNATIONAL LAS VEGAS3960 Howard Hughes Parkway, Suite 150, Las Vegas, NV 89169


Documents

CONFIDENTIAL OFFERING MEMORANDUM AIRPORT · 2020. 6. 26. · This Confidential Offering Memorandum (this “Memorandum”) is being delivered subject to the terms of the Confidentiality