NBJ 2006 Bus Tour Guide Book - Nevada Business Magazine · ing structure and retail annex added to provide a 5:1000 parking ratio. 3883 Howard Hughes 47 3883 Howard Hughes Parkway

http://www.prarchitects.com

http://www.burkegc.com

http://www.voitco.com

T A B L E O F C O N T E N T S

Central Submarket 7

Henderson SubmarketSponsored by The Korte Company 10

Airport SubmarketSponsored by Marnell Properties 26

Southwest SubmarketSponsored by Juliet Property Company 34

Bus Tour Map 44-45

Northwest SubmarketSponsored by Shea Commercial 56

North SubmarketSponsored by DP Partners 66

2005 Bus Tour Sponsors 80

S P E C I A L S U P P L E M E N T

COPYRIGHT ©2006 REPRODUCTION PROHIBITED UNLESS AUTHORIZED BY PUBLISHER

To Order Reprints, Contact: Nevada Business Journal4386 S. Eastern Ave. Suite B • Las Vegas, NV 89119 • 702-735-7003

http://www.randoco.com

http://www.CoxBusinessServices.com

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Shadow Lane Office Building701 Shadow Lane1

Type: Office/ Medical

Developer: Tower Realty and Development / Eron Kennedy / 702-366-0444 x101

Leasing Agent: CBRE / Jan Hoback, Carla Cole, Bruce Follmer / 702-369-4800

Architect: Westar

General Contractor: Western US Contractors

Year Built: Feb-07

Status: Under Construction

Project Square Footage: 30,000

Asking Rates: $2.00 NNN

Major Tenants: University Medical Center of Southern Nevada

COMMENTS:Directly across the street from Valley Hospital and University Medical Center of Southern Nevada. Excellent location for medical/professional tenants.

The Central Office Submarket iscomposed of several older officecorridors in the Las Vegas Valley

with approximately 9.3 million SF ofgeneral office space and 3.1 million SFof medical office space. This submarkethad a 9.22 percent vacancy rate in gen-eral office space and 8.94 percent inmedical office space at the end of the2nd quarter 2006. The primary office

corridors are East Flamingo Road, West Sahara Avenue and down-town Las Vegas.

The Flamingo Road office corridor has not seen a significantdevelopment in recent years, with the exception of the continueddevelopment of the Howard Hughes Center. Crescent Real Estateis in the final construction stages of 3883 Howard Hughes Park-way, which will see its first tenants in April 2007. This corridorhas the bulk of the vacancy in this submarket and has seen pos-itive absorption over the last quarter. The majority of the officeproperties in the corridor, with the exception of the Hughes Cen-ter, are older properties that have been negatively affected by theemergence of the Henderson submarket and Southwest submar-ket. Over the last year, various properties have changed hands

and the new owners have invested a substantial amount of cap-ital in extensive renovations.

The Sahara Office Corridor is another one of our traditional of-fice corridors that has been negatively impacted by the emergenceof the Southwest Office Submarket. Sahara Avenue has weatheredthe emergence of the new office submarkets because of the rela-tive ease of access to the Northwest portion of the Valley, coupledwith the low vacancy rates in the Northwest Las Vegas Valley. Withthe continued growth of the Valley and this corridor’s good freewayaccess, landlords should be able to maintain stable vacancy ratesover the next several years.

Downtown Las Vegas redevelopment seems to have finallyturned the corner and started to gather momentum. The majorityof office space in downtown Las Vegas has served the court sys-tem and local government. The newest office project in DowntownLas Vegas is the 265,000 SF Molasky Corporate Center/SouthernNevada Water Authority building, nearing completion.

The Medical District just west of I-15 has 1,365,162 SF ofmedical office space with a vacancy rate of 4.06 percent. Threehospitals currently operate in this submarket with 1,228 hospitalbeds. Average lease rates in this submarket are $1.82 per squarefoot per month, which is slightly above the market average of$1.78 per square foot per month.

Central Office Submarket Overviewby Bruce Follmer, CB Richard Ellis

Bruce Follmer

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Molasky Corporate Center100 City Parkway2

Type: Office

Developer: The Molasky Group of Companies / Rich Worthington / 702-725-0155

Leasing Agent: Burnham Real Estate/ Keith Bassett / 702-384-4488

Architect: KKE / HFTA

General Contractor: Marnell Corrao

Year Built: Fall 2007



Development Acreage: 3.00

Asking Rates: $3.25 FSG

Major Tenants: Southern Nevada Water Authority

COMMENTS:Las Vegas' Downtown Redevelopment District is going GREEN with the Molasky Corpo-rate Center. The 16-story mixed-use office and retail high-rise building will be Leader-ship in Energy and Environmental Design (LEED) silver-certified and promises to set thetone for the area's future development.

701 Bridger Avenue701 Bridger Ave.3

Type: Office

Developer: Tower Realty and Development / Jason Thompson / 702-366-0444

Leasing Agent: CBRE / Jan Hoback, Carla Cole, Bruce Follmer / 702-369-4800

Architect: Westar

General Contractor: Western US Contractors

Year Built: Aug-06

Status: Completed


Development Acreage:

Asking Rates: $2.45 MG

Major Tenants: Pyatt Sylvestri & Hanlon, Cotkin Collins & Ginsburg, Dial Reprographics

COMMENTS:

Completely renovated building, replacing and upgrading all building systems. New park-

ing structure and retail annex added to provide a 5:1000 parking ratio.

3883 Howard Hughes3883 Howard Hughes Parkway47

Type: OfficeDeveloper: Crescent Real Estate Equities, LTD. / Bob Boykin / 714-840-1170Leasing Agent: Colliers International / Tom Stilley or Lizz Stilley / 702-735-5700Architect: HKS Architect Inc.General Contractor: Kitchell ContractorsYear Built: Jun-07Status: Under ConstructionProject Square Footage: 238,957Development Acreage:Asking Rates: $3.00 - $3.25 FSGMajor Tenants: Snell & Wilmer, Boyd Gaming, Echelon Resorts, A.G. Spanos

COMMENTS: 3883 Howard Hughes Parkway, Crescent Real Estate’s landmark new11-story, state-of-the-art Class A office tower will be the newest building constructedin Hughes Center since 1999. The project features granite pre-cast panels, metal-wrapped columns and an architecturally distinctive “fin”. The second phase of theproject, an 8-story tower, will complete the planned development for the site. In-cludes water-conserving plantings and multi-functional spaces around a central gar-den court.

Because NAIOP wanted to make sure each property onthis year’s Bus Tour got the attention it deserved, thetour was divided into two routes, roughly east and westof the I-15 freeway. Because of this, the numberingsystem we used to use doesn’t flow very well.

Please take our word for it: the properties as listed herebelong in the submarket where they’re located, even ifthe numbering system doesn’t seem to make muchsense. Please refer to the map on pages 60 and 61.

Have a wonderful Bus Tour!

NAIOP Bus Tour Committee

1,2,3, 47??

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The Northwest office market isbounded by the I-215 Beltway tothe west, east along Desert Inn

Road to Durango Rd, then north toSummerlin Parkway, east to DecaturRoad, and finally north where it rejoinsthe Beltway. As of the second quarter2006, it consists of over 6.8 million SFof space, which represents approxi-mately 21 percent of all office space in

Southern Nevada. Approximately 5.6 percent, or just under383,000 SF, is vacant, a decrease from the 7.4 percent at thesame time last year.

Absorption for the first two quarters of 2006 was a healthy163,000 SF. As of the second quarter 2006, almost 800,000 SFwas under construction; a considerable increase in supply. Howev-er, demand has historically kept pace with supply, as demonstrat-ed by 2005’s absorption of almost 884,000 SF.

Leasing rates in the Northwest currently average $2.39 / SF /Month / Full Service Gross, an increase of $0.11, or almost 5 per-cent over the past year. Most of the increase came from Class Band Medical space, where rates have increased by 11.5 percentand 12.1 percent respectively.

The diversity of projects under construction indicates an in-creasing sophistication of the Northwest submarket. At six stories,Business Bank of Nevada’s 150,000 SF Class A project is expect-ed to stimulate a new era of office development in Summerlin overthe next five years. Plise Companies’ five-story 127,000 SF Cen-tennial Corporate Center at Ann Road and US 95 has also raisedthe standard considerably. These two projects alone have in-creased the inventory of Class A product by over 27 percent.

Looking forward, the Northwest submarket is on a path to fur-ther growth. Strong job creation, a healthy supply of new compet-itively priced housing, and the opening of the Centennial Hills Hos-pital will continue to stimulate population growth. As commutetimes to more established office markets increase, so too will thedemand for local office space. Developers such as American Neva-da Company are integrating office development into master-planned communities, enhancing the quality of future growth.

We can expect a pause in Class A development as the projectsunder construction absorb. Demand for multi-story Class B officeproduct will increase as medium-sized tenants enter the submar-ket. Though land prices have increased, opportunities remain forClass C projects that will continue to cater to smaller tenants.Overall, we can expect continued healthy absorption of office in-ventory in the Northwest and a wider diversity of product types.

Northwest Office Submarket Overviewby Dean Kaufman, Colliers International

Dean Kaufman


Mountain View Professional Park6950 - 7200 Smoke Ranch Rd.4

Type: OfficeDeveloper: Christopher Commercial / Douglas Crook / 702-243-2800Leasing Agent: Christopher Commercial / Douglas Crook / 702-243-2800Architect: Swisher & Hall ArchitectsGeneral Contractor: R & O ConstructionYear Built: Jun-05Status: CompletedProject Square Footage: 150,000 Development Acreage: 15.50 Asking Rates:Major Tenants: The OB/GYN Center, Dr. Laura & Jeffrey Gitlin, Dr. Pasha

COMMENTS:Only one parcel remaining. Master-planned Mountain View Professional Park compris-es approx. 150,000 SF of buildings from 4,500 - 9,000 SF, as well as freeway frontage(US95) buildings ranging from 15,500 -18,000 SF on approx. 15 acres. Compatible ar-chitectural style and controlled sign program to ensure harmonious design throughoutthe development. Heavily landscaped, abundant parking. Ideal for medical, financial,legal, insurance, real estate and dental.


http://www.centraproperties.com

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Las Vegas Tech Center II2501 Fire Mesa St.8

Type: OfficeDeveloper: Thomas & Mack Development Group / Rick Myers or Nicola Fryatt / 702-260-1008Leasing Agent: Thomas & Mack Development Group / Rick Myers or Nicola Fryatt /702-260-1008Architect: KKE / HFTAGeneral Contractor: Matt ConstructionYear Built: Sep-06Status: Under ConstructionProject Square Footage: 35,594Development Acreage: 4.90 Asking Rates: $2.05 MG or $225 SF ShellMajor Tenants: Nevada Title Company, Progressive Insurance,Land America Lawyers Title, CitiCorp

COMMENTS:The Las Vegas Technology Center-II is a mixed-use business park comprising 71.74acres. The center features full interstate access to US 95 via Cheyenne Road and ac-cess to I-215 via Cheyenne or Lake Mead. 2501 Fire Mesa Street is a two-story Subur-ban Class A office building, and a sister building to the existing 7501 Trinity Peak Build-ing. This office project is a symmetrical and architecturally distinctive development.

Huffman Centennial Hills CenterN. Durango Dr. & Grant Montecito Pkwy.5

Type: OfficeDeveloper: Huffman West / Ryan Gould & Cody Sarrett / 702-341-8810Leasing Agent: Huffman West / Ryan Gould & Cody Sarrett / 702-341-8809Architect: KKEGeneral Contractor: TBDYear Built: Jan-05Status: Under ConstructionProject Square Footage: 300,000 SF Development Acreage: 25.00 Asking Rates: $2.00-$3.00 NNN / $235-$300 per SF ShellMajor Tenants: Dr. Avi Ostrowsky MD, Endocrinology / Dr. William Waggoner DDS, Pe-dodontist / West Valley Imaging, Radiology and Imaging Center / Dr. Brian ChamberlinDDS, Orthodontist

COMMENTS:300,000 SF development. One-, two- and three-story Class A construction, just south ofthe Montecito Town Center. 1/4 mile from I-215 and US 95 freeways. 3/4 mile from NewUHS Centennial Hills Hospital. Retail available - frontage on N. Durango and Grand Mon-tecito Pkwy. Fastest-growing part of Las Vegas. Businesses: Kohl’s, Smiths, Wal-Mart,Target, Vons, Home Depot.

Centennial Corporate Center5550 Painted Mirage Rd.6

Type: Office

Developer: Plise Companies, LLC / Mitch Sipp / 702-871-4065

Leasing Agent: CBRE/Randy Broadhead , Jayne Cayton / 702-369-4800

Architect: SH Architecture

General Contractor: Plise Development & Construction

Year Built: Aug-06

Status: Completed




Major Tenants:

COMMENTS:Beautiful, 5-story, Class A office development located in Northwest Las Vegas. Directfreeway access and visibility, three-story parking structure adjacent to building. Balconyviews from higher floors.

Las Vegas Tech Center II2700 Fire Mesa St.7

Type: OfficeDeveloper: Thomas & Mack Development Group / Nicola Fryatt / 702-260-1009Leasing Agent: Thomas & Mack Development Group / Nicola Fryatt / 702-260-1009Architect: KKE / HFTAGeneral Contractor: Brooks CorporationYear Built: Feb-06Status: CompletedProject Square Footage: 44,424 Development Acreage: 3.96Asking Rates: $1.45 NNNMajor Tenants: Nevada Title Company, Progressive Insurance, Land America LawyersTitle, CitiCorp

COMMENTS:The Las Vegas Technology Center-II is a mixed-use business park comprising 71.74acres. The center features full interstate access to US 95 via Cheyenne Road and accessto I-215 via Cheyenne or Lake Mead. 2700 Fire Mesa Street is a flex office building fea-turing an attractive storefront façade and large bays that can facilitate either a pure of-fice user or distribution warehouse and light assembly.

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Cheyenne Fairways Business Center8640 W. Cheyenne Ave.9

Type: Office

Developer: Investment Equity Development/ Dale Dowers / 702-871-4545

Leasing Agent: Investment Equity Development / Bob Hommel / 702-871-4545

Architect: Indigo Architects

General Contractor: Investment Equity Builders

Year Built: Feb-07


Project Square Footage: 60,000 Development Acreage: 4.00

Asking Rates: $2.10-$2.75 NNN

Major Tenants: WaterMark Executive Suites

COMMENTS:This 60,000 SF two-story office/retail development features office suites for lease withbalconies, putting greens and outstanding views fronting the Durango Hills Golf Club. Lo-cated on Cheyenne, west of Durango, the project is anchored by a 25,000 SF state-of-the-art WaterMark Executive Suites.

Parkway Pointe9555 Hillwood Dr.10

Type: Office

Developer: Christopher Commercial / Douglas Crook / 702-243-2800

Leasing Agent: Lee & Associates / Dave Flynn or Chuck Witters SIOR / 702-739-6222

Architect: SH Architecture

General Contractor: Burke & Associates

Year Built: Nov-06




Major Tenants:

COMMENTS:Broke ground Summer 2005. Located in the heart of Summerlin master-planned com-munity. Highly visible from Summerlin Parkway. Located at the northeast corner of Sum-merlin Parkway and Town Center Dr. (freeway interchange). This building is designed ina contemporary architectural style with a heavily landscaped, park-like environment.

Business Bank of Nevada10801 W. Charleston Blvd.11

Type: Office

Developer: Business Bank of Nevada / John Guedry / 702-952-4400

Leasing Agent: CBRE / Brad Peterson / 702-369-4800


General Contractor: TBD

Year Built: Apr-07


Project Square Footage: 150,000 Development Acreage:

Asking Rates: $2.55-$2.60 MG

Major Tenants: Business Bank of Nevada

COMMENTS:Premier Northwest location on West Charleston near I-215 in Summerlin Center sets thestage for this beautiful six-story Class A professional office building totaling 150,000 SF.Upgraded finishes inside and out. Balcony views, three-level parking structure and closeto all amenities.

Huffman Park Run10151 & 10161 Park Run Dr.12

Type: OfficeDeveloper: Huffman West / Ryan Gould & Cody Sarrett / 702-341-8810Leasing Agent: Huffman West / Ryan Gould & Cody Sarrett / 702-341-8810Architect: JMA ArchitectureGeneral Contractor: SIMAC ConstructionYear Built: Apr-06Status: CompletedProject Square Footage: 30,000 Development Acreage: 2.0 Asking Rates: $190-$230 SF ShellMajor Tenants: Stout Management Company, The Sauter Companies, Intelligent OfficeExecutive Suites, Jay Troska, CPA

COMMENTS:30,000 SF development in the Howard Hughes Commercial Center. 1.5 Miles to I-215,24,000 SF two-story, class A office building, 6,000 SF single-story building in the heartof Summerlin Centre Plaza, directly in the middle of the Howard Hughes CommercialCenter. Major development in Summerlin.

http://www.fnbonline.com

http://www.investmentequity.com

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The Southwest Submarket encom-passes the area between Flamin-go Road to the north, I-15 to the

east, the California state line to thesouth and the Spring Mountain range tothe west. Containing an approximate11 percent share of the current existingoffice inventory in the Las Vegas Valley,the Southwest accounted for over 77percent of the office absorption in the

2nd quarter of 2006.The Southwest Submarket continues to lead office develop-

ment in the Las Vegas Valley. Ideally located between the twolargest residential master plans in Southern Nevada (Summerlinand Green Valley) the Southwest Submarket will evolve into oneof the Valley’s core submarkets. Currently, 18 percent of theconstruction in the Valley occurs in the Southwest submarket.Projects with visibility and quick access to the I-215 Beltwayhave generated the most demand with an average vacancy rateof 3 percent. Surprisingly, the majority of tenants moving to thisarea are somewhat larger users (between 10,000 SF and 25,000SF) than the traditional Las Vegas office user. In contrast, the

rest of the Las Vegas office market sees typical tenant sizes inthe range of 3,000 SF to 6,000 SF.

Although there has been some activity from firms outside ofNevada expanding into the Las Vegas market, the overwhelmingmajority of office demand is fueled by companies already exist-ing and growing within the Valley. Office leasing has not been theonly benefactor of this healthy submarket. Developers have cap-italized on users looking to own and occupy their offices.Owner/user buildings, with an average cost of $260/SF “greyshell,” continue to be a popular alternative to leasing in theSouthwest.

Increasing land prices in the Southwest and rising construc-tion costs have pushed future development toward mid-riseClass A and B office product. The majority of these planned mid-rise office buildings will be smaller components of mixed-use de-velopments incorporating retail and residential. Rates will contin-ue to adjust upward to offset spikes in local construction costs.

In summation, the Southwest Submarket market remainsstrong as rents increase to an all time high and vacancy ratesapproach record lows. The area boasts considerable increases inoccupancy and market share, due to its exceptional location andeconomic advantages.

Southwest Office Submarket Overviewby Taber Thill, Colliers International

Taber Thill

The Southwest submarket contin-ues to be Las Vegas’ most desiredarea for businesses requiring in-

dustrial space centrally located in theValley with proximity to the Las VegasStrip and McCarran International Air-port. Generally located west of I-15,north of Blue Diamond Road, south ofSahara Avenue and east of DecaturBoulevard, this area has, within the

past year, jumped further west with a pocket of industrial prod-uct (called The Arroyo Business Center) located between BuffaloRoad and Rainbow Avenue along the I-215 freeway.

The Southwest includes approximately 37.7 million SF of in-dustrial space, accounting for about 42 percent of the industrialspace in the entire Valley, and commanding lease premiums ashigh as 25 percent more than the other industrial submarkets.With all this in mind, the vacancy rate at the end of the 2nd quar-ter 2006 was once again the lowest in the entire Valley at 2 per-cent, compared to the overall industrial market vacancy rate of3.1 percent.

Growth over the past years in the Southwest submarket hasgenerally outpaced other industrial areas in the Las Vegas Valley,with almost 2 million SF of industrial product currently underconstruction. However, developable vacant industrial land is nowbecoming very scarce and will most likely be virtually nonexis-tent within the next three to five years, putting an end to newsupply in the Southwest. The minimal supply of existing land inthe Southwest is very expensive, ranging from $18 to $25 per SF.With this in mind, the bulk of the larger multi-tenant projects tobe developed over the next few years will most likely come fromEJM Development at The Arroyo Business Center and MajesticRealty at the Beltway Business Center. Both of these developershave negotiated joint-venture development arrangements withthe Clark County Aviation Department on close to 400 acres each.

Another factor greatly impacting the Southwest industrialsubmarket is the recent demand for rezoneable industrial land(located along the west side of the I-15 freeway) by mixed-useand casino developers such as Panorama Towers. With their vo-racious appetites for prime freeway-fronting land, these develop-ers have been willing to pay in excess of $3 million an acre forindustrial land in the Southwest, and some parcels are currentlyon the market for more than $8 million an acre.

Southwest Industrial Submarket Overviewby Spencer Pinter, Colliers International

Spencer Pinter

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Stone Canyon Professional ParkSahara Ave. & Tenaya Way13

Type: OfficeDeveloper: Investment Equity Development / David Inman / 702-871-4545Leasing Agent: Investment Equity Builders / Bob Hommel / 702-871-4545Architect: Indigo ArchitectsGeneral Contractor: Investment Equity BuildersYear Built: Sep-06Status: CompletedProject Square Footage: 83,000Development Acreage: 10.00Asking Rates: $225-$325 SF ShellMajor Tenants:

COMMENTS:This 83,000 SF high-image, mixed-use office/retail development features a prestigiousWest Sahara address and a 50-foot tall combination pylon sign/color reader board. Thisproject includes 15,000 SF of retail pad space for lease on the corner of Sahara &Tenaya, across from the automotive dealerships of Mercedes-Benz, Porsche, Jaguar andAston Martin.

The Gardens PlazaTown Center Dr. & I-215

Type: OfficeDeveloper: Mark L. Fine & Associates / Sara Lenn / 702-733-5901Leasing Agent: Mark L. Fine & Associates / Sara Lenn / 702-733-5900Architect: Perkowitz & Ruth ArchitectsGeneral Contractor: SR ConstructionYear Built: Sep-06Status: Under ConstructionProject Square Footage: 68,000 Development Acreage: 7.04Asking Rates: $32-$45 SF (land)Major Tenants:

COMMENTS:The Gardens Plaza is ideally located at a prime intersection in Summerlin. This pro-ject will consist of office pads for office buildings ranging from 4,200 SF up to 12,000SF. There will also be opportunites for lease located directly on Town Center Dr. Thislushly landscaped project offers its tenants a beautiful, professional, high-imagebusiness environment.

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Huffman Hualapai Pavilion CommonsS. Hualapai Rd. and W. Twain Rd.15

Type: OfficeDeveloper: Huffman West / Ryan Gould & Cody Sarrett / 702-341-8810Leasing Agent: Huffman West / Ryan Gould & Cody Sarrett / 702-341-8810Architect: KKE / HFTAGeneral Contractor: Oakview ConstructionYear Built: 2006-2007Status: Under ConstructionProject Square Footage: 62,000Development Acreage: 5.00Asking Rates: $2.00-3.00 NNN/ $235-$300 SF ShellMajor Tenants: Dr. Andrew Bronstein MD, Orthopedic Surgery / MDW Manage-ment / Retina Consultants of Las Vegas, Ophthalmology / Dr. Seth Adjovu MD,Internal Medicine

COMMENTS:60,000 SF one- and two-story development, directly across from the new Nevada Can-cer Institute. Just off the I-215 freeway and Towncenter Drive in Summmerlin, 1/2 milefrom the Flamingo Promenade: Albertsons, Sav-On, Starbucks, Lane Home Furnishings,Buffalo Wild Wings. 3/4 mile from the Grand Canyon Pavilion: Sears, Target, Mervyns.



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Siena Office ParkTropicana Ave. & Hualapai Way16

Type: OfficeDeveloper: Goff Properties / Bill Goff / 702-253-7600Leasing Agent: Anchor Development / Brooklyn Julian / 702-253-7600Architect: RSJ ArchitectureGeneral Contractor: TBDYear Built: 2nd Qtr. 2007Status: PlannedProject Square Footage: 40,000Development Acreage: 5.00Asking Rates: $260.00 / SF ShellMajor Tenants:

COMMENTS:Ideally located across from the Siena Golf Course community in Summerlin, Siena Cen-tre is a 40,000 SF master-planned professional park tailored to medical and small busi-ness owners wanting to own their own building. Featuring nine modern, highly profes-sional, free-standing buildings ranging from 3,300 SF to 7,800 SF, with extensiveexterior stone, monument signage and lush landscaping. Excellent proximity to the I-215 Beltway, three new hospitals and amenities.

Huffman Professional Plaza at Ft. Apache 5731 thru 5785 S. Ft Apache Rd./ 9495 & 9455 W. Russell Rd.17

Type: OfficeDeveloper: Huffman West / Ryan Gould & Cody Sarrett / 702-341-8810Leasing Agent: Huffman West / Ryan Gould & Cody Sarrett / 702-341-8810Architect: JMA ArchitectureGeneral Contractor: SIMAC ConstructionYear Built: Jul-06Status: Under ConstructionProject Square Footage: 122,000Development Acreage: 10.00 Asking Rates: $2.00-3.00 NNN/ $235-$300 SF ShellMajor Tenants: Dr. Tim Tolan, Ear, Nose, & Throat / Douglas Seip MD, OrthopedicSurgery with HealthSouth / Stuart Hoffman MD, General Surgery

COMMENTS:120,000 SF development, 1/4 mile west of 215, 1/2 Mile to new Southern Hills Hospi-tal, 2.5 miles to new Valley Hospital, 2 miles to new St. Rose Dominican. Highest house-hold income region in Las Vegas. Businesses in the area: Wal-Mart, Home Depot, Target,Lowes, Sears, Mervins, Michael's, with major retail development, along with plannedmixed-use, in the immediate vicinity as well

http://www.gatskicomercial.com

LaPour Corporate CenterI-215 & Russell Rd.18

Type: OfficeDeveloper: LaPour Partners / Lisa Chasteen / 702-222-3022Leasing Agent: LaPour Partners / Lisa Chasteen / 702-222-3022Architect: KKE / HFTAGeneral Contractor: TBDYear Built: Jun-07Status: Under ConstructionProject Square Footage: 69,000 Development Acreage: 4.00Asking Rates: TBDMajor Tenants: LaPour Partners Headquarters

COMMENTS:LaPour Corporate Center will be located at Russell Rd. and I-215, providing an excellentlocation for professional tenants desiring visibility, accessibility and convenience. De-signed with a contemporary architectural style, this prominent two-story design will in-corporate concrete construction and glass for a unique class A office environment. Flex-ible divisibility, ample parking and extensive landscaping add to the idyllic atmosphere,suitable for financial, legal, real estate and other professional tenants.

Desert Canyon Business Park 9121 W. Russell Rd.19

Type: Office

Developer: Nigro Development/ Todd & Mike Nigro/ 702-247-1920

Leasing Agent: Nigro / Randi Shanel / 702-247-1920

Architect: Keith Brown

General Contractor: Nigro Construction

Year Built: Jun-06

Status: Completed



Asking Rates:

Major Tenants:

COMMENTS: The eloquently designed two-story medical office building sits on aprime location for freeway and signage visibility, conveniently adjacent to SouthernHills Hospital. The architectural structure is masterfully created with upscale featuresand contemporary designs for an added sleek style and sophistication.

http://www.EJMdevelopment.com

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The Park at Spanish Ridge8906-8990 Spanish Ridge Ave20

Type: OfficeDeveloper: Glen, Smith & Glen Development / Kenneth Smith / 702-212-9400Leasing Agent: Colliers International / Suzette LaGrange, Lizz Stilley / 702-735-5700Architect: Perkowitz & Ruth ArchitectsGeneral Contractor: SR ConstructionYear Built: Dec-06Status: Under ConstructionProject Square Footage: 62,00Development Acreage: 40.00 Asking Rates: $1.95-$2.25 NNNMajor Tenants: Schadler Kramer Group Advertising, Tang Industries, Henness &Haight Attorneys at Law, Dr. Frank Stile

COMMENTS: Upon completion, The Park at Spanish Ridge will total 620,000 SF ofClass A office space in a 40-acre master-planned office park. There are 25 single-storybuildings ranging from 6,012-13,285 SF, 4 two-story buildings ranging from 36,600-59,700 SF, 2 three-story buildings ranging from 70,000-89,550 SF and a four-story,81,980 SF building. The final 3 buildings in Phase I are under construction and Phase IIis now available for sale or lease.

Perimeter Center, Phase I 5451 S. Durango Dr.21

Type: Office

Developer: LaPour Partners / Jeffrey LaPour / 702-222-3022

Leasing Agent: Colliers International / Tom Stilley, Lizz Stilley or Taber Thill /

702-735-5700

Architect: Westar Architectural

General Contractor: TWC Construction

Year Built: 2005

Status: Completed



Asking Rates: $225.00 SF Shell

Major Tenants: Global Foods, Metro Sales

COMMENTS: Phase I consists of eight free-standing fee-simple office buildings forsale ranging inside from 4,505 SF to 6,380 SF. The design is suitable to accommodatemultiple office uses, such as financial, medical and professional.

Discovery Gateway ParkI-215 & Russell Rd.

Type: Office / Industrial

Developer: Abbot Brothers Development, Inc. / Jim Abbot / 213-627-3338

Leasing Agent: CB Richard Ellis / Karolina Janik / 702-369-4800

Architect: Dekker/Perich/Sabatini

General Contractor: LM Construction

Year Built: 2007




Asking Rates: TBD

Major Tenants:

COMMENTS: Discovery Gateway Park will be situated on 5.35 acres and will feature modern busi-ness suites, elegantly designed. These professional 2-story offices with warehouse space will haveprivate balconies surrounded by beautifully landscaped grounds. Flexibility of ownership: lease orlease with an option to purchase. Located on Russell Rd. just east of I-215 Beltway, the park offersproximity to Summerlin and access to the other parts of Las Vegas.

22 Copper Pointe Business ParkSEC I-215 & Patrick Lane23

Type: Office

Developer: Investment Equity Development / David Inman / 702-871-4545

Leasing Agent: Investment Equity Development / Bob Hommel / 702-871-4545



Year Built: Feb-07



Asking Rates: $285 SF Shell

Major Tenants:

COMMENTS: This 74,000 SF high-image office park consists of 2 two-story officebuildings with units for sale ranging from 2,500 to 37,000 SF. The project featuresoutstanding visibility with I-215 Beltway signage and is situated parallel to the Beltwaybetween Sunset and Russell in close proximity to 3 new hospitals, the proposed Sta-tions Casino and several planned mixed-use developments.

http://www.crescent.com

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1st National PlazaNEC I-215 & Sunset Rd.24

Type: OfficeDeveloper: Sansone Development/ Roland Sansone / 702-914-9500Leasing Agent: Colliers International / Rhonda Panciro & Dean Kaufman / 702-735-5700Architect: Perlman ArchitectsGeneral Contractor: BentarYear Built: Apr-07Status: Under ConstructionProject Square Footage: 200,000 Development Acreage: 8.58 Asking Rates: $2.15 MGMajor Tenants: 1st National Bank

COMMENTS:Located on the I-215 curve between Rainbow and Sunset, Phase I com-prises one 5 story 80,000 SF building. The Plaza's distinctive design and architecturaldetail will set new standards for office design in the Southwest submarket. Features in-clude I-215 Beltway frontage, cost-efficient energy systems, and retail space for an on-site café.

Centra Point8363 W Sunset Rd.25

Type: OfficeDeveloper: Centra / Jim Stuart & Kenneth Sullivan / 702-851-9400Leasing Agent: Colliers International / Tom Stilley, Lizz Stilley or Taber Thill / 702-735-5700Architect: KKE / HFTAGeneral Contractor: Centra ConstructionYear Built: Jun-06Status: CompletedProject Square Footage: 415,000 Development Acreage: 30,000 Asking Rates: $2.50 MGMajor Tenants: Pulte-Del Webb, Stewart Title, Prudential Americana, GC Wallace

COMMENTS:Centra Point is a 30-acre, master-planned, professional office project featuring two- andthree-story office buildings as well as retail amenities. Located minutes from McCarranInternational Airport and an equal distance between Green Valley and Summerlin, CentraPoint is strategically positioned in the fast-growing corridor of the central southwest.

http://www.lapour.com

http://www.roel.com

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Desert Professional CenterCimarron & Warm Springs Rd.26

Type: Office

Developer: The Walters Group

Leasing Agent: NAI Horizon / Ron McMenemy / 702-938-6565

Architect: TBD


Year Built: TBD

Status: Planned




Major Tenants:

COMMENTS:Located across from St. Rose Dominican Hospital - San Martin Campus. Direct access toa premier retail center. 5:1000 parking ratio, covered patio available, flexible floor plans.

Tarkanian Professional CenterWarm Springs Rd. / Cimarron Rd.27

Type: Office/ Medical

Developer: JAMD Inc. / Danny Tarkanian / 702-870-2700

Leasing Agent: CBRE / Jan Hoback / Bruce Follmer / Brad Peterson / 702-369-4800


General Contractor: Bentar

Year Built: Feb-07





Major Tenants:

COMMENTS:Three-story medical office complex directly across from the new St. Rose San MartinHospital campus.

http://www.nigrodevelopment.com

http://www.majesticreality.com

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The Park at San MartinWarm Springs Rd. & Arby28

Type: Office

Developer: Glen, Smith & Glen Development / Ron Piasecki / 702-212-9400

Leasing Agent: Colliers International / Suzette LaGrange, Lizz Stilley / 702-735-5700

Architect: Dekker/Perich/Sabatini

General Contractor: SR Construction

Year Built: Jul-07

Status: Planned

Project Square Footage: 243,000Development Acreage: 18.00

Asking Rates: TBD

Major Tenants:

COMMENTS: The Park at San Martin by Glen, Smith & Glen Development is an 18-acremaster-planned office park located just east of St. Rose San Martin Hospital. The parkwill feature 13 LEED CDS-Certified energy-efficient buildings with exterior culturedstone building accents, lush landscaped courtyards and common areas, and 6:1000parking. Buildings range from 6,000 SF to 60,840 SF and are available for sale or lease.

The Arroyo Corporate CenterI-215 & Buffalo Dr.29

Type: Office

Developer: EJM Development / Kirk Boylston / 702-597-1852

Leasing Agent: CBRE / Randy Broadhead / 702-369-4800

Architect: JMA Architecture

General Contractor: Martin-Harris Construction

Year Built: Sep-07





Major Tenants:

COMMENTS:The Arroyo Corporate Center offers a full spectrum of business location options includ-ing Class A office buildings ranging from 2 to 6 stories, and single-story office and in-dustrial buildings. 450-acre project will provide unsurpassed tenant satisfaction in astate-of-the-art corporate environment.

Rainbow Sunset Pavilion6325 S. Rainbow Blvd.32

Type: OfficeDeveloper: Plise Companies / Jon Field / 702-871-4065Leasing Agent: Colliers International / Rhonda Panciro or Dean Kaufman / 702-735-5700Architect: Vedelago Petsch ArchitectsGeneral Contractor: Plise Development & ConstructionYear Built: Apr-07Status: Under ConstructionProject Square Footage: 107,231Development Acreage: 25.00Asking Rates: $2.85 FSGMajor Tenants: Boyd Gaming

COMMENTS: Located in the heart of the Southwest, Rainbow Sunset Pavilion offersunprecedented amenities. Proximity to the I-215 Beltway allows access east to Hender-son, the Strip, I-15 and McCarran Airport and west to Summerlin. Amenities includeStarbucks, Japanese, Chinese, Italian and breakfast restaurants, banking and a dayspa. Plise Companies' in-house design, construction and management ensure a first-class environment for Class A Tenants in the southwest.

Rainbow Corporate Center6252 S. Rainbow Blvd.33

Type: Office

Developer: Investment Equity Builders / Dave Inman / 702-871-4545

Leasing Agent: Investment Equity Builders / Bob Hommel / 702-871-4545



Year Built: Jun-06

Status: Completed


Asking Rates: $225-$285 Shell

Major Tenants:

COMMENTS:This 65,000 SF office development was developed in two phases with units for salefrom 2,500 to 15,000 SF. These attractive buildings feature 5:1000 parking and anoutstanding location in close proximity to the I-215 Beltway, three new hospitals andseveral new large office/retail developments.

Arroyo North - Phase IIBldg. 4: 6625 Arroyo Springs Rd.30

Type: IndustrialDeveloper: EJM Development / Kirk Boylston & Susan Wincn / 702- 597-1852Leasing Agent: Colliers International / Spencer Pinter / 702-735-5700Architect: RGA ArchitectsGeneral Contractor: LM ConstructionYear Built: 2nd Qtr. 2007Status: Under ConstructionProject Square Footage: 309,000 Development Acreage: 22.27 Asking Rates: TBDMajor Tenants:

COMMENTS: Arroyo North Phase II comprises three buildings totaling 309,060 SF.Bldg. 4 includes exposure to I-215, divisibility to 21,400 SF, equipped with ESFR sup-pression system, 30’ clear height, 60’ deep concrete truck aprons, offices built-to-suit,dock- and grade-level loading. Buildings 5 and 6 include spaces divisible to 5,800 and8,500 SF, 60’ deep concrete truck aprons, fire sprinklers, 22’-24’ clear heights, dock-and grade-level loading, and offices built-to-suit.

Park WestSunset Rd. & Montessouri St.31

Type: Industrial

Developer: Panattoni Development Company, LLC / Jason Kuckler / 702-269-1360

Leasing Agent: Colliers International / Dan Doherty / 702-735-5700


General Contractor: Panattoni Construction Co.

Year Built: Jun-07




Asking Rates: TBD

Major Tenants:

COMMENTS:This project will consist of 3 warehousing buildings with demised space starting at20,000 SF. The fourth and final building is a 72,000 SF distribution center withspaces ranging from 20,000 to 72,000 SF.

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South Rainbow Business Park5920-5940 S. Rainbow Blvd.34

Type: Office

Developer: Investment Equity Builders / Dale Dowers / 702-871-4545




Year Built: Feb-06

Status: Completed




COMMENTS:Completed in spring of 2005, this 44,000 SF office development features a lushly land-scaped courtyard highlighted by copper sculptures situated among walkways made ofstone pavers. This for-lease project is anchored by a 22,000 SF, state-of-the-art Water-mark Executive Suites, and offers all tenants color reader-board signage visible to over1 million cars per month.

Spanish Trail Business Park SEC Rainbow Blvd. & Tropicana Ave.35

Type: OfficeDeveloper: Investment Equity Development / David Inman / 702-871-4545Leasing Agent: Investment Equity Development / Bob Hommel / 702-871-4545Architect: Indigo ArchitectsGeneral Contractor: Investment Equity BuildersYear Built: Nov-06Status: Under ConstructionProject Square Footage: 76,400

Development Acreage: 7.5Asking Rates: $225-$275 SF ShellMajor Tenants:

COMMENTS:This 76,000 SF mixed-use development consists of 10,000 SF of retail for lease frontingRainbow, and an office campus of 11 buildings for sale with color reader-board signage onboth Tropicana and Rainbow.The office units range from 2,050-10,000 SF, and feature easyaccess to the southwestern valley, including 3 new hospitals and the I-215 Beltway.

http://www.econdev.nevadapower.com

Beltway Business Center - Buildings 4 & 5Lindell Rd. & Badura Ave.36

Type: IndustrialDeveloper: Majestic Realty Company & Thomas & Mack Development Group / Rod Martin / 702-896-5564Leasing Agent: Majestic Realty Company & Valley Realty / Rod Martin / 702-896-5564Architect: Commerce ConstructionGeneral Contractor: Commerce ConstructionYear Built: Aug-06Status: Under ConstructionProject Square Footage: 252,000 / 288,000Development Acreage: 30.00Asking Rates: $0.50 - $0.55 NNNMajor Tenants: Brady Industries, Inc.

COMMENTS: This project is the second phase of industrial buildings at Beltway Busi-ness Park, a 400+ acre master-planned business park in the Southwest submarket. Itfollows the very successful first phase, which boasts GES as a tenant in an 860,000SF BTS warehouse. Building #4 at 252,000 SF is pre-leased to Brady Industries. The288,000 SF building #5 is divisible to 14,000 SF and includes generous truck courts,ESFR sprinkler systems, 50 x 50 bay spacing and 28' minimum clear heights.

Beltway Business Park5795 & 5725 Badura Ave.37

Type: Office/Flex

Developer: Thomas & Mack Development Group / Nicola Fryatt / 702- 260-1009

Leasing Agent: Thomas & Mack Development Group / Nicola Fryatt / 702- 260-1008


General Contractor: Summit Builders

Year Built: Oct-06

Status: Planned

Project Square Footage: 37,575 / 36,575 Development Acreage: 6.34


Major Tenants: American Family Insurance, KB Home, InfoGenesis, CSI Las Vegas

COMMENTS: Beltway Business Park is a 400-acre master-planned business park lo-cated on the southern side of the I-215 Beltway between Jones and Decatur. At build-out, the park will include 5 million SF of office, distribution and retail facilities. 5795and 5725 Badura Avenue are single-story flex buildings totaling 74,000 SF.

http://www.taylorconstrgrp.com

Beltway Business Center - Buildings 6, 7 & 8Badura Ave. & Decatur Blvd.38

Type: IndustrialDeveloper: Majestic Realty Company & Thomas & Mack Development Group / Rod Martin / 702-896-5564Leasing Agent: Majestic Realty Company & Valley Realty / Rod Martin / 702-896-5564Architect: Commerce ConstructionGeneral Contractor: Commerce ConstructionYear Built: 2nd Qtr. 2007Status: PlannedProject Square Footage: 212,500 / 315,000 / 328,250 Development Acreage: 47.00 Asking Rates: TBDMajor Tenants:

COMMENTS: This project is the third phase of industrial buildings at Beltway BusinessPark, a 400+ acre master-planned business park in the Southwest submarket. In ad-dition to two Big Box Industrial buildings, this phase will also feature a buildng frontingon Badura Ave. that is divisible to 15,000 sq. ft., allowing a unique, quasi-retail/show-room environment. All buildings include generous truck courts, ESFR sprinkler sys-tems, 50 x 50 bay spacing and 28' minimum clear heights.

Corporate Gateway II at Beltway Business Park6795 Edmond St.39

Type: Office

Developer: Thomas & Mack Development Group / Nicola Fryatt / 702- 260-1009

Leasing Agent: Thomas & Mack Development Group / Nicola Fryatt / 702-260-1008



Year Built: Fall 06





Major Tenants: American Family Insurance, KB Home, InfoGenesis, CSI Las Vegas

COMMENTS:Beltway Business Park is a 400-acre master planned business park located on the south-ern side of the I-215 Beltway between Jones and Decatur.At build-out, the park will include5 million SF of office, distribution and retail facilities. Corporate Gateway II is a SuburbanClass A office building that features dramatic architecture, efficient floor plans and sophis-ticated interior finishes.

Decatur Crossing - Phase II6420-6480 W. Cameron St.40

Type: Office / IndustrialDeveloper: LaPour Partners / Lisa Chasteen / 702-222-3022Leasing Agent: Colliers International / Mike DeLew & Greg Pancirov / 702-735-5700Architect: KKE / HFTAGeneral Contractor: TWC ConstructionYear Built: Feb-06Status: CompletedProject Square Footage: 140,594

Development Acreage: 9.04 Asking Rates: Office - $1.35 NNN / Warehouse - $0.75 NNNMajor Tenants: CTI (subsidiary of Home Depot), Sprint, Ingram Micro, Inc., HomeTeam (subsidiary of Centex)

COMMENTS: Located just off the I-215 at Decatur Blvd., Phase II of the 40-acre mixed-usebusiness park, Decatur Crossing, consists of three multi-tenant buildings for lease. Flex spaceand mid-bay distribution are offered, with flex space divisible from approximately 2,100 SF andmid-bay distribution divisible from approximately 4,400 SF. The three buildings are constructedof concrete tilt-up panels with brick pattern reveals to complement Phase I of the project. Clearheights vary from 18' - 24'.

Decatur Crossing - Phase III6420-6480 W. Cameron St.41

Type: Office / IndustrialDeveloper: LaPour Partners / Lisa Chasteen / 702-222-3022Leasing Agent: Colliers International / Mike DeLew & Greg Pancirov / 702-735-5700Architect: KKE / HFTAGeneral Contractor: TWC ConstructionYear Built: Feb-07Status: Under ConstructionProject Square Footage: 113,897Development Acreage: 6.45 Asking Rates: TBDMajor Tenants:

COMMENTS: Phase III is located at the confluence of S. Decatur Blvd. and I-215 with-in the master-planned business environment, Decatur Crossing. This phase of the pro-ject is a hybrid product featuring two stories. The 1st floor offers office/flex space withgrade-level loading, warehouse clear heights from 13' -15' and suites divisible to2,000 SF. The 2nd floor provides 100% office space dvisible to 1,000 SF with commonarea restrooms and individual exterior accessibility.

http://www.bankofnevada.com

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Sunset Parkway Business CenterSunset Rd. & Valley View Blvd.42

Type: Industrial

Developer: Majestic Realty Company / Rod Martin / 702-896-5564

Leasing Agent: Majestic Realty Company / Rod Martin & Bill Hayden / 702-896-5564

Architect: Commerce Construction

General Contractor: Commerce Construction

Year Built: Jun-06

Status: Completed



Asking Rates: $0.54 - $0.62 NNN

Major Tenants:

COMMENTS:Sunset Parkway is part of an 80-acre master-planned business park locatedat the confluence of the I-15 and I-215 freeways. It is adjacent to McCarranInternational Airport and conveniently situated near The Strip, as well as con-vention facilities. This business park also has I-15 access at Russell Road.

Blue Diamond Business Center - Buildings 3, 4 & 6Blue Diamond Rd. & Industrial Rd.44

Type: Industrial

Developer: Juliet Land Company / John Stewart / 702-368-5800

Leasing Agent: CB Richard Ellis / Karolina Janik / 702-369-4800

Architect: Gerald Garapich, AIA, LLC

General Contractor: Juliet Property Company

Year Built: Dec-05

Status: Completed

Project Square Footage: 1,500,000Development Acreage: 110.00


Major Tenants:

COMMENTS:When completed, the Blue Diamond Business Center will consist of 1.5 million SF of mas-ter-planned industrial office/warehouse space. In addition, the center will be neighboredby Blue Diamond Crossing, a retail power center consisting of 650,000 SF and anchoredby Target & Kohl stores.

http://www.wellsfargo.com/realestate

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At mid-year 2006, the Airport Of-fice Market consisted of approxi-mately 2.989 million SF in 105 of-

fice buildings, with a vacancy factor ofapproximately 9.2 percent. Both Corpo-rate America and growing local firmscreate the demand for office space inthe Airport submarket, due primarily toits central location in the Valley and itsaccessibility to McCarran International

Airport, the I-15 freeway, the I-215 Beltway and the airport tunnel.The Airport submarket also offers a variety of office product atcompetitive lease rates with higher parking ratios.

Marnell Properties is building the newest and largest majordevelopment in the airport submarket – Marnell Corporate Center,at the intersection of I-15 and I-215 and adjacent to the airport offSunset Road. It currently has approximately 350,000 SF of ClassA office and amenities in eight buildings. The ninth building, cur-rently under construction, will encompass an additional 111,500SF with a five-level parking structure. At build-out, the master-planned office campus will sit on 37 acres and will feature nearly736,000 SF of office space.

At its McCarran Marketplace project at Eastern Avenue and Rus-sell Road, Marnell Properties will begin construction in 2007 on two,two-story Class B office buildings totaling approximately 90,000 SF.Marnell Airport Center will consist of three, three-story office buildingsand one, one-story building, totaling approximately 253,000 SF.

Other office projects in this submarket include: McCarranCorporate Plaza, Tuscano Professional Parc, Pama Lane OfficePark, Shea at Shadowcrest, McCarran Center, Hughes Airport Cen-ter and Longford Plaza.

I see a continuation of strong demand for the Airport Office sub-market. Its central location provides easy access to the Airport, Hender-son and the Summerlin area as well as the Strip and Downtown. Thechallenge will continue to be to find land at prices that “pencil” for a pro-ject with the increased construction and labor costs, and to provide ten-ants with competitive lease rates. Tenant Improvements costs are be-coming a major challenge in making a deal for shell space without thetenant coming out-of-pocket for major investments in their own TI’s.

I see demand for larger contiguous space meeting or ex-ceeding supply in the Airport submarket, forcing tenants to lookfurther east or west on the I-215 Beltway.

In summation, The Airport Office Submarket is currentlystrong and should remain strong into the immediate future.

Airport Office Submarket Overviewby Chuck Witters, SIOR, Lee & Associates, Las Vegas

Chuck Witters

T he Airport industrial submarketcan be separated into twoareas. One area is bounded by

McCarran Airport to the north, East-ern Ave. to the east, Warm SpringsRd. to the south and I-15 to thewest. The other area is located eastof McCarran Airport and north ofSunset Rd., directly under the ap-proach flight pattern for the airport.

With a total inventory of approximately 13 million SF, the Air-port submarket accounts for roughly 15 percent of Las Vegas’total inventory, making it the third-largest submarket in theValley. As of 2nd Quarter 2006, the vacancy rate is 5 percent,down slightly from one year ago.

The Airport market is already home to a host of gaming andresort-related companies due to its proximity to “The Strip.” It willcontinue to see an influx of gaming companies due to the tremen-dous growth on “The Strip” and the realization that relocating theback-office departments of the gaming companies to off-Stripsites enables operators to free up valuable space for higher and

better uses. A number of distribution and midbay industrial usersare located in the Airport submarket due to its proximity to thefreeway system and to the main post office.

The last few years of rapidly escalating land prices haveforced new development in this land-constrained market to high-er and better uses than traditional industrial product. With the ex-ception of EJM, which has land-banked the few remaining parcelsat the Arrowhead Commerce Center, there will no longer be anymore speculative midbay or distribution development (potentialfuture land leases aside) in this submarket.

With pricing at more than $1 million dollars per acre, the onlyproduct type that begins to “pencil” is Class A office or office con-dos. Several developers have projects under construction or re-cently completed who were fortunate enough to purchase theirland prior to the current pricing levels, but even these developersare not building the typical industrial product.

As with the Las Vegas industrial market in general, it is mystrong prediction that land prices, rental rates and sales prices willcontinue to rise in this submarket. Developers, tenants and usershave proved that they are willing to pay a substantial premium forlocation, especially since there is little land to purchase.

Airport Industrial Submarket Overviewby Garrett Toft, Voit Commercial Brokerage

Garrett Toft

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Town Square6601 South Las Vegas Blvd.43

Type: OfficeDeveloper: Turnberry & Associates & Centra / Drew Barrett & Jim Stuart / 305-937-6200 & 702-851-9400Leasing Agent: Colliers International / Tom Stilley, Lizz Stilley or Taber Thill / 702-735-5700Architect: Development & Design GroupGeneral Contractor: Marnell Corraro Assoc.Year Built: Nov-06Status: Under ConstructionProject Square Footage: 425,000Development Acreage: 114.00 Asking Rates: $2.25 NNNMajor Tenants:

COMMENTS: Town Square will cover more than 2 million square feet of Las Vegasreal estate, featuring retail shops, restaurants and entertainment venues, including amovie theatre, a large children's play area, and amusement attractions. Town Squarewill also contain modern loft offices. This is a destination for shopping, dining, net-working and playing.

Marnell Corporate Center 6650 Via Austi Parkway 45

Type: OfficeDeveloper: Marnell Properties / Brad Schnepf / 702-739-2000Leasing Agent: Marnell Properties / Raedene Counts / 702-739-2000Architect: Marnell ArchitectureGeneral Contractor: Marnell Corraro Assoc.Year Built: Apr-06Status: Under ConstructionProject Square Footage: 260,000

Development Acreage: 37.00 Asking Rates: $2.85-$3.00 FSGMajor Tenants: Nevada Development Authority, Turnberry West, The Smith Center for Performing Arts, NAI Horizon

COMMENTS: The Marnell Corporate Center was designed as a Class A office park tocreate a campus environment, providing tenants with highly innovative and flexiblefloor plates, state-of-the-art facilities, on-site management services, high-speed datainfrastructure, covered parking, distinctive public area finishes, interior elements withsubstantial character and quality, and breathtaking views. Marnell Corporate Center isthe location of choice for companies positioned for growth in the new century.

Type: Industrial

Developer: Stoltz Management / Kirt Klaholz / 702-361-8301

Leasing Agent: Stoltz Management / Kirt Klaholz / 702-361-8301

Architect: JMA Architecture Studios


Year Built: Oct-05

Status: Completed



Asking Rates: BTS

Major Tenants: WMS Gaming

COMMENTS:122,472 SF build-to-suit corporate headquarters building with 42,322 SF of upgradedoffice and 80,150 SF of upgraded manufacturing and distribution space.

WMS Gaming 730 Pilot Rd.46



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Venture Commerce Center6725 - 6785 S. Eastern Ave.81

Type: Office / IndustrialDeveloper: Venture Corporation / Stu Scheinholtz / 415-381-1600Leasing Agent: Voit Commercial Brokerage / Kevin Higgins, Garrett Toft & Steve Paravia / 702-734-4500Architect: Ware MalcombGeneral Contractor: Lusardi Construction CompanyYear Built: 4th Qtr. 2006Status: Under ConstructionProject Square Footage: 79,094Development Acreage: 5.21 Asking Rates: $339,000 - $939,000Major Tenants:

COMMENTS:Venture Commerce Center is a unique development consisting of 38 privately ownedbusiness properties, ranging in size from 1,183 to 3,600 SF in 4 separate buildings.Business properties have two designs. The properties along Eastern Ave. are one- andtwo-story all-office buildings with completed finishes, including carpet and restrooms.The other design features two-story offices the front portion of the building and a 21'clear flex area in the rear.

Pama Lane Office ParkPalm Lane & Eastern Ave.82

Type: OfficeDeveloper: Real Estate Group Nevada, LLC / Lee Phelps / 702-367-3000Leasing Agent: Lee & Associates / Chuck Witters, SIOR & David Flynn / 702-739-6222Architect: Lee & Sakahara ArchitectsGeneral Contractor: Mission Completed ContactorsYear Built: Dec-06Status: Under ConstructionProject Square Footage: 43,568Development Acreage:Asking Rates: $1.90 NNN / $230 SF ShellMajor Tenants:

COMMENTS:Park-like grounds, Tuscany Mediterranean architecture, four 23,680 SF buildings.Extensive use of Italian tile in building common areas, generous tenant improve-ment allowance. Germicidal sanitized air system. Adjacent to HealthSouth, near St.Rose Siena Campus.

http://www.CBRE.com

http://www.stoltzusa.com

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Equipment Management Technology Center1545 Pama Ln.83

Type: Industrial

Developer: EMT / Vito A. Longo

Leasing Agent: Grubb & Ellis / Xavier Wasiak / 702-733-7500

Architect: John Vivier

General Contractor: Matt Construction

Year Built: Sep-06

Status: Completed



Asking Rates: $0.90 - Industrial NNN $1.60 - $1.65 Office - NNN

Major Tenants: Equipment Management Technology

COMMENTS: The Equipment Management Technology Center is a high-image, 4-building, 113,858 SF office/warehouse project on 5.04 acres in the Airport submarket.Features include: build-to-suit office; abundant 3-Phase power; ESFR fire sprinklers;100% air conditioned; fiber; 24' clear height; underground parking; and excellent ac-cess to I-215, I-15 and The Strip.

Shea at Sunset3602-3656 E. Sunset Rd.84

Type: Office/ Industrial

Developer: Shea Commercial / Lucinda Stanley / 702-363-7600

Leasing Agent: Shea Commercial / Steven Santana or Darlene Sandri / 702-363-7600

Architect: DFD Cornoyer Hedrick

General Contractor: Caviness Construction Company

Year Built: Sep-06




Asking Rates: $215-$240 SF Shell

Major Tenants:

COMMENTS:This project contains 12 single-story office buildings ranging from 5,000 SF to over5,200 SF and four industrial buildings of 14,000 SF. Industrial is completely sold out.Sunset frontage still available, zoned C-2.

http://www.srconstructionlv.com

http://www.EMBARQ.com

Arrowhead Commerce Center - Buildings 16 & 17Patrick Ln. & Sandhill Rd.85

Type: Industrial

Developer: EJM Development / Kirk Boylston & Susan Wincn / 702-597-1852

Leasing Agent: Colliers International / Spencer Pinter / 702-735-5700

Architect: RGA Architects

General Contractor: LM Construction

Year Built: 2006




Asking Rates: Office: $1.00 -$1.05 NNN / Warehouse: $0.54 - $0.58 NNN

Major Tenants:

COMMENTS:Arrowhead Commerce Center Buildings 16 & 17 are part of a 110-acre master-plannedindustrial office park. The buildings offer a +/-20' ceiling clear height in the warehousearea and are fully equipped with an ESFR fire-suppression system, evaporative cooling,200 amps of 277/480 volt, 3-phase power and 9x10 dock doors & 12x14 ramp doors.

Tuscano Professional Parc5715-5795 Sandhill Rd.86

Type: Office

Developer: Steelhead Development, Inc. / Argo Corporation

Leasing Agent: Lee & Associates/ Chuck Witters, SIOR & David Flynn / 702-739-6222


General Contractor: Steelhead Development

Year Built: Dec-06





Major Tenants: Rapport Leadership, Secor International, Exit Realty

COMMENTS:Park-like grounds, Tuscany Mediterranean architecture, five single-story buildings from7,750 SF to 12,000 SF. Extensive use of Italian tile in building common areas, generoustenant improvement allowance.

McLeod Business Centre6290 McLeod Dr.87

Type: Office

Developer: Investment Equity Builders / Dave Inman / 702-871-4545




Year Built: Mar-06

Status: Completed



Asking Rates:

Major Tenants:

COMMENTS:This 84,000 SF office and office/warehouse project includes eight 5,000 SF office build-ings and eight office/warehouse buildings from 4,500-9,000 SF for sale. The project'scentral Airport area location offers occupants immediate access to the airport, the Strip,Green Valley/Henderson, as well as I-15 and the I-215 Beltway.

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Historically, the North Las Vegas of-fice market has been almost non-existent. However, with approxi-

mately 278,000 SF currently underconstruction (10 times the amountfrom just 12 months ago) the second-fastest growing city in the country isquickly developing an office marketneeded for future growth.

The North Las Vegas submarket isdefined as the area between US 95 to the west, Cheyenne Avenueto the south and Nellis Air Force Base to the east.

With almost 367,000 SF existing, about 17 percent of thespace remains vacant, 278,000 SF is under construction, and an-other 230,000 SF is planned. Developers are anticipating thatmany small-office users will come from future housing develop-ments, such as the master-planned community of Aliante andOlympia Group’s recently acquired 2,675 acres in the north. Com-bined with the current attraction of affordable housing and thecity’s redevelopment plans, this puts North Las Vegas in a greatposition for future absorption. Many present business owners donot live in the North Las Vegas area and have not yet realized the

opportunity that exists to service the rapidly growing population inthe area.

Although the past couple years have shown significant in-creases in construction costs, interest rates and land values,many developers are still able to take advantage of the sub-market’s less expensive land. With recent land sales of parcelsfrom 5 to 20 acres selling between $10 and $16 per SF, theseare prices that still remain attractive to office builders. Salesprices for office buildings in the north are currently between$185 and $230 per SF. Rental rates are at an average of $2.49per SF, full-service gross. This is up about 6 percent from theprevious year.

One notable project in the area is The Park at Northpointe byGlen, Smith & Glen Development, offering freestanding officebuildings for sale or lease on Martin Luther King Blvd. betweenCraig Rd.. and Alexander Rd. The first phase is under constructionand upon completion will total approximately 100,000 SF. Alsonoteworthy are Aliante Corporate Center, a three-building projecttotaling 87,528 SF for lease near I-215 and Aliante Parkway, andCamino Al Norte Professional Center, totaling 53,700 SF for sale.It is scheduled to break ground in November at Camino Al Norteand Washburn Rd.

North Las Vegas Office Submarket OverviewBy Chris Jensvold, Colliers International

Chris Jensvold

The North Las Vegas submarket isbordered by Lake Mead Blvd. to thesouth, Decatur Blvd. to the west,

Nellis Blvd. to the east and extends be-yond the I-215 Beltway to the north. Asof the 2nd quarter 2006, it consists ofnearly 25.4 million SF of industrialspace, which represents more than 28percent of all industrial space in South-ern Nevada. The vacancy rate in NorthLas Vegas decreased from 6.3 percent

in 2nd quarter 2005 to 3.9 percent at the end of the 2nd quarter2006. Just under 1 million SF is vacant. This is a nominal amountof space, given the fact that more than 1.36 million SF has beenabsorbed through the first two quarters of the year. North LasVegas is the most active submarket in Southern Nevada, with morethan 42 percent of all net absorption occurring in the North LasVegas area.

Industrial space in North Las Vegas is typically occupied bymajor distribution or manufacturing companies that service the en-tire west or southwest United States. However, over the past year,many companies that supply construction materials to residentialand commercial developments have expanded or relocated to NorthLas Vegas to service the local market.

Lease rates have increased an average of 15 percent overthe last 12 months, with rates for distribution space at $0.39 to$0.48 per SF per month net, $0.55-$0.65/SF/Mo. for mid-baydock-high space, and $0.70-$0.85/SF/Mo, net for flex and incu-bator-type industrial space. The lease rates in the North LasVegas area are typically 20 to 30 percent less than the rates inthe Southwest submarket, mainly due to the lower land costs.However, over the last 12 months, asking prices for land in NorthLas Vegas have escalated from $6.00-$8.00 per SF in early 2005to now over $10.00 per SF in many locations. Many developersare finding it hard to “pencil” industrial warehouse buildings,given the rising land values and construction costs. Additionally,many are hesitant to enter a submarket where other major de-velopers have significant land holdings at a lower cost basis,thereby giving them a competitive advantage.

North Las Vegas is well positioned to take advantage ofpent-up demand from the Southwest and Airport submarketswhere space is limited and higher priced, and new inventory isscarce. With more than 1.2 million SF under construction and 2.2million square feet planned, tenants will find a nice selection ofalternatives in North Las Vegas over the next 12 months. Fortoday, with 2.2 percent vacancy rates in distribution space, theywill have to wait for new product to be constructed.

North Las Vegas Industrial Submarket OverviewBy Suzette La Grange, Colliers International

Suzette La Grange

http://www.cheyennetechnologycorridor.com

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Cheyenne Valley Gateway, Phase II4310-4370 Cheyenne Ave.48

Type: OfficeDeveloper: Lyle Brennan Investment & Shea Commercial / Lucinda Stanley / 702-363-7600Leasing Agent: Shea Commercial / Miriam Root / Salina Ramirez / 702-363-7600Architect: Gerald Garapich, AIA, LLCGeneral Contractor: TBDYear Built: First Qtr. 2007Status: Under ConstructionProject Square Footage: 95,298Development Acreage: 24.00 Asking Rates: $235-$240 SF ShellMajor Tenants:

COMMENTS: Located within the Cheyenne Technology corridor adjacent to Qual-COMM. Accessible to US 95, I-15, and I-215 Beltway. Project consists of 20 officebuildings in back, with retail parcels and retail strip building fronting Cheyenne. Devel-opment features wireless data network and broadband facilities offering cost-effectiveand lower life-cycle costs.

NorthPort Business Center, Phase II & III3355-3575 W. Cheyenne Ave.49

Type: OfficeDeveloper: Jackson-Shaw Company / Vivian Tyson / 702-732-7400Leasing Agent: Grubb & Ellis / David Scherer / 702-733-7500Architect: KKE / HFTAGeneral Contractor: Affordable ConceptsYear Built: Jun-06Status: CompletedProject Square Footage: 144,288Development Acreage: 10.00 Asking Rates: $1.35 NNNMajor Tenants: C. Martin Company, AIG, Insurance Solutions

COMMENTS:Phase II and III of the NorthPort Business Center consist of five single-story office andoffice/flex buildings located within the prestigious Cheyenne Technology Corridor.Strategically located between I-15 and US 95, NorthPort offers aesthetically pleasing,professional image buildings with amenities that include Cheyenne Avenue frontage,high window counts and high ceilings.

NorthPort Business Center, Phase IV 3675 W. Cheyenne Ave.50

Type: OfficeDeveloper: Jackson-Shaw Company / Vivian Tyson / 702-732-7401Leasing Agent: Grubb & Ellis / David Scherer / 702-733-7500Architect: KKE / HFTAGeneral Contractor: Affordable ConceptsYear Built: Jun-06Status: CompletedProject Square Footage: 28,067 Development Acreage: 2.04Asking Rates: $1.60 NNNMajor Tenants:

COMMENTS:Phase IV of the NorthPort Business Center is the only two-story office building withClass A finishes located within the prestigious Cheyenne Technology Corridor. Strate-gically located between I-15 and US 95, Northport Phase IV offers a professionalimage building with attractive amenities, including breathtaking views of the LasVegas Strip.


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H bizctr CheyenneCheyenne Ave. & Clayton St.51

Type: Office / IndustrialDeveloper: Hedley Construction & Management Co. / Ken Hansen / 714-437-1122Leasing Agent: Voit Commercial Brokerage / Kevin Higgins, Garrett Toft & Steve Paravia / 702-734-4500Architect: Lee & Sakahara ArchitectsGeneral Contractor: TBDYear Built: 2nd Qtr. 2007Status: PlannedProject Square Footage: 119,573Development Acreage: 7.51 Asking Rates: $176 - $235 SF ShellMajor Tenants:

COMMENTS: This high-image business park will consist of office buildings withfrontage on Cheyenne Ave., mezzanine industrial buildings delivered in turnkey condi-tion and industrial buildings with approximately 25% build-out. Buildings range in sizefrom 2,600 - 7,500 SF with varying degrees of office build-out to accommodate anycommercial use. Some of the features include 16' - 20' warehouse clear height and12' X 14' grade-level roll-up doors, 3-Phase 4-Wire electrical service and fully firesprinklered wih painted interior warehouse walls.

Cheyenne Commerce Center570 - 730 W. Cheyenne Ave.52

Type: Industrial

Developer: Harsch Investment Properties / John Ramous / 702-362-1400

Leasing Agent: Harsch Investment Properties / Alma Vasquez / 702-362-1400

Architect: VLMK Consulting Engineers


Year Built: Sep-06

Status: Completed



Major Tenants: Lockheed Martin, Silver State Helicopters, United Blood Service

COMMENTS:Cheyenne Commerce Center is a +/-203,386 SF high-image industrial complex locat-ed in the North Las Vegas Cheyenne Technology Corridor. Cheyenne Commerce Centeroffers business owners a unique product type, flexibility in a high profile park, great vis-ibility and frontage.

http://www.BankofNevada.com

The Park at NorthpointeMartin Luther King Blvd. & Craig Rd.53

Type: OfficeDeveloper: Glen, Smith & Glen Development/ Kenneth Smith or David Cohen /702-212-9400Leasing Agent: Colliers International / Suzette LaGrange & Chris Jensvold / 702-735-5700Architect: Perkowitz & Ruth ArchitectsGeneral Contractor: SR ConstructionYear Built: Nov-06Status: Under ConstructionProject Square Footage: 97,000 Development Acreage: 9.37 Asking Rates: $1.70-$1.80 NNN / $185-$205 SF Shell Major Tenants: Pain Wellness Center, Pentagon Studios, TLC Dental

COMMENTS:The Park at Northpointe is a 9.37 acre development featuring 18 single-story buildings ranging from 4,200 to 7,200 SF for sale or lease. The Park features asophisticated architectural style with stone exterior building accents and lushly land-scaped common areas with trellises between many of the buildings to create an openpark-like atmosphere. Located at the center of the North Las Vegas retail corridor onMartin Luther King Blvd. and Craig Rd..

Aliante Corporate Center2550 Nature Park Dr.54

Type: OfficeDeveloper: American Nevada Company / Charles Van Geel / 702-458-8855Leasing Agent: CBRE / Brad Peterson / 702-369-4800Architect: JMA Architecture StudiosGeneral Contractor: The Korte CompanyYear Built: Sep-06Status: Under ConstructionProject Square Footage: 27,821 Development Acreage: 6.50 Asking Rates: $2.25 - $2.35 MGMajor Tenants: Dr. Tim Tolan Ear, Nose, & Throat, Dr. Ivan Goldsmith Internal Medicine, Dr. Ben Rodriguez Plastic Surgery/Skin Institute, Dr. Steven Canfield, DDS

COMMENTS:Architecture of this two-story Class B office building is influenced by surrounding desertforms and environment. Exterior features include the use of vibrant stucco, stone ve-neers, metal canopies and sunshades. The site was designed to provide maximumviews of the northern mountains and expansive Nature Discovery Park to the south.

http://www.affordableconcepts.com

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Type: Industrial

Developer: Thomas & Mack Development Group / Tim Snow / 702-260-1008

Leasing Agent: Voit Commercial Brokerage & Valley Realty / Kevin Higgins &

Tim Snow / 702-734-4500 & 702-260-1008

Architect: Lee & Sakahara Architects


Year Built: 3rd. Qtr. 2007

Status: Planned

Project Square Footage: A: 188,950 / B: 234,836


Asking Rates: TBD

Major Tenants:

COMMENTS:The Northern Beltway Industrial Center will be a 1,926,000 SF master-planned industrial parkconsisting of seven buildings. The first phase consists of Building A, a 188,950 SF front-load-ing building with a 28' clear height and divisible to 27,022 SF. Building B is a 234,836 SFcrossdock building with a 30' clear height divisble to 25,168 SF.

Northern Beltway Industrial Center - Buildings A & BEl Campo Grande & Range Rd.

Speedway Commerce CenterI-15 & Speedway Blvd.56

Type: IndustrialDeveloper: Harsch Investment Properties / John Ramous / 702-362-1400Leasing Agent: Harsch Investment Properties / Alma Vasquez / 702-362-1400Architect: Group MackenzieGeneral Contractor: TWC ConstructionYear Built: Jan-07Status: Under ConstructionProject Square Footage: 1,940,000Development Acreage: 123.00 Asking Rates: $0.58 - $0.75 NNNMajor Tenants: Shelby Automobiles, TexStyles, Las Vegas Cultured Marble,Venetian Casino Resort

COMMENTS:Speedway Commerce Center consists of 1.94 million SF and is located in the fast-growing North Las Vegas submarket near the famous Las Vegas Motor Speedway,with immediate access to I-15 and Las Vegas Blvd. Phase II consists of eight high-image, tilt-constructed, light industrial buildings offering unit sizes ranging from3,750 to 11,000 SF with dock-high and grade-level loading.

Cheyenne Industrial Center4825 & 4875 Cheyenne Ave. and 3125 & 3175 Marco57

Type: Industrial


Leasing Agent: Grubb & Ellis / Xavier Wasiak / 702-733-7500

Architect: Blakely, Johnson & Ghusn Inc.


Year Built: Mar-07




Asking Rates: TBD

Major Tenants:

COMMENTS:Cheyenne Industrial Center will consist of four concrete tilt-up warehouse/distributionbuildings. The project features 30' clear height, 3-phase power, 200' truck court, ESFRand dock-high and grade-level doors. Leasing and sale opportunities are available.

Cartier Commerce CenterLamb Blvd. & Cartier St.58

Type: Industrial

Developer: Equity Advisors Group / Robert Russell / 480-505-4048

Leasing Agent: CB Richard Ellis / Donna Alderson, Greg Tassi / 702-369-4800

Architect: C2G

General Contractor: Industrial West

Year Built: Mar-06



Asking Rates: $135 SF Shell

Major Tenants:

COMMENTS:Located on Lamb Blvd., Cartier Commerce Center offers both free-standing industrialbuildings and condominium units for sale divisible from 4,800 SF to 19,900 SF. All unitswill offer grade- and dock-loading, with the free-standing Industrial buildings offeringsecured yards.

http://www.gsgdevelopment.net

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Magnum Light DistributionLamb Blvd. & Alto59

Type: Industrial

Developer: Magnum Opus Development / Michael Panciro / 702-838-8811

Leasing Agent: IPG Commercial / Jeff Barton, Richard Luciani / 702-547-1110

Architect: Gerald Garapich AIA, LLC

General Contractor: Magnum Opus Development Co.

Year Built: Nov-06





Major Tenants:

COMMENTS:Distribution office/warehouse center on 9.83 acres, units divisible into +/- 10,000 SFwith 1,057 SF of HVAC office build-out including 1,000 SF storage. Mezzanine level withtwo dock-high and one grade-level door per unit. Zoned MD (Clark County), 24' mini-mum clear height, fire sprinklers and evaporative coolers.

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Type: IndustrialDeveloper: Jackson-Shaw Company / Vivian Tyson / 702-732-7400Leasing Agent: CBRE / Donna Alderson / 702-369-4800Architect: DHA ArchitectsGeneral Contractor: LM ConstructionYear Built: 2006Status: Under ConstructionProject Square Footage: 130,050Development Acreage: 28.00 Asking Rates: TBDMajor Tenants:

COMMENTS: Phase I of this 28-acre master-planned development offers 6 free-standing buildings for sale, ranging from 16,180 to 26,230 SF. Securable lay-down yards, 24' clear height, dock-high and grade-level doors, 277/480 voltpower, skylights and truck courts. This development is located minutes from I-15via E. Cheyenne Avenue offering easy access to the I-215 Beltway, and less than1 mile from the Community College of Southern Nevada.

Northeast Crossing Commerce Center - Phase I 2925 - 2975 Lincoln Rd.

Northeast Crossing Commerce Center -Phase IICheyenne Ave. & Lamb Blvd.61

Type: IndustrialDeveloper: Jackson-Shaw Company / Vivian Tyson / 702-732-7400Leasing Agent: CB Richard Ellis / Donna Alderson, Greg Tassi / 702-369-4800Architect: TBDGeneral Contractor: TBDYear Built: 2007Status: PlannedProject Square Footage: 292,900Development Acreage: 19.48 Asking Rates: TBDMajor Tenants:

COMMENTS:Northeast Crossing Commerce Center Phase II continues the innovative design of Phase I.Phase II maintains the flow of the master plan with 9 freestanding buildings for sale rang-ing from 13,017 to 26,412 SF, offering all the amenities available in Phase I. Phase II willalso offer 2 mid-bay buildings for lease with minimum divisibility of 4,800 SF, 22'-24' clearheight, dock- and grade-level doors, and a shared truck court.

LogistiCenter at North Las Vegas -Building 3Bay Lake Trail62

Type: IndustrialDeveloper: DP Partners / Brad Myers / 702-791-0000Leasing Agent: Colliers International / Suzette La Grange & Dan Doherty / 702-735-5700Architect: Blakely, Johnson & Ghusn Inc.General Contractor: United Construction CompanyYear Built: 1st Qtr. 2007Status: Under ConstructionProject Square Footage: 2,100,000 Development Acreage: 102.00 Asking Rates: TBDMajor Tenants: Bed Bath & Beyond, CDW Corp., Pride Mobility

COMMENTS:LogistiCenter at North Las Vegas is a 2.1 million SF, 102-acre master-planned in-dustrial park. Building 3 is a planned cross-dock, concrete tilt-up building divisibleto units of approximately 56,700 SF. Additional buildings are planned and build-to-suit opportunities are available within the park.

http://www.sheacommercial.com

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Shadow Mountain Business Park3835 - 3985 N. Pecos Rd.63

Type: Industrial

Developer: Panattoni Development Co. / Jason Kuckler / 702-269-1360

Leasing Agent: IPG Commercial / Art Farmanali / 702-547-1110



Year Built: Mar-06

Status: Completed



Asking Rates: 100% Sold

Major Tenants: SouthWest Post Tension, Coverall, Arizona Shower Doors

COMMENTS:Shadow Mountain Business Park consists of 6 free-standing buildings with sizesranging from 17,240 to 41,309 SF. This is a high-image park with buildings featuring24' clear height, skylights, ESFR, dock-high and grade-level loading and fenced yards.

ProLogis Park North - Building 11Craig Rd. & Pecos Rd.64

Type: Industrial

Developer: ProLogis Trust / Todd Burnight / 714-424-1810

Leasing Agent: CBRE / Donna Alderson & Greg Tassi / 702-369-4800



Year Built: Dec-06




Asking Rates: TBD

Major Tenants: Sho-Me Container, Interex

COMMENTS:ProLogis Park North is a master-planned, state-of-the-art business park ideallysituated just east of the I-15 interchange at Craig Rd., with 1.3 million squarefeet built to date.

http://www.pentabldggroup.com

http://www.harschnevada.com

1 Shadow Lane Office Building2 Molasky Corporate Center3 701 Bridger Avenue4 Mountain View Professional Park5 Huffman Centennial Hills Center6 Centennial Corporate Center 7 Las Vegas Tech Center II8 Las Vegas Tech Center II9 Cheyenne Fairways Business Center10 Parkway Pointe11 Business Bank of Nevada12 Huffman Park Run13 Stone Canyon Professional Park 14 The Gardens Plaza15 Huffman Hualapai Pavilion Commons16 Siena Office Park17 Huffman Professional Plaza at Ft. Apache 18 LaPour Corporate Center19 Desert Canyon Business Park 20 The Park at Spanish Ridge21 Perimeter Center, Phase I22 Discovery Gateway Park23 Copper Pointe Business Park24 1st National Plaza25 Centra Point26 Desert Professional Center27 Tarkanian Professional Center28 The Park at San Martin29 The Arroyo Corporate Center30 Arroyo North - Phase II31 Park West32 Rainbow Sunset Pavilion33 Rainbow Corporate Center34 South Rainbow Business Park35 Spanish Trail Business Park36 Beltway Business Center - Buildings 4 & 537 Beltway Business Park38 Beltway Business Center - Buildings 6, 7 & 839 Corporate Gateway II at Beltway Business Park40 Decatur Crossing - Phase II41 Decatur Crossing - Phase III42 Sunset Parkway Business Center43 Town Square44 Blue Diamond Business Center - Buildings 3, 4 & 645 Marnell Corporate Center 46 WMS Gaming 47 3883 Howard Hughes48 Cheyenne Valley Gateway, Phase II49 NorthPort Business Center, Phase II & III50 NorthPort Business Center, Phase IV51 H bizctr Cheyenne52 Cheyenne Commerce Center53 The Park at North Pointe54 Aliante Corporate Center55 Northern Beltway Industrial Center - Buildings A & B56 Speedway Commerce Center57 Cheyenne Industrial Center58 Cartier Commerce Center59 Magnum Light Distribution60 Northeast Crossing Commerce Center - Phase I61 Northeast Crossing Commerce Center - Phase II62 LogistiCenter at North Las Vegas - Building 363 Shadow Mountain Business Park64 ProLogis Park North - Building 1165 Golden Triangle Industrial Park - Buildings B & C66 Golden Triangle Industrial Park - Building F & G67 The Creekside Business Center68 H bizctr Whitney Mesa69 H bizctr Whitney Mesa II70 Shea at Warm Springs71 Henderson Commerce Center IV72 Water Street South Phase 173 Stephanie Beltway Centre74 The District at Green Valley Ranch75 Huffman Carmichael Plaza @ Horizon Ridge76 Carnegie Office Park77 Siena Pavilion78 Tuscano Medical Parc79 Beltway Corporate Center80 Pebble Place Business Center81 Venture Commerce Center82 Pama Lane Office Park83 Equipment Management Technology Center84 Shea at Sunset85 Arrowhead Commerce Center - Buildings 16 & 1786 Tuscano Professional Parc87 McLeod Business Centre

Golden Triangle Industrial Park - Buildings B & C4850 & 4855 Engineers Way65

Type: Industrial

Developer: Operating Engineers Funds

Leasing Agent: CBRE / Donna Alderson & Greg Tassi / 702-369-4800

Architect: HPA

General Contractor: ConAm

Year Built: Mar-06


Project Square Footage: B: 175,000 / C: 218,330


Asking Rates: TBD

Major Tenants: Office Max, Kraft Foods, Murray Feiss, Pan Western

COMMENTS:The Golden Triangle Industrial Park is a 200+ acre master-planned project pro-viding state-of-the-art, rail-served manufacturing/warehouse facilities.

Golden Triangle Industrial Park - Buildings F & GCraig Rd. & I-15 66

Type: Industrial

Developer: Operating Engineers Funds

Leasing Agent: CBRE / Donna Alderson / 702-369-4800

Architect: HPA

General Contractor: ConAm

Year Built: Jun-07




Asking Rates: TBD

Major Tenants: Office Max, Murray Feiss Lighting, Custom Building Products

COMMENTS:The Golden Triangle Industrial Park is a 200+ acre master-planned project providingstate-of-the-art rail-served manufacturing/warehouse facilities. Building F consists of108,507 SF and Building G is 78,920 SF.

The Creekside Business Center2535-2555 E. Washburn67

Type: Industrial


Leasing Agent: Colliers International / Greg Pancirov / 702-735-5700



Year Built: Apr-06

Status: Completed



Asking Rates: 100% Sold

Major Tenants: Line-X, Den Ko Drywall, Right Solutions

COMMENTS:Individual buildings from 3,000 SF and up, with dock- and grade-level loading on everybuilding. The buildings offer 200 amps of 277/480 volt, 3-phase power, 18' clear heightand glass storefront entries, all in a business park environment with easy I-15 access.

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http://www.NBJ.com

http://www.jacksonshaw.com

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The Henderson Office submarket isloosely defined as the area be-tween the Las Vegas Strip and

Pecos Road south of Windmill Lane, to-gether with the area east of Pecos andsouth of Sunset Road. The submarketcurrently consists of approximately6,366,328 SF in 321 buildings. This isup over 1 million square feet and 81buildings from the previous year. As of

the second quarter 2006, the vacancy rate was 13.20 percent.This is down sharply from 17.97 percent in 2005, but still is overthe total market’s 9.5 percent rate.

The explosive growth the submarket enjoyed has slightlyslowed as the amount of land available along the I-215 Beltwayhas dwindled and existing developments in the I-215 corridor areeither leasing quickly or operating with little to no vacancies. Forexample, the Green Valley Corporate Center and GVCC South, sta-ples of growth for the submarket over the past few years, are cur-rently 99 percent occupied, with little new office space planned.In addition to this, the hot Southwest Submarket has taken someof the larger users looking for Beltway exposure.

Lease rates have been on the rise, with the submarket’s av-

erage rate on a Full Service basis hitting $2.30 PSF, althoughnewer developments tend to be in the $1.90 plus range on a NNNbasis. As the vacancies have dropped, we are also seeing fewerconcessions from landlords, such as free rent.

Current developments include: Steelhead Development’s100,000 SF Tuscano Medical Parc at Horizon Ridge & Jeffries; the52,000 SF Pebble Place at Eastern by Anchor Development; the125,000 SF Beltway Corporate Center at Eastern & I-215; Ameri-can Nevada’s planned 100,000 SF mid-rise Class A building inGreen Valley Corporate Center; the 33,000 SF Viewpoint Profes-sional Center on Eastern near Windmill; 20 office buildings with100,000+ SF in the Scottsdale Plaza on Maryland Parkway; the31,000 SF Anthem Professional Plaza III; and the 9-acre, 113,000SF Highland Plaza project adjacent to MacDonald Highlands.

The Horizon Ridge corridor has recently been a hotbed ofactivity, while future growth for this submarket will be movingwest along St. Rose Parkway. Plise Development has more than1 million SF planned in its 125-acre City Crossing mixed-useproject with the nearly 2,000-acre Inspirada master-plannedcommunity just to the south. These developments, along withthe planned resorts at St. Rose Parkway and Las Vegas Blvd.,will provide the path for Henderson’s future growth to followover the next 5 years.

Henderson Office Submarket OverviewBy David Flynn, Lee & Associates

David Flynn

T he Henderson Industrial submar-ket consists of approximately10,312,000 SF, which represents

about 11.5 percent of the total industri-al inventory. This area has seen a con-sistent drop in vacancy over the past2.5 years due to strong demand, butprimarily to a substantial recent de-crease in new construction. With landprices exceeding $15 PSF, Henderson

will see a minimum number of for-lease projects, and for-saleprojects are forced to achieve prices equal with the Southwestand Airport submarkets. The current vacancy stands at 3.0 per-cent, compared to an overall market vacancy of 3.1 percent.

Competition from mixed-use, retail, automotive and residentialdevelopers has continued to absorb land previously planned for in-dustrial projects in Henderson. The average lease rate for industrialspace in Henderson is $0.65 SF (NNN), which is more than a 20 per-cent increase from the average lease rate this time last year.

With the completion of the freeway-to-freeway interchangeat US 95 and I-215 and the Eastgate/Auto Show Drive inter-change comes a stronger demand for flex and single-story officeprojects, along with a new demand for mixed-use developments.This will further constrain the new supply of industrial product

and cause rents to increase at a much faster pace, but it alsocreates new opportunities for industrial mixed-use projects,which are better equipped to absorb the higher land costs. Theprice for industrial land in Henderson has more than doubled inthe past two years. While Henderson offers industrial users agreat location, premium residential opportunities and a goodsupply of labor, the outlook for a growing industrial base in thisarea continues to dwindle.

Here are a few of the more significant industrial projects tocome on line throughout 2007: Conde Del Mar is due to breakground on Valley Freeway Center III and they are also under con-struction on 13 office/warehouse buildings totaling 98,800 SF.Joel Laub & Associates is currently building a 90,000 SF build-to-suit for Ferguson Plumbing Company. Harsch Investment Proper-ties, LLC is in the planning stages of Henderson Commerce Cen-ter Phase III. As a potential relief point for industrial land, BasicManagement, Inc. is currently processing four parcels of land forlight industrial/commercial use totaling 140 acres in the BlackMountain Industrial Center.

The outlook on the Henderson Industrial Market is very bright.That is to say, if you currently own property. If you are looking toacquire a building or a development site – good luck! The oppor-tunities are rare, and the prices continue to go up.

Henderson Industrial Submarket OverviewBy Dan Doherty, Colliers International

Dan Doherty


H bizctr Whitney MesaMountain Vista & Whitney Mesa68

Type: Office / IndustrialDeveloper: Hedley Construction & Management Co. / Ken Hansen / 714-437-1122Leasing Agent: Voit Commercial Brokerage / Kevin Higgins, Garrett Toft & Steve Paravia / 702-734-4500Architect: Lee & Sakahara ArchitectsGeneral Contractor: Brooks Corporation Year Built: 4th Qtr. 2006Status: Under ConstructionProject Square Footage: 58,515Development Acreage: 3.31Asking Rates: $175 - $240 SF ShellMajor Tenants:COMMENTS: Centrally located in Henderson, close to McCarran Airport, the Strip,US 95 and I-215, these high-image industrial buildings offer fully finished openoffice plans, with single-story and mezzanine configurations. Buildings range insize from 3,500 - 7,487 SF with turnkey office build-out of 40 - 60%.Coffee/lunch bars, upgraded restrooms, 16’-20’ warehouse clear height, 12’ X14’ grade-level roll-up doors, 3-phase electrical service, full fire sprinklers,painted interior warehouse walls.

H bizctr Whitney Mesa IIMountain Vista & Whitney Mesa69

Type: Office / IndustrialDeveloper: Hedley Construction & Management Co. / Ken Hansen / 714-437-1122Leasing Agent: Voit Commercial Brokerage / Kevin Higgins, Garrett Toft & Steve Paravia / 702-734-4500Architect: Lee & Sakahara ArchitectsGeneral Contractor: TBDYear Built: 4th Qtr. 2006Status: PlannedProject Square Footage: 58,515Development Acreage: 3.31 Asking Rates: $185 - $215 SF ShellMajor Tenants:

COMMENTS: H bizctr Whitney II will be very similar to Whitney I. However, themezzanine industrial buildings will range in size from 3,000 - 6,200 SF with50% - 70% office build out delivered turn-key. The project will also feature shelloffice buildings for sale ranging in size from 2,300 - 8,000 SF and will have ex-cellent views overlooking the Mesa.

Shea at Warm Springs1510-1528 W. Warm Springs Rd.70

Type: Office

Developer: Shea Commercial / Lucinda Stanley / 702-363-7600

Leasing Agent: Shea Commercial / Steven Santana or Darlene Sandri / 702-363-7600

Architect: DFD Cornoyer Hedrick

General Contractor: Caviness Construction Company

Year Built: Jun-06




Asking Rates: $215-$230 SF Shell


COMMENTS:This project has eight single-story buildings ranging from 4,000 SF to over 7,000 SF. Useis Medical/Professional CP zoning. Frontage on Warm Springs still available. Exquisitedesert landscaping. Excellent traffic count and close to the I-215 and US 95.


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Henderson Commerce Center IV7390 & 7380 Eastgate71

Type: IndustrialDeveloper: Harsch Investment Properties, LLC / John Ramous / 702-362-1400Leasing Agent: Colliers International / Dan Doherty / 702-735-5700Architect: VLMK Consulting EngineersGeneral Contractor: TWC ConstructionYear Built: Nov-05Status: CompletedProject Square Footage: 826,000Development Acreage: 49.00 Asking Rates: $0.44 - $0.65 NNNMajor Tenants: Storage Barn, 5th Avenue Furniture, Good Humor Ice Cream & Maple Leaf Cabinets

COMMENTS: Henderson Commerce Center IV is an 800,000 SF master-planneddevelopment located in the vibrant city of Henderson, Nevada. The park consists offlex, office, light Industrial and warehouse/distribution space with unit sizes rangingfrom 1,000 to 100,000 SF. Henderson Commerce Center IV is located at the AutoShow exit of US 95.

Water Street South Phase 1311 S. Water Street72

Type: OfficeDeveloper: Ronald C Hall / 702-363-2222Leasing Agent: Ronald C Hall / 702-363-2222Architect: SH ArchitectsGeneral Contractor: Burke & AssociatesYear Built: Dec-06Status: Under ConstructionProject Square Footage: 29,500Development Acreage: 1.76 Asking Rates:Major Tenants: Nevada State College

COMMENTS: Water Street South Phase II is a 29,500 SF office building that will com-plete the Water Street South Complex. The Water Street South Development project isa mixed-use development located in downtown Henderson. In cooperation with City ofHenderson Redevelopment Agency, this project has been developed and operated byJohn Simmons and SH Architecture’s Ron Hall. Phase II of the development has beenleased to Nevada State College.

mailto:[email protected]


http://www.sheacommercial.com

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Stephanie Beltway Centre150 N. Stephanie St73

Type: Office

Developer: Western Realco / Gary Edwards / 949-720-3787

Leasing Agent: Colliers International / Tom Stilley or Lizz Stilley / 702-735-5700

Architect: KKE /HFTA

General Contractor: Burnett Haase Contractors

Year Built: Mar-06

Status: Completed




Major Tenants:

COMMENTS:Stephanie Beltway Centre is a 161,000 SF master-planned business park located justseconds away from the I-215 Beltway. The center is within close proximity to the fastestgrowing retail and residential in the valley.

The District at Green Valley Ranch120 & 170 S. Green Valley Pkwy.74

Type: OfficeDeveloper: American Nevada Company / Charles Van Geel / 702-458-8855Leasing Agent: American Nevada Company / Charles Van Geel / 702-458-8855Architect: JMA Architecture StudiosGeneral Contractor: The Korte CompanyYear Built: May-06Status: CompletedProject Square Footage: 51,704Development Acreage: 17.50 Asking Rates: $2.60 MGMajor Tenants:

COMMENTS:The ambiance of a northeastern town is defined by the center's architecture and en-trances to shops fronting tree-lined streets. Main lobbies in the second and thirdfloors of these buildings incorporate natural stone flooring, wood paneling, classical-ly detailed light fixtures, original artwork and live plants, creating a sense of eleganceupon arrival.


http://www.titleone.com

http://www.titleone.com

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Huffman Carmichael Plaza @ Horizon RidgeHorizon Ridge & Carmichael Way75

Type: OfficeDeveloper: Huffman West / Ryan Gould & Cody Sarrett / 702-341-8810Leasing Agent: Huffman West / Ryan Gould & Cody Sarrett / 702-341-8810Architect: PGALGeneral Contractor: TBDYear Built: Jun-07Status: Under ConstructionProject Square Footage: 60,000 Development Acreage: 4.50 Asking Rates: $2.00-$2.25 NNN / $260 SF ShellMajor Tenants:

COMMENTS:60,000 SF development in the great area of Green Valley Ranch just west of GreenValley Parkway. 1.5 miles from the St. Rose Hospital & Eastern Ave. area. One milefrom the I-215 Freeway & the Green Valley Ranch Hotel/Casino, along with The Dis-trict at GVR. Located on the corners are the entrance to Sun City McDonald Ranch,CVS and Walgreen's pharmacies. This is a prime office location for medical, den-tal and professional.

Carnegie Office ParkHorizon Ridge & Carnegie76

Type: Office

Developer: Las Vegas Medical Partners, LLC / Ron McMenemy / 702-938-6565

Leasing Agent: NAI Horizon / Ron McMenemy / 702-938-6565

Architect: Roy Smith


Year Built: Aug-07

Status: Planned




Major Tenants:

COMMENTS:Convenient access to I-215 Beltway, generous tenant improvement allowance. Flexiblefloor plans. Accessible ingress/egress located on both Horizon Ridge and Carnegie, lessthan one mile to Green Valley Ranch and The District.

http://www.mcfaddeninsurance.com

http://www.wrgdesign.com

Siena Pavilion 2865 Siena Heights Dr.77

Type: Office

Developer: Siena V Holding Limited Partnership / Mitch Ogron / 702-596-5611

Leasing Agent: Lee & Associates / Chuck Witters, SIOR or Dave Flynn /

702-739-6222


General Contractor: Massengale Construction

Year Built: Jun-06

Status: Completed


Development Acreage Asking Rates: $2.10 NNN

Major Tenants: Total Renal Care, Nephrology & Endocrine Associates, Labor

COMMENTS:Class A three-story 65,000 SF medical and professional office building. Upscaledesign and finishes. State-of-the-art central plan HVAC system, 5:1000 parkingratio and $40/SF tenant improvement allowance.

Tuscano Medical Parc 10521-10581 Jeffereys St.78

Type: Office

Developer: Steelhead Development, Inc. / Argo Corporation

Leasing Agent: Lee & Associates / Chuck Witters, SIOR & David Flynn /

702-739-6222

Architect: Gerald Garapich

General Contractor: Steelhead Development

Year Built: Aug-06





Major Tenants:

COMMENTS:Park-like grounds, Tuscany Mediterranean architecture, four 23,000 SF buildings,extensive use of Italian tile in building common areas, generous tenant improve-ment allowance.

http://www.tradewindsconstruction.com

Beltway Corporate Center8965-8985 S. Eastern Ave.79

Type: Office

Developer: DSA Development / Daryl Alterwitz / 702-735-0061

Leasing Agent: CBRE / Randy Broadhead / 702-369-4800


General Contractor: The Korte Company

Year Built: Jul-06




Asking Rates: $2.05-2.15 MG

Major Tenants: Kimball Hill Homes

COMMENTS:Beltway Corporate Center s a professional office development that will comprisetwo 3-story buildings totaling +/- 128,000 SF. Convenient location off I-215 at East-ern Ave. offering excellent freeway visibility and accessibility and within minutes ofMcCarran Airport.

Pebble Place Business Center2140 & 2190 E. Pebble Rd.80

Type: OfficeDeveloper: Anchor Development / Bill Goff / 702-253-7600Leasing Agent: Goff Properties / Brooklyn Julian / 702-253-7600Architect: JSA ArchitectureGeneral Contractor: TWC ConstructionYear Built: Sep-06Status: CompletedProject Square Footage: Phase 51,928Development Acreage: TBD Asking Rates: $1.85 SF NNN / $260 SF Shell Major Tenants:

COMMENTS:Class A office park consisting of two 2-story 26,000 SF buildings. Featuring extensiveimported limestone, interlocking pavers, lush landscaping, curtain glass and a 5.6/1,000parking ratio with covered parking. Excellent location just off the I-215 at Eastern, andminutes from McCarran Airport and the Strip. Close amenities complete the profession-al atmosphere.

HEN

DER

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http://www.jaynescorp.com


The National NAIOP Organization

he National Association of In-dustrial and Office Propertiesis the nation’s leading trade

association for developers, owners, in-vestors and other professionals in indus-trial, office and mixed-use commercialreal estate.

NAIOP provides communication, net-working and business opportunities forall real estate related professionals; pro-vides a forum for continuing education;and promotes effective public policy,through its grassroots network, to create,protect and enhance property values.

Founded in 1967, NAIOP’s extensivenetwork comprises 52 chapters in NorthAmerica that provide members opportunityto participate and enhance their businessthrough educational programs, networkingand government affairs on a local level. Na-tionally, members may participate in numer-ous educational conferences and the Nation-al Forums for professional development.

NAIOP is a member-driven associa-tion, with a national staff headquarteredoutside Washington, D.C. The associa-tion is guided by a 10-member execu-tive committee and a 68-number boardof directors. The national chairman, ex-ecutive committee and board help setthe association’s agenda.

NAIOP offers education programs,research on trends and innovations, net-working opportunities and strong legisla-tive representation. Its members are theprincipal players who shape the industry.

NAIOP has partnered with AMPIP (Mexi-can Association of Industrial Parks) to expandthe association’s international reach.

Mission StatementNAIOP is a national association with anextensive chapter network that repre-sents the interests of developers, owners,asset managers, investors and other pro-fessionals involved in industrial, office andmixed-use real estate throughout NorthAmerica. NAIOP provides communication,networking and business opportunities;creates a forum for continuing education;and promotes effective public policy,through its grassroots network, to create,protect and enhance property values.

T

http://www.ticornevada.com

http://www.molasky.com

http://www.AmericanNevada.com

ajestic Realty Co., a SouthernCalifornia-based commercialand industrial real estate devel-

oper, reports overwhelming interest in itsresort-corridor properties from a wide vari-ety of tenants serving the hotel and casinosectors. At present, Majestic’s Las Vegasportfolio spans more than 4 million squarefeet of commercial, industrial, warehouseand distribution space. “Our building occu-pancy levels are outstanding,” said RodMartin, Majestic Realty vice president.“We’ve maintained 100 percent occupancythroughout our local portfolio for more thanfour years.”

In fact, from its initial local land pur-chase in the late 1980s, to the opening ofits Las Vegas office in 1995, Majestic hasgrown to rank among the largest industri-al developers in the region.

Majestic’s success in the thrivinglocal real estate market is evidenced bythe early and strong interest in two build-ings the company currently has underconstruction. The first (approximately250,000 square feet) is pre-leased toBrady Industries, a distributor of janitorialsupplies, and Martin said Majestic is infinal negotiations with a tenant for full oc-cupancy of the second building (approxi-mately 290,000 square feet).

With its emphasis on big-box ware-house and distribution projects centrallylocated near the resort corridor and Mc-Carran International Airport, Majestic’sportfolio is strategically positioned to ser-vice what Martin calls the “economic en-gine of Las Vegas,” namely, the suppliersof goods and services to the local hotel,gaming and convention industries.

Meanwhile, Majestic continues de-velopment at Beltway Business Parkthrough a partnership with Thomas andMack Development Group. Beltway is a400-acre commercial project fronting I-215 from Jones Blvd. to Decatur Blvd.,with approximately 1.3 million square feetof existing industrial space and 450,000square feet of office/flex space. Tenantsinclude GES Exposition Services, KBHome, Hilton Grand Vacations and InfoGe-nesis, among others.

Majestic Realty’s relationship withThomas & Mack will continue to expand atBeltway Business Park. “Within the next12 months, Majestic and Thomas & Mackplan to develop another 1 million squarefeet of industrial product, more than300,000 square feet of office product andmore than 50,000 square feet of retailspace in the park,” Martin said.

Majestic’s other Las Vegas-area de-velopments include Sunset Parkway Busi-ness Center (1,500,000 square feet), Sun-set & Valley View Distribution Center(560,000 square feet), Russell Road Distri-bution Center (410,000 square feet), Ma-jestic Runway Center (337,000 squarefeet) and the Majestic Post Industrial Cen-ter (115,000 square feet).

Majestic Realty Co.Helps Fuel Economic Engine of Las Vegas

M

http://www.rinker.com

hat started with a few ambi-tious employees has becomeone of Nevada’s top banking

institutions. Silver State Bank began asa small shop in May of 1996. Today, it islabeled one of the nation’s highest-per-forming independent banks, and hasmore than 200 employees.

Silver State Bank has played anintegral part in the growth and devel-opment of the Las Vegas Valley. Withnine branches located in SouthernNevada, Silver State Bank is consid-ered a leader in Small Business Admin-istration (SBA) loans.

Silver State Bank has also expand-ed its banking expertise outside thestate of Nevada by opening loan pro-duction offices in Colorado, California,Utah, Oregon, Arizona and Washington.Silver State Bank also has a sistercompany, Choice Bank, located inPhoenix, Ariz.

Small enough to offer personalizedservice but big enough to address busi-ness needs, Silver State Bank providesbanking services to businesses such ascommercial and residential develop-ment, wholesale distribution and con-struction services, as well as the ser-vice and medical industries. In additionto commercial banking, Silver StateBank offers a full line of consumerbanking products.

“At Silver State Bank, you will begreeted by a neighbor and treated assuch. Our employees and directors liveand work in the community we proudlycall home,” said Tod Little, the bank’sCEO. “Together, we will strive to provideyou with a level of commitment andquality of service increasingly absent inlarger institutions. We are excited aboutthe future, and we believe our localbank will serve as a catalyst for ourcommunity’s continued prosperity.”

Silver State BankSouthern Nevada’s

Local Business Bank

W

http://www.rbf.com

Commercial Professionals, Inc.

OUR CLIENTS ARE TOP PRIORITY• INDUSTRIAL, RETAIL, OFFICE

• SALES AND LEASING

• MULTI-FAMILY

• LAND ACQUISITIONS

Over $200,000,000 in closed transactions

(702) 792-3440www.LasVegasCommercialRE.com

s Las Vegas grows, so grows Shea Commercial. TheScottsdale, Arizona-based company opened an officehere three years ago with just two sales agents and

projects totaling 182,000 square feet. Today, the branch boasts12 agents representing 425,000 square feet under construction.An additional 240,000 square feet of projects is scheduled tobreak ground this year, on top of two more projects (totalingmore than 97,000 square feet) that recently closed out.

Shea Commercial-Las Vegas provides full-service expertisefor its clients. In the commercial-brokerage area, company offer-ings include tenant representation, project leasing, general bro-kerage and disposition. 2006 has been a transitional year in themarket. Vacant units in existing buildings for lease have been ab-sorbing quickly, with new “for lease” space being offered at muchhigher rates and higher tenant improvement (TI) allowances.

According to Lucinda Stanley, CCIM, CPM, who is SheaCommercial’s senior vice president and principal in Las Vegas,“The $25-to-$30 per square foot allowances are outdated, andoffice developers are allocating higher benefits of around $40 to$50 per square foot.”

Contrary to the ad slogan, not everything that happens in LasVegas stays here. One trend, a shortage of developable land in the

city, has spread to the suburbs, too. The residential market hasswallowed much of the acreage once set aside for industrial use.Meanwhile, various municipalities grant zoning changes in ap-parently random fashion, which has created a crazy quilt of resi-dential and industrial projects on top of each other.

Infrastructure, Stanley noted, is the chief issue facing newindustrial projects, along with land prices exceeding $20 persquare foot and fast-rising construction costs. Those challengesmake it difficult to forecast the potential profitability of an indus-trial project. “Larger parcels and a mix of commercial uses will betargeted to accommodate the industrial market,” she predicted.

Shea Commercial aims to offset these market uncertaintieswith diverse services that grew out of its expertise in office-condodevelopment, which company founder Jim Riggs pioneered inPhoenix in the 1990s. Office condos allow businesses to own officespace they couldn’t normally afford. This is especially true if theowners want to buy land and develop it in a desirable location.

“We foresee continued growth in this business,” Stanley said.“Commercial buildings for sale are long-term investments that pro-vide predictable monthly expenses, tax advantages and the ability tobuild equity. In addition, business owners can customize their spaceto meet their unique needs in a convenient and accessible location.”

Shea CommercialDiversifying, Growing and Developing

A

http://www.jonesvargas.cp,

ver the last 50 years, the StoltzManagement Company hasevolved from a small, regional

family real estate service and investmentbusiness into a leading national real es-tate/investor/operator and trusted fidu-ciary. Through three generations, Stoltz

has successfully diversified its capabili-ties, garnered comprehensive industryexpertise and championed exceptionalservice and operational excellence.

In Nevada, Stoltz Management Com-pany oversees 700,000 square feet of of-fice/warehouse, office/flex and industrialbuildings at Hughes Airport Center andHughes Cheyenne Center. At Hughes Air-port Center, the company completed thedevelopment of two build-to-suit facilitiesfor gaming industry manufacturers, Kona-mi Gaming and WMS Gaming, which to-taled over 200,000 square feet.

The Stoltz portfolio at the HughesAirport Center currently has a 90 per-cent occupancy rate. A new 180,000-square-foot Class A office building is ex-pected to break ground the first quarterof 2007 with occupancy by January2008. Another 90,000 square feet ofnew space is being planned for the re-maining two undeveloped parcels, andthe Hughes Airport Center is expected toreach build-out by 2010.

Hughes Cheyenne Center is a220,000-square-foot business park locat-ed between the North Las Vegas Airportand I-15 on Cheyenne Avenue, in theCheyenne Technology Corridor. It consistsof more than 20 buildings and has an ex-cellent mix of occupants, including of-fice/warehouse users. In addition, thecompany owns 6.74 acres of land at thesite for potential development.

The senior executive team at StoltzManagement Company is composed ofseasoned professionals with decades ofexperience in successful private real es-tate investing, asset management andleasing, equity joint ventures, invest-ment banking and public company man-agement. The Las Vegas team includesWes Jenson as senior vice president,overseeing all operational aspects of theLas Vegas portfolio, and Senior VicePresident Kirt Klaholz, who has a longhistory of involvement in the real estateindustry in the Las Vegas Valley, withmore than 30 years of experience.

Stoltz Management CompanyOverseeing Las Vegas Valley Projects

O In Nevada, Stoltz Management

Company oversees 700,000 square

feet at Hughes Airport Center and

Hughes Cheyenne Center.

http://www.orion-nv.com

NAIOP Presidents

Ralph I. Murphy2006 President

2005 • Casey Jones

2004 • Rick Myers

2003 • Kevin Higgins

2002 • Rod Martin

2001 • Mark H. Bouchard

2000 • Richard D. Smith

1999 • Edward C. Lubbers, Esq.

1998 • Michael Newman

1997 • Robert A. “Tim” Snow, Jr.

1996 • Steven O. Spaulding

1995 • Micki Johnson

1994 • William R. Borinstein

1993 • Bruce G. Barton

1992 • Mark T. Zachman

1991 • Vernon L. Danielson

1990 • Donald R. Sanborn

1989 • Wai-Nung C. Lee

1988 • Kevin M. Buckley

1987 • Donald W. Haze

1986 • Donald W. Haze

http://www.panattoni.com

http://www.eqtitlenew.com

ongtime Las Vegans Kevin Hig-gins and Kit Graski opened VoitCommercial Brokerage in Las

Vegas in October 2002 as senior vicepresidents of the national firm. The of-fice has expanded its specialties fromindustrial and retail to sales and leasingof office properties, as well as invest-

ment and corporate services.In the short time since Voit’s Las

Vegas launch, the company has estab-lished itself as one of the leading com-mercial real estate brokerage firms inSouthern Nevada, and its principals con-tinue to play leading roles in local com-munity organizations and professional

groups. Their high level of success hasalso brought them national recognition.

In 2005, Higgins closed 73 transac-tions totaling more than $388 million andwas named Voit’s No. 1 broker nation-wide. He served as president of theSouthern Nevada chapter of NAIOP in2003 and as president of the SouthernNevada Chapter of the Society of Indus-trial and Office Realtors (SIOR) in 2004.Higgins was named NAIOP’s IndustrialBroker of the Year in 2006, which was hisfourth time winning this prestigiousaward. Higgins earned NAIOP’s IndustrialBroker of the Year award in 2000, 2001,2003 and 2006, as well as NAIOP’s Spe-cial Recognition Award in 2004.

Graski completed 38 transactionstotaling more than $72.5 million in2005, earning him the company’s No. 5ranking nationally. He is an active mem-ber of the International Council of Shop-ping Centers (ICSC). A retail expert with21 years of experience working in one ofthe strongest and most prosperous retailmarkets in the country, Graski’s exten-sive client list boasts well-known retail-ers, including The Home Depot, Bed Bath& Beyond, Smith’s Food and Drug Cen-ters, Border’s Books, Sports Chalet andMen’s Warehouse. Graski is currentlymarketing the largest retail power cen-ter under development in Las Vegas, Ar-royo Market Square, a 950,000-square-foot center.

Voit continues its strategic alliancewith Applied Analysis, a Las Vegas-based advisory services firm that pro-vides Voit with commercial real estatemarket research, including a compre-hensive real estate database, trackingand analysis of market indicators, de-mographics, market trends and othermarket-specific data.

A subsidiary of The Voit Companies,Voit Commercial Brokerage, a memberof CORFAC International, also has officesin Irvine, Anaheim, Chula Vista and SanDiego, Calif. The company, headquar-tered in Woodland Hills, Calif., has com-pleted sales and lease transactions val-ued in excess of $12 billion.

Voit Commercial BrokerageServing Southern Nevada

L

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etailed plans for Summerlin Centre, the master-plannedcommunity’s social, civic and commercial heart, were re-cently unveiled and will significantly alter the Summerlin

map and skyline and forever change the shopping, dining and gath-ering habits of those who live in Summerlin and surrounding com-munities. It will also enhance the work environment of those luckyenough to be officed there.According to Kevin Orrock, top division executive of The HowardHughes Corporation, a subsidiary of General Growth Properties, Inc.,plans call for two five-story towers of Class-A office space locatedon floors two through five, with retail on the first floor. Each toweroffers approximately 130,000 SF of space for a total of 260,000 SF.Additional office space will be located over retail space featured ina two-story setting.

“That’s a significant volume of office space planned for the ini-tial phase of development within Summerlin Centre,” said Orrock.“All of it is located above an expansive retail offering, and we’re al-ready receiving calls from companies interested in being part of thisexciting project.”

According to Orrock, Summerlin Centre is being designed as anurban destination with an array of first-class amenities that will

easily make the area the favorite place to see and be seen. At thevery heart of Summerlin Centre is a grand public plaza that willhost frequent public and civic events, including musical or dramat-ic performances and community celebrations.

Summerlin’s regional retail center is planned to include:• 1.5 million SF of retail with four major department store anchors(including luxury), additional “mini-anchors” and other local andnational retail merchants in an open-air design.• A 250-room, non-gaming, four-star, boutique hotel with confer-ence facilities.• A series of grand public plazas where events such as culturalperformances and community celebrations will be staged.• A wide array of fine dining and entertainment options.• An exciting collection of urban residential homes above street-level retail stores and restaurants.

Summerlin Centre’s urban core will be developed just south ofthe Red Rock Casino, Resort and Spa and is conveniently locatedbetween Summerlin Centre Drive and Sahara Avenue, west ofPavilion Center Drive and east of the 215 Beltway, providing easyaccess from the Las Vegas Strip, McCarran International Airportand the entire Las Vegas Valley.

Summerlin Centre Office Plans Announced

D

http://www.ensemble.net

he Thomas & Mack Develop-ment Group is a partnership ofaccomplished real estate pro-

fessionals specializing in the developmentof commercial, industrial and retail proper-ties in Southern Nevada. The firm is cur-rently developing a variety of producttypes, ranging from multi-story Class A of-

fice buildings, to single-story flex officebuildings, to retail-service developments.

The firm has several propertiesthroughout the Las Vegas Valley, includ-ing: McCarran Center, a 100-acre master-planned, mixed-use park near the airport;Las Vegas Technology Center II, a 71-acreproject located in the northwest; and the

400-acre Beltway Business Park, in part-nership with Majestic Realty Co.

At McCarran Center, the group is fi-nalizing plans for an 8,000-square-footretail services building, which will bedeveloped on the last available site inthe center. This building will close outdevelopment in this highly successfulbusiness park.

In the northwest, Thomas & Mack iscompleting a 35,000-square-foot, two-story office building in the Las VegasTechnology Center II (LVTC II). This two-story Suburban Class A office buildingcompletes an architecturally distinctiveoffice complex that is available for sale orlease. Thomas & Mack recently complet-ed a 44,000-square-foot, single-storyflex office building in LVTC II.

At the Beltway Business Park,Thomas & Mack and Majestic are com-pleting Corporate Gateway II, a three-story office building. Corporate Gateway IIis a twin to the existing Corporate Gate-way I, which was honored as NAIOP’s2006 Spotlight Awards Office Building ofthe Year. In addition, the partnership isconstructing three, single-story flex officebuildings totaling 125,000 square feet.Also under construction is the BeltwayCommons, 38,000 square feet of retail-service buildings that will provide foodand other amenities to the tenants in thismaster-planned business park. At build-out, Beltway Business Park will include 5million square feet of office, distributionand retail facilities.

Thomas & Mack continues to devel-op significant properties for businessesthat are helping to diversify the economyin Southern Nevada. Committed to thecommunity and the real estate industry,the firm continually contributes to localand national NAIOP activities. Two of thefirm’s executives, Tim Snow and RickMyers, are past presidents of the South-ern Nevada NAIOP chapter and are cur-rently serving on the Board of Directors.In addition, Snow and Myers are in-volved in the NAIOP National Forums,and have attended numerous NAIOPevents around the country.

Thomas & Mack Development GroupInvolved in Diverse Commercial Projects

T

orporate Gateway I at BeltwayBusiness Park and The Logisti-Center CDW Build to Suit took

“Best Building” honors this year at theNinth Annual NAIOP Spotlight Awards heldon April 1. The ceremony, held at Wynn LasVegas, brought together more than 750professionals from the commercial real es-tate industry to celebrate the best com-mercial real estate projects and industryprofessionals of 2005.

st National Bank of Nevada, the largest locally ownedbank in Nevada, posted a record 50 percent growth inrevenues in calendar 2005 over calendar 2004. Found-

ed by Raymond A. Lamb in 1998, 1st National Bank of Nevada ispart of a multi-state private enterprise. 1st National employsmore than 2,000 people and boasts assets of $3.7 billion, with astrong interest in construction and mortgage financing.

As a full-service, family-owned bank, 1st National Bank ofNevada offers a comprehensive package of business and per-sonal deposit and loan products. The bank’s commercial offeringsinclude a strong focus on real estate and construction lending fordevelopers and owner-users. Its Gaming and Specialty FinanceDivision focuses on a core Nevada industry. The bank’s WealthManagement Group bridges commercial and consumer needs.Mortgage operations provide services to both wholesale mort-gage brokers and the general consumer.

One of the most recent introductions at 1st National Bank isa new service that enables business customers to deposit checkswithout leaving their desks. Called Image Deposit, the serviceuses a secure high-speed Internet connection and a small desk-

top scanner to electronically deposit checks, saving customerstrips to the bank and offering faster access to funds.

The Image Deposit scanner makes a digital image of bothsides of each check, deposits are electronically credited to theaccount, and then checks are digitally archived for future refer-ence. The process uses advanced security features to protectcustomer information.

The benefits of Image Deposit include:• Saves trips to the bank to deposit checks;• Extends the processing day with later deposit cut-off times;• Uses one bank for all deposits – regardless of business locations;• Incorporates advanced security features to protect information.

“Business owners and their employees don’t have time tocome to the bank each day. We wanted to minimize the‘runaround-aphobia’ they experience.” said Bill Oakley, thebank’s market president. “This is just one of many innovative,time-saving services we have available for our clients. We ap-preciate the confidence and support given us by the businesscommunity and want to continue to add value in the communi-ties we serve.”

1st National Bank of NevadaShowing Record Rate of Growth

1

C

Ninth Annual Spotlight AwardsChapter President Ralph Murphy,

along with the Governor Kenny C. Guinn,hosted the event and presented awardsin several categories.

“On behalf of the board of directors andmembers of NAIOP, I would like to con-gratulate the winners of this year’s Spot-light awards,” Murphy said. “The SpotlightAwards honor individuals and companiesfor excellence in development and theircontributions to the community. This year’s

winners have worked hard to raise the barand set the standard for the industry andwe wish them success in the future.”

Corporate Gateway I at Beltway Busi-ness Park was developed by Thomas &Mack Development Group, designed byKKE/HFTA Architects and built by Martin-Harris Construction. The LogistiCenterCDW Build to Suit was developed by DPPartners and designed and built by Unit-ed Construction Company.

2006 Spotlight Awards Industry Award RecipientsDEVELOPMENT FIRM OF THE YEAR

Marnell Properties

GENERAL CONTRACTING FIRM OF THE YEARMartin-Harris Construction

BROKERAGE FIRM OF THE YEARColliers International

ARCHITECTURE FIRM OF THE YEARDekker/Perich/Sabatini

ENGINEERING FIRM OF THE YEARWRG Design, Inc.

TRENDSETTER FIRMGlen, Smith & Glen Development

PRINCIPAL MEMBER OF THE YEARRod Martin

ASSOCIATE MEMBER OF THE YEARSuzette LaGrange

OFFICE BROKER OF THE YEARCharles W. Witters, SIOR

INDUSTRIAL BROKER OF THE YEARKevin Higgins, SIOR

Harsch Investment Properties

Glen, Smith & Glen Development

Coldwell Banker Commercial ETN

Dekker/Perich/Sabatini, Ltd.

Colliers International

Centra Properties

Crescent Real Estate Equities, Ltd.

DP Partners

Huffman Builders West

Panattoni Development

SH Architecture

CB Richard Ellis

Community Bank of Nevada

Crescent Real Estate Equities, Ltd.

EJM Development Co.

LM Construction

Tower Realty Development, LLC

Wells Fargo Bank

Affordable Concepts, Inc.

Anchor Development

City of Las Vegas

City of North Las Vegas

Commerce CRG / Cushman & Wakefield

Commercial Alliance

EJM Development Co.

EMBARQ

Grubb & Ellis | Las Vegas

Harsch Investment Properties

Haworth

Lee & Associates

Martin-Harris Construction

McFadden Insurance Agency

Nevada Business Journal

Panattoni Development Company

Southwest 1031 Exchange

SR Construction

United Construction Co.

UNLV Lied Institute for Real Estate Studies

Voit Commercial Brokerage

WRG Design

XO Communications

LUNCH SPONSOR

COCKTAIL PARTY SPONSOR

GUIDEBOOK SPONSOR

WATER BOTTLE SPONSOR

TOTE BAG SPONSOR

LANYARD SPONSOR

SUB-MARKET SPONSORS

BUS SPONSORS

EXHIBITORS

S P O N S O R S

http://www.groundskeeper.com

N E V A D A B U S I N E S S J O U R N A L A D V E R T O R I A L

W hen future homebuyers walkthrough their brand new neigh-borhoods at The Mesa in Sum-

merlin, they’ll see hiking trails, tranquil sur-roundings and aesthetically pleasingviews. What they won’t see is the painstak-ing and time-consuming process it took toachieve that harmonious balance.

The Mesa, also known as Village 16 inSummerlin, is located at the very end ofTropicana Avenue, near Hualapai Way. De-veloped by The Howard Hughes Corpora-tion, the Summerlin community is situatedon 520 acres, and will eventually include5,000 homes. Each neighborhood will haveits own park and pool complex, along witha 20-acre community park and the much-anticipated new campus of Bishop GormanHigh School, slated to open in 2007.

In keeping with the community’s outdoorliving and recreational flavor, its trail sys-tem will be extensive, eventually tying inwith a proposed Clark County Trails Parkthat is planned for the top of the cliff-linemesa along the western rim of the village.

But since the community is located at thebase of a hillside, construction necessitated

the creation of a channel at the base of themountain, which will protect residential de-velopment from water run-off. In addition,native plant material and boulders had to beremoved to make way for homes and roads.That’s where Native Resources Nevada (Na-tive Resources) makes its mark.

Restoring Natural Beauty

“It’s our job to restore nature,” said JerryStanley, president of Native Resources,which has been a full-service licensed andbonded contractor for a decade. “It’s a veryprecise and time-consuming process thatis done in three stages. Prior to develop-ment, we go in and carefully dig up the na-tive plant material, such as creosote, Mo-jave yucca, white bursage and other

vegetation, as well as rocks and boulders.Next, the plants are placed into a nurserywe’ve created on site.”

Since uprooted plants immediately gointo shock, they must be carefully main-tained. Their roots are dipped into a specialgel that slows the shock process, and eachone is then placed into a urethane dig bag,known as a micro-climate. The plants arefed nutrients with the goal of stopping theirstress as quickly as possible.

In general, most plant material will stabi-lize in 30-45 days, and will appear to bemuch more vibrant by 60 days. Stanleysaid some plants will be in the nursery forup to a year before they can be returned tothe completed development, which is thethird and most critical stage in the process.

“If the weather doesn’t cooperate, it can im-pact the process,” said Stanley. “Some plantsgo into dormancy, and that plays a factor inhow and when they can be reintroduced.”

Native vegetation must be planted in spe-cific locations, at certain elevations and insuch a way as to emulate the natural land-scape. Rocks and boulders are also reintro-duced. And although their placement is less

Native Resources Nevada A Natural Approach to Development

N E V A D A B U S I N E S S J O U R N A L A D V E R T O R I A L

exacting, Native Resources experts oftenstain them with natural colorants so theywill blend naturally into the environment.

“This town is encroaching into the moun-tains and hillsides, and the higher youmove, the more interesting the landscapeand life zones,” said Stanley. “For example,you won’t see any Joshua trees until youreach an elevation of 3,000 to 3,500 feet.”

Restorations Pays Off

The benefits of native restoration areimmeasurable, including preserving thenatural desert environment and deliveringan aesthetically pleasing product for fu-ture residents.

“The Howard Hughes Corporation andour parent company General Growth Prop-erties have always had a strong steward-ship of the land,” said Tom Warden, vicepresident of community and governmentrelations for The Howard Hughes Corpora-tion, developer of Summerlin. “We arekeenly aware of the impact developmentcan have on viewsheds and we routinelywork to reduce or eliminate them. “

Warden says the company’s buildings aredesigned to blend with the environment, upto and including the use of colors that areindigenous to the surrounding desert. Re-duced-glare streetlights are also used tocut down on light pollution at night.

“Along those same lines, we use Native Re-sources to restore areas of disturbed land toa natural condition,” said Warden. “This mayinclude restoring native plant materials, aswell as coloration of rocks or soil surface toblend into the landscape. It is difficult, to saythe least, to restore and re-vegetate land herein the Mojave, the driest desert in NorthAmerica. Native Resources is a recognizedexpert in this very challenging field. But that’swhat these guys do and they do it well.”

Experience Counts

Native Resources staffs more than 55 ex-perienced technicians in Las Vegas andReno, all sharing a common goal of pre-serving the environment. Stanley saidmuch of what his company does today waslearned by trial and error.

“Prior to founding the company, I met aman who did native re-vegetation ofSaguaros in the Phoenix area. I learned alot from him and applied that knowledgefrom the Sonora Desert to the MojaveDesert. For desert plants, it’s literally sur-vival versus mortality,” said Stanley. “Theplants may live side by side and coexist,but each is very different. One may need acup of water to survive; another may needfive cups. Some tolerate intense heat bet-ter than others. They’re all different andthey all have unique needs. The desert is asurprisingly fragile ecosystem.”

In addition to corporate re-vegetation andcactus salvage and site removal/relocation,Native Resources also provides its clientswith a variety of related services, includingenvironmental surveys and data collection.This is often the first stage in the process,as trained technicians perform an analysisof the proposed development, and plantsare assessed and catalogued to see whichones are salvageable.

“The developer must go through a verylong and complicated process if its objec-tive is to provide an aesthetically pleasingenvironment. The Howard Hughes Corpora-tion could have just as easily put in somerocks and disposed of native vegetation.But they believe in the concept of nativerestoration, and as a result, they have afine product that truly does lend itself tooutdoor living and recreation,” said Stanley.“When I tell people what we do, most willsay they never knew we were there – that’s

because we’re in and out, doing our bestnot to leave a trace.”

Native Resources also offers arid landrestoration services to clients that in-clude towns, cities and counties. Theprocess ensures that conditions on aspecific area of land are virtually thesame before and after an ecological dis-turbance. Components of this servicemay also include plant restoration andre-vegetation and even the replacementof native soils if appropriate.

Native Resources also works closely withcompanies in the mining industry for recla-mation and environmental consultation,with the goal of restoring mining sites sothey conform to or exceed reclamationgoals and plans.

As Nevada continues to grow, expandand evolve, Stanley said Native Resourceswill be there to meet its clients’ needs,whatever those needs may be.

“In today’s real estate market, there is nodoubt that the climate is changing,” hesaid. “You have to be flexible and open-minded. You can’t offer just one productline or service. You must be able to adaptand to work smarter, regardless of the sizeand scope of a project. That’s what ourclients have come to expect.”

Native Resources Nevada6420 Cameron St., Ste. 207

Las Vegas 89118-4339702-873-2023Reno Office:

430 Stoker Ave., Ste. 200Reno, NV 89503775-324-5547

www.nativeresourcesnevada.com

“When I tell people what we do, most

will say they never knew we were there

– that’s because we’re in and out,

doing our best not to leave a trace.”

his year’s NAIOP Bus Tour willfeature seven of the most re-cent office and mixed-use pro-

jects being built by a locally-owned com-pany, Investment Equity Development(IED), which is currently developing ap-proximately 600,000 square feet of newoffice, industrial and retail space in the Val-ley. David Inman and Dale Dowers, co-owners of the company, said IED’s successhas resulted from two main factors: first issite selection, with emphasis placed onhigh-visibility sites on major arterials ingrowth areas; second is the company’sability to manage a project from land ac-quisition to completion.

In the Airport Submarket, IED recentlycompleted McLeod Business Centre, an84,000-square-foot, mixed-useoffice/warehouse park offering eight officebuildings and eight office/warehousebuildings for sale.

In the booming Southwest Submarket,IED has no fewer than four ongoing pro-jects, all located on major streets. RainbowCorporate Center, an 87,000-square-footoffice project, consists of 12 office buildingsfor sale, with units ranging from 2,500 to15,000 square feet. South Rainbow Busi-ness Park, located just 1/2 mile from SpringValley Hospital, is a two-building develop-ment totaling 44,000 square feet of officesfor lease. Construction on Spanish TrailBusiness Park, at the busy intersection ofRainbow Blvd. and Tropicana, is nearingcompletion.The 76,000-square-foot projectwill contain a 10,000-square-foot retailbuilding and 11 professional buildings forsale in an office campus setting.

IED’s newest project in the southwestis the 74,000-square-foot, two-story Cop-per Pointe Business Park, fronting the I-215 Beltway between Sunset and Russell.This high-visibility, upscale two-buildingoffice park will offer units for sale in sizesranging from 2,500 to 37,000 square feet.

On the west side of town, StoneCanyon Professional Park is scheduled forcompletion prior to year’s end. The mixed-use project, located on West Sahara atTenaya, will offer single-story office build-

ings for sale or lease, and 15,000 squarefeet of retail pad space.

The Northwest Submarket is one of thefastest-growing areas in Southern Nevada,responding to a rapid increase in populationand the demand for services. IED is develop-ing Cheyenne Fairways Business Center on

Cheyenne Ave. west of Durango. A 60,000-square-foot office/retail development forlease, its two-story office building featuresbalconies and patios overlooking the Duran-go Hills Golf Club and private putting greens,making it the only local office project locateddirectly on a golf course.

Investment Equity DevelopmentSeven Projects Featured on Bus Tour

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http://www.ChristopherCommercial.com

he highly successful Districtat Green Valley Ranch, Hen-derson’s premiere shopping,

dining and entertainment destination,has recently completed construction ofthe Phase II expansion. The secondphase of The District – featuring TheCheesecake Factory, Whole FoodsMarket, West Elm, Coach and otherfine boutiques, specialty shops anddining establishments – is located onthe east side of Green Valley Parkwayat I-215, directly across the streetfrom the original development.

Consisting of six buildings, thenew section will provide an additional104,500 square feet of lifestyle-retailproduct and 51,300 square feet of of-fice-over-retail space. The DistrictTrolley Company provides compli-mentary shuttle service between bothphases of The District.

Future plans at The District in-clude an upscale neighborhood devel-opment of approximately 400 brown-stone-style homes, set in an intimateneighborhood environment, creating aunique metropolitan lifestyle withinwalking distance to The District andsurrounding amenities. AmericanNevada Company is currently in the

planning and approval process for thedevelopment, with ground breaking ex-pected to begin sometime duringfourth quarter of 2006.

Adjacent to The District is BellaVista at Green Valley Ranch, a private,gated condominium neighborhood.This conversion project from Ameri-can Nevada Company offers prospec-tive homebuyers townhome-style liv-ing, with affordably pricedcondominiums. Amenities at BellaVista include an upscale communityclubhouse with a fitness center,screening room, library, business cen-ter with wireless Internet access, twopools and a spa. The District, GreenValley Ranch Resort, Spa and Casinoand the City of Henderson’s LibertyPointe are all within walking distance.

American Nevada Company isalso developing Aliante MarketPlace,Aliante Corporate Center and AlianteMedical Center in the heart of Aliante,the fastest-selling master-plannedcommunity in the Las Vegas Valley.

Aliante MarketPlace is a 20-acrecenter offering 171,900 square feet ofretail space anchored by a Smith’sFood and Drug. Aliante Corporate Cen-ter features three two-story officebuildings in a 6.54-acre office parksite near the southeast corner of I-215and Aliante Parkway. The first twobuildings have recently been complet-ed, each offering 27,725 square feetof office space. Aliante CorporateCenter is located just north of thecommunity’s 20-acre Nature Discov-ery Park and adjacent to the AlianteInformation Gallery.

Aliante Medical Center, a 54,400-square-foot medical office building, isin the planning stages. JMA Architec-ture Studios is the architect and Mar-tin-Harris Construction is the generalcontractor. The building is planned toaccommodate a variety of offices forurgent care, outpatient surgery, diag-nostic imaging, women’s care, physi-cal therapy and physicians.

American Nevada CompanyExpands Commercial Development

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ne of the leading U.S. telephonecompanies is not an offshoot ofMa Bell. It’s actually the same

company that delivers high-speed Internetconnectivity and digital television serviceto over 410,000 customers in SouthernNevada. In fewer than 10 years, Cox Com-munications has risen from pioneeringcable telephone service in Orange County,Calif. to staking its claim as the largestcable telephone company in the nation.

With upgrades made over the pastdecade, cable companies like Cox, a multi-service broadband communications andentertainment company with nearly 6 mil-lion business and residential customers,have the ability to offer digital-quality tele-phone service over the same broadbandpipe that carries video and high-speeddata into homes and businesses. As a re-sult, cable operators have launched theformerly monopolistic telephone industryinto a competitive digital age.

Late last year, Cox rolled out Cox DigitalTelephone in metropolitan Las Vegas. Sincethen, Cox Business Services (CBS), a divisionof Cox, has been providing a digital dial toneto the Valley’s business community in addi-tion to its existing video and data solutions.

“We’re a phone company now,” saidDavid Blau, vice president and generalmanager of CBS for the Southern Nevadaarea. “We’re no longer simply a cablecompany, but a provider of advancedvoice, video and data communicationsservices with telephone solutions to meetneeds ranging from a resort property withmore than 5,000 guest rooms to a smallbusiness with 25 employees or a modesthome-office requiring one or two lines.”

The company offers business-gradelocal phone service designed to managethe full range of voice needs for business.It also provides PRI service, a reliable andsecure communications solution that con-nects a PBX system directly to the publicswitched telephone network. With CoxDigital Telephone, customers can also takeadvantage of flexible packaging options, acomplete array of calling features, and op-tional Cox Voice Mail services.

As cable companies like Cox aggres-sively entice telephone customers with at-tractively priced service bundles, many arealso outperforming traditional telephonecompanies in satisfying customers, accord-ing to the J.D. Power and Associates 2006Residential All-Distance Telephone Cus-tomer Satisfaction Study released in July.

The study, which measures customersatisfaction with both local and long dis-tance telephone service, finds that cablecompanies rank highest in customer satis-faction in five of six U.S. regions. From2003 to 2006, Cox Communications hasreceived five Highest Honors awards fromJ.D. Power and Associates.

Cox CommunicationsNow Offering Telephone Service

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http://www.TheDistrictAtGVR.com

Southern Nevada’s Office Real Estate MarketOutlook Remains Cautiously Optimistic

he Las Vegas Valley (“the Val-ley”) spec office market hasperformed moderately well so

far in 2006, by absorbing much of the re-cently completed space, resulting in anabsorption-to-completion ratio of .78:1,and only a slight increase in the vacancyrate. However, according to our 2nd quar-ter figures, there are almost 3.4 millionSF of office space under construction,and another 3.6 million SF of plannedspace, both of which could potentiallylead to increased vacancies in late 2006and into 2007.

The Valley has seen substantialgrowth in the spec office market in thepast few years. At the end of secondquarter of 2006, the Valley office marketconsisted of nearly 32.4 million SF. Themarket has grown by 14.4 million SFsince Restrepo Consulting Group LLCand Colliers International jointly began totrack the market in 1999 (RCG hastracked the office market since 1990).Class C makes up the largest componentof this space at 36 percent or 11.7 millionSF, followed by Class B (33 percent at10.7 million SF), Medical space (19 per-cent at 6.2 million SF) and Class A (11percent at 3.6 million SF).

The Valley’s spec office market expe-rienced its first rise in vacancy in fourquarters, increasing from 8.4 percent inQ1 to 8.8 percent in Q2, 2006. On a prod-uct basis, vacancy dropped in Class Aspace, and rose in Class B, Class C and

Medical space. The largest increase wasin Class C office space, where vacancyrose by 1.3 points, from 9.1 percent to10.4 percent.

Overall, the Valley’s average monthlyasking rent increased to $2.20 PSF in Q2.Average asking rents rose in Downtown,East Las Vegas, Henderson, North LasVegas, Southwest and West Central sub-markets. They declined in the Airport andNorthwest submarkets. Class A and C officespace saw a rise in average asking rents,while Class B and Medical saw declines.

Office completions in Q2, 2006 to-taled 1,018,036 SF, a dramatic increasefrom 240,045 SF in Q1. Most of this newoffice space was located in the South-west submarket (767,487 SF), followedby Henderson (149,926 SF), Northwest(79,928 SF) and North Las Vegas (20,695SF). No new office space was completedin the Airport, Downtown, East Las Vegasor West Central submarkets this quarter.By product type, most completions in Q2were in Class C (631,324 SF), followed byClass B (280,512 SF) and Medical(106,200 SF).

Forward supply (the combination ofspace presently under construction in aquarter and space planned to begin con-struction within the next 4 quarters) in-creased slightly in Q2 over Q1, rising to7,024,706 SF. Of this amount, 48.2 per-cent was under-construction, represent-ing approximately 10.5 percent of the ex-isting inventory. Forward supply was

concentrated in the Southwest, North-west, Airport and Henderson.

Net office absorption increased inQ2, 2006 to 800,837 SF, from 321,371SF in Q1. Unfortunately, it did not sur-pass new completions, resulting in thepreviously noted net absorption-to-com-pletion ratio of 0.78 square feet of de-mand for every one foot of space com-pleted. Also, Q2, 2006 absorption wasslightly lower than it was in Q2, 2005,when 875,153 SF were absorbed. It isunclear whether net absorption will sur-pass new completions next quarter,since the 1.6 million square feet of newoffice space scheduled for completion inQ3 is still approximately 65 percent va-cant. The implication is that the Valley’sspec office market may soften duringthe next four to six quarters.

Class C space saw the largest netabsorption in Q2, followed by Class A,Class B and Medical. Most of Q2’s ab-sorption was in the Southwest, followedby Henderson and Northwest.

In conclusion, the Valley’s spec officemarket remains healthy, but there aresome signs of weakening for the remain-der of 2006 through 2007.

John Restrepo is the founding principal ofRestrepo Consulting Group LLC, whichprovides information, research andstrategic advice related to the economic,demographic and real estate develop-ment of Nevada and the Southwest.

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By John Restrepo

Corporate Gateway I at Beltway Business Park wonBest Office Building at NAIOP’s 2006 Spotlight Awards.

“BUILDING ON SOLID GROUND SINCE 1960”376 E. Warm Springs Road, Suite 160

Las Vegas, NV 89119www.oakviewconst.com

(702) 873-6399 Fax: (702) 873-6690

Liberace Museum

Bennett ProfessionalDevelopment Center

oday’s developers want to create a complete experience– environments that promote users’ needs with sophisti-cation and functionality. But the rising value of land, along

with intensified competition in most markets, continue to increasethe competitiveness to create unique yet profitable environments.

The challenge is to find a perfect balance that allows devel-opers and consultants to meet goals in an efficient, time-sensi-tive and cost-effective manner. As the stabilizing force that uni-fies the worlds of design, business and community, balance is anapproach to client relations and project implementation in whichproject teams work to find creative and innovative solutions thatreduce costs and maintain value.

“Effective collaboration is the key to any successful pro-ject,” said Deborah McCutchen, director of the Las Vegas officeat Perkowitz+Ruth Architects. “At P+R Architects, every memberof our project team engages in problem-solving throughout thecreative process. Our success is due to the collaborative rela-tionships we foster with our clients.”

Alongside developers and contractors such as Glen, Smith &Glen Development and SR Construction, this perfect balance hasproduced several successful office developments in the Las Vegasarea, including The Park at Spanish Ridge, The Park at North Pointe

and The Park at Warm Springs. More recently on the boards are ThePark at Spanish Ridge II and Yaletown – a 240,000-square-foot low-rise office building park within a mixed-use development, currentlyin schematic design and expected to be completed by 2008.

“We encourage a family atmosphere in our office and in ourbusiness practices, which I believe benefits our client relation-ships,” said McCutchen. “It is extremely satisfying to completeprojects in this manner and share this type of success with com-panies like Glen, Smith & Glen and SR Construction.”

Producing cost-effective, functional and creative designsolutions structured to each client’s special requirements be-comes a delicate balancing act, but if achieved correctly, thiscollaboration leads to great project success.

As winner of the 2005 NAIOP Spotlight Award for Best FreeStanding Garden Style Small Office Park, The Park at WarmSprings best exemplified this, as the project was 100 percentsold out just three months after construction was completed.

With more than 27 years of proven experience, the projects ofP+R Architects range from office parks, single-tenant retailers andcommunity shopping centers, to mixed-use and urban developments,to entertainment and hospitality destinations. This collaborative ap-proach is present throughout the company’s six regional offices.

Perkowitz+Ruth Architects Balance Stimulates Good Design

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http://www.faciliteq.com

NAIOP Southern Nevada Chapter2 0 0 6 P R E S I D E N T ’ SC I R C L E S P O N S O R S

P L A T I N U MCB Richard Ellis

Cox CommunicationsEMBARQ

Marnell PropertiesSouthwest Gas Corporation

G O L DBank of America NevadaCentra Properties, LLCEJM Development Co.

Majestic Realty Co.Plise Companies, LLC

Roel Construction Company, Inc.Thomas & Mack Development Group

S I L V E RAmerican Nevada Company

Colliers InternationalCommunity Bank of Nevada

DP PartnersGlen, Smith & Glen Development

Jackson Shaw CompanyJMA Architecture StudiosL M Construction Co., Inc.

LaPour Partners, Inc.Lee & Associates

Marcus & MillichapOlympia Development Corporation

Shea CommercialStanley Consultants, Inc.

Summit Builders of NevadaSwitch Communications Group

Tradewinds ConstructionTWC Construction, Inc.

United Construction CompanyVoit Commercial Brokerage

Wells Fargo Bank

Affordable Concepts, Inc.

BankWest of Nevada

Bergelectric Corporation

Burke & Associates, Inc.

Capmark Financial

Carson Taylor Construction, Inc.

Dekker / Perich / Sabatini, Ltd.

Fidelity National Title Agency of Nevada, Inc.

G.C. Wallace, Inc.

Grubb & Ellis | Las Vegas

Harsch Investment Properties, LLC

Helix Electric

KKE / HFTA

Industrial Property Group

Jaynes Corporation

Juliet Property Company

The Korte Company

Lee & Sakahara Architects

Martin & Martin Civil Engineers and Surveyors

Martin-Harris Construction Co.

The Molasky Group of Companies

Nevada Power Company

Real Estate Group Nevada LLC

Nevada Title Company

Opulence Studios Inc.

Panattoni Development Company

Perlman Design Group

ProLogis

Roche Constructors, Inc.

Southwest Engineering

SR Construction, Inc.

Stoltz Management

Strata Building Group, LLC

Terracon

Trammell Crow Company

WESTAR Architects

WPH Architecture, Inc.

WRG Design, Inc.

XO Communications

B R O N Z E

http://www.jmaarch.com

EXECUTIVE COMMITTEEPresident

Ralph MurphyMarnell Properties

President-Elect,Government Affairs Committee Chair

Tony DazzioBurke & Associates

Immediate Past PresidentR.R. “Casey” Jones

Summit Builders of Nevada

Treasurer, Finance Committee ChairRobert A. “Tim” Snow, Jr.

Thomas & Mack Development Group

SecretaryFlora Jackson

BusinessCoach.com

Director, Sponsorship Committee ChairRod Martin

Majestic Realty Co.

Director, Industry Trends Committee Chair

Rick MyersThomas & Mack Development Group

DIRECTORSDirector, Membership Committee Chair,2006 Spotlight Awards Committee Chair

Sallie DoeblerUnited Construction Co.

DirectorDan Doherty


DirectorKevin Higgins

Voit Commercial Brokerage

DirectorSuzette LaGrange


DirectorJeff LaPour

LaPour Partners, Inc.

DirectorMichael Newman

Trammell Crow Company

Director, Golf Tournament ChairLee Phelps

Nevada Real Estate Group

DirectorJohn Restrepo

Restrepo Consulting Group

OTHER COMMITTEE CHAIRS

Communications Committee ChairGuyan Long

TitleOne

Programs Committee ChairEllie Shattuck

Martin-Harris Construction

Education Committee ChairKyle Nagy

GMAC Commercial Mortgage

Bus Tour Committee ChairChris Larsen

Dekker/Perich/Sabatini

Community Service Committee ChairBarbara Demaree

Southwest Gas Corporation

Chapter ExecutiveKatrina Ferry

2006 Officers, Directors and Committee Chairs

Some Things in Life Demand Total Expertise

A Commercial Real Estate Transaction is One of ThemDiscover why less than 1% of the world’s commercial real estate professionals

hold the coveted Certified Commercial Investment Member designation.

To contact a CCIM expert in your market,call 1-800-577-4689 or visit www.ccim.com

Site Selection • Development • BrokerageLeasing • Valuation • Investment Analysis

Experts in Commercial Investment Real Estate

Gary BannerLarry BrittainBrian CahaneLisa CallahanMiriam Campos-RootKent CliffordCarol Cline-OngGeorge ConnorGarry CuffCarolanne DohertyGlenn DulaineMichael DunnKeith Easton

Moe EhsanDeirdre FelgarSandy FinkRobert GardnerFrank GatskiBill GaylorLisa GilstrapLennard GrodzinskyAndy HantgesGreg HartlineJan HobackSteve HoopesAlberto Jauregui

Lillian JenningsCathy JonesSoozi Jones WalkerAggie KnoblockDevin LeeVickie LehrDrew LevyCharlie MackBobbi MiracleBarry MooreSusanne MooreTom NaseefRon Opfer

Mike PearceJack RappaportRobert ReelChristina RoushJames SmithLucinda StanleyKathy StubbsGene TrowbridgeAl TwainyScott WallatGeorge WarnerJames WeldJack Woodcock

LOCAL CCIM DESIGNEES

Legislative VoiceThrough our Government AffairsCommittee, we are able to educateour members about the issues thatmost affect them.

National ExposureWe are part of a national organiza-tion with exposure to educationalforums and networking opportuni-ties on a national level.

Local ExposureOur members can expose theircompanies through our sponsor-ship opportunities and events toattain greater visibility. Through

the Spotlight Awards program,member companies, projects aswell as individuals are recognizedby their peers.

SocialOur chapter holds monthly break-fast meetings featuring presenta-tions by experts on topics affectingthe commercial real estate industryand offering our members net-

working opportunities with morethan 150 individuals involved in theSouthern Nevada Commercial RealEstate Industry.

Also, golf tournaments are held inthe spring and fall, offering a funand enjoyable networking opportu-nity, and an Annual Fall Bus Tourshowcases new developments inthe Las Vegas area.

EducationWith five events each year, theseprograms and seminars are de-signed to help you maximize yourprofessional development andbusiness opportunities.

Charitycommunity involvement - NAIOPmembers believe the key to a suc-cessful community is in giving backto its' neighbors and making a dif-ference in the growth of the LasVegas Valley.

Chapter ActivitiesOur members can get involved in anumber of committees to help ex-pand their own membership. Theseinclude: Program Committee, GolfTournament Committee, EducationCommittee, Bus Tour Committee,Government Affairs Committee,CREPAC (Commercial Real EstatePolitical Action Committee),Newsletter Committee and theSpotlight Awards Committee.

Our members do business withmembers!

B E N E F I T S O F M E M B E R S H I P

OEL Construction’s Las Vegas office is well on its wayto another record-setting year. When ROEL first openedits Las Vegas office in 1993, the company had already

existed for more than three-quarters of a century providing qual-ity construction services. Since thattime, this fourth-generation, family-owned business has built some of LasVegas’s most highly visible projects,including country clubs at Red Rockand Anthem, sports/athletic clubs anda community center at Siena, 24 HourFitness at McCarran International Air-port, innovative automotive dealer-ships such as Towbin Hummer and Cadillac of Las Vegas West,and numerous office tenant improvement projects, includingBoyd Gaming, National University, Boulder City Theatre, US Bank,and JW Marriott.

ROEL recently completed construction of the LaughlinRanch clubhouse in Bullhead City, Ariz. The 35,000-square-footclubhouse features a grill and dining area, golf shop, salon, fit-ness center and spa with an outdoor pool. The Las Vegas officeis also extending the long-time relationship ROEL has had in

San Diego with technology giant QualCOMM, Incorporated.QualCOMM is building a Secure Network Operations Center ona 32-acre campus along the Cheyenne Technology Corridor inNorth Las Vegas.

ROEL employs more than350 people between its SanDiego headquarters and officesin Irvine, Palm Springs, LasVegas and Laughlin. The com-pany has received numerousawards, including the AmericanGeneral Contractor of the Year(seven times) and the Large

General Contractor of the Year from the American Subcontrac-tors Association (eight times). This year, McGraw-Hill’s Engi-neering News-Record, considered the Bible of the constructionindustry, ranked ROEL at 186 among the nation’s 400 largestgeneral contractors, based on its 2005 construction revenues.

ROEL Construction has become one of the largest indepen-dent general building contractors in the western United States. Itprovides general contracting services as well as tenant improve-ments, structural concrete and forensic consulting services.

ROEL ConstructionRoeling Along in 2006

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This fourth-generation, family-owned

business has built some of Las Vegas’s

most highly visible projects,

rescent Real Estate Equities, Ltd. is one of the largestreal estate investment trusts (REITs) in the UnitedStates. The REIT owns and manages a portfolio of pre-

mier office buildings primarily located in Dallas, Houston, Austin,Denver, Miami and Las Vegas, where it acquired the Hughes Cen-ter portfolio in late 2003. World-class resorts and spas, selectbusiness-class hotels and upscale residential developmentsround out the REIT’s real estate holdings.

What attracted Crescent to the Las Vegas market is not onlythe quality of the Hughes Centerassets, but also the historical andprojected performance of themarket. Las Vegas has been theonly major market in the countryto experience over 20 consecutiveyears of positive office absorp-tion. Since the acquisition of Hughes Center, demand for officespace has continued to climb, with Hughes Center currently 96percent leased.

To capitalize on this demand, Crescent is currently buildinga new Hughes Center office tower, 3883 Howard Hughes Park-way, comprising 240,000 square feet. The new office tower will

exemplify the Hughes Center tradition of providing first-classoffice space in an amenity-rich environment. 3883 HowardHughes Parkway will feature 11 floors with spectacular Valleyviews, efficient rectangular floor plates, the finest architecturaldesign features and state-of-the-art technology, in an environ-mentally conscious setting.

Crescent’s leadership team believes in investing in thecommunities in which they work and play. Crescent’s FACES ofChange program, created in 1997, partners Crescent properties

with elementary schools in need. Ineach of its markets, Crescent em-ployees, customers and businesspartners volunteer time and donatemoney and in-kind gifts to assistschools. Hughes Center has part-nered with Lewis E. Rowe Elemen-

tary for its Las Vegas FACES of Change initiative.Hughes Center is conveniently located between McCarran

International Airport and the Las Vegas Strip. Top-rated restau-rants such as Del Frisco’s, McCormick & Schmick’s, Lawry’s,Gordon Biersch Brewery, Cozymel’s, Bahama Breeze and Hama-da of Japan are located within the complex.

Crescent Real EstateExpanding Hughes Center Offerings

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Demand for office space has continuedto climb, with Hughes Center currently96 percent leased.

http://www.ncbnv.com

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fter 22 years in business, Burke& Associates is recognized asone of the top general contrac-

tors in Southern Nevada. The company’sexperience spans a broad range of suc-cessfully completed projects, includingpublic works, retail, hotels, office, manufac-turing, warehouses, banks and churches.

Burke & Associates was honored asGeneral Contracting Firm of the Year at the2005 NAIOP Spotlight Awards. “I was atonce humbled and honored by thisaward,” said Kevin Burke, the company’spresident and CEO. “We have receivedmany accolades over the past 20 years,but this is the most meaningful, as wewere judged by Southern Nevada’s devel-opment community.”

“We are extremely proud of our affili-ation with NAIOP and that Tony Dazzio, oursenior vice president, is on the board of

directors. Tony is currently chairman ofthe Governmental Affairs committee andpresident-elect for the Southern NevadaChapter of NAIOP.”

Kevin Burke earned his degree inmechanical engineering from KansasState University, with a minor in businessmanagement. Burke began his careerwith Procter & Gamble as a constructionmanager prior to joining Burke & Associ-ates in 1989. He is a member of theYoung President’s Organization, Legatus,Junior Achievement of Southern Nevadaand the UNLV Foundation-Academic Cor-poration Council and holds positions invarious professional organizations, in-cluding NAIOP and the Nevada Develop-ment Authority.

A former lobbyist, Dazzio was previ-ously executive manager of business plan-ning and growth at Nevada Power Compa-ny. After attending UNLV, where he studiedmarketing, he later graduated from Har-vard Law School’s Program on Negotia-tion. Dazzio is a member of the Las VegasChamber of Commerce, the Nevada Devel-opment Authority, the Henderson Develop-ment Authority and the North Las VegasChamber of Commerce.

Burke and Associates continues toplay a leading role in helping shape theSouthern Nevada landscape, with a di-verse list of completed projects dottingthe Las Vegas Valley. Some of the firm’sclients include Territory Inc., PeccoleNevada, Focus Commercial Group andChristopher Commercial.

Current projects include: the Avi Re-sort and Casino Expansion, a $25 millionproject that includes a 700-car parkinggarage, swimming pool, 25,000-square-foot casino expansion, 25,000-square-footballroom and other extensive renovations;Parkway Pointe Office Building, a Christo-pher Commercial Development project inSummerlin that includes new constructionfor a 54,000-square-foot Class A officebuilding with a subterranean parkinggarage, as well as several constructionprojects for Territory Incorporated, includ-ing the 98,000-square-foot CentennialGateway retail center.

Burke & Associates, Inc.Proud of Ties to NAIOP

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http://www.studiovbm.com


artin-Harris Construction re-cently celebrated its 30th yearin the construction business.

The company has grown from $5 in thebank and four associates to $240 milliondollars worth of work in 2005 and 400-plus associates. “The job sites havechanged greatly through the years, butthe client relationships remain thesame,” said founder and President FrankMartin. “Martin-Harris strives to deliverthe best to each project. The one-on-oneformula of dealing with clients mustwork because repeat business fromclients has been very positive, and Mar-tin-Harris is honored to build more thanone project for a client.”

A sampling of the company’s clientsincludes: American Nevada Company,Thomas and Mack Development Group,

Stoltz Management Company, Insight De-velopment, Consolidated Resorts, Del Webband The Howard Hughes Corporation.

Completed Martin-Harris projectsinclude Beltway Business Park G2, TahitiVillage Resort Phase 1, Palm Court Busi-ness Center (14 buildings), ManhattanCondominiums, Fiesta Henderson addi-tion, FedEx Ground Henderson, WMSGaming and G&K Services.

Projects in progress include: TahitiVillage Phase 2, Boca Rotan Luxury Con-dominiums, Marcello’s Business Park,Streamline Tower, Varian Medical Sys-tems, Harrah’s Corp. Hangers, Jet Hang-ers and Arroyo Office Bldg. 1 & 2.

Due to the demands in the fast-growing community, Martin-Harris hasdeveloped another area of expertise,Special Projects. This department buildstenant improvements for clients. Exam-ples of completed projects include:Longford interior medical offices; SierraMedical Center (projects within the com-plex and upgrade of building systems,radiology, pharmacy and medical suites);Green Valley Ranch Café; H2O; Aerosols;Timberland; Jose’ Eber Hair Salon;Beachers Rock House; Citi Bank Alante;Hennessey’s Tavern; and Mickit Finnz.

Martin pointed out that safety is an-other factor that is highly regarded atMartin-Harris, and the company’s safetycrew is constantly emphasizing the im-portance of safe working conditions andhonors safe work practices. It conductssafety seminars on a routine basis andhas received 17 Safe Site Awards fromAssociated General Contractors of LasVegas over the last nine years.

Martin Harris Construction encour-ages associates to be active in commu-nity, as well as job-related organiza-tions. A sampling of organizationsserved includes: NAIOP, Opportunity Vil-lage, SafeNest, AGC, CCIM, Boy Scoutsof America, City of Hope, Muscular Dys-trophy Assoc., AIA, DBIA, SIOR, localChamber of Commerce organizations,UNLV Foundation, CCSN Foundation,UNLV’s Lied Institute of Real Estate Stud-ies and PAL.

The economic growth of the compa-ny reflects its recognition and ratings.Martin-Harris is ranked 157 in The Top400 Contractors in the nation by Engi-neering-News-Record and has been list-ed since 1996.

Martin-Harris ConstructionThirty Years of Building Las Vegas

M “The one-on-one formula ofdealing with clients mustwork, because repeat businessfrom clients has been verypositive, and Martin-Harris ishonored to build more thanone project for a client.”

itleOne Las Vegas is a title and escrow company ownedby Nevada residents as well as TitleOne team mem-bers. The company was founded in 2005 by a small

group of local entrepreneurs who wanted to build a “different”kind of title company. They allagreed on a simple concept; theywanted to become a part of theAmerican Dream by providing inno-vative and superior service, hiringthe best professionals in the Valley,creating a fun, friendly work envi-ronment and letting the teammembers own the business.

TitleOne is one of a few employee-owned companies in LasVegas. Each team member is also an owner of the company. To-gether they bring a combined expertise spanning more than acentury of knowledge in real estate and related industries andshare an unparalleled dedication and drive. As of October 1st, Ti-tleOne will be led by newly named president and industry veteranDavid Proctor, previously of Old Republic in Southern California,where he oversaw a six-county region.

“TitleOne’s philosophy of teamwork and letting everyone

have a piece of the pie has been the leading cause of its suc-cess in the Valley,” said Proctor. “This is a business model thathas proven to be successful in other industries. It brings em-ployees together for one common goal.”

TitleOne of Las Vegas is asister company of TitleOne Corpo-ration, headquartered in Boise,Idaho. Now serving two locations –Las Vegas and Green Valley – Ti-tleOne is one of the first title com-panies to offer products and ser-vices online and continues to lead

the industry in developing cutting-edge technology.Under the direction of CEO Mark Tidd, the company has grown

and now services real estate professionals throughout the entireLas Vegas Valley with offices in both Summerlin and Henderson.

The company, which started out with 19 people, currentlyhas 37 team members who specialize in all aspects of the titleindustry, including title insurance, builder and developer ser-vices, commercial services, document recordation, documentresearch, document retrieval, escrow closing services andproperty information reports.

TitleOne Las VegasA Different Kind of Title Company

T

SUBSCRIBE NOW

IT’S EASY

Go to:

www.NBJ.com


TitleOne is one of a few employee-owned

companies in Las Vegas. Each team

member is also an owner of the company.

http://www.southwest1031exchange.com

Affordable Concepts, Inc.American Asphalt & Grading Co.American Nevada CompanyAmPac Development CompanyAnchor DevelopmentApex Industrial ParkApplied AnalysisARGO CorporationAssurance Ltd.Aztec EngineeringBank of America NevadaBank of NevadaBarker Drottar Associates, L.L.C.Bergelectric CorporationBFB Enterprises, Inc.Big Sky Development, Inc.Blue HeronBlue HeronBNA Consulting EngineersBond St. PropertiesBrooks Corporation General ContractorsBuilders Capital, IncBurke & Associates, Inc.Burnham Real EstateBusiness Bank of NevadaBusiness Bank of NevadaBusiness Community CapitalBusiness Properties GroupBusinessCoach.comBusinessSuitesCapmark Finance, Inc.CapSource Inc.Carpenter Sellers ArchitectsCarson Taylor Construction, Inc.Cartmill Rogers Construction CompanyCB Richard EllisCentex Destination PropertiesCENTRA Properties, LLCCentra Realty CorporationChicago TitleChristopher CommercialCIP Real EstateCity National BankClark Construction Group, LLCCNSColdwell Banker Commercial ETN Real Estate ServicesColliers International, Inc.Commerce CRG/Cushman & Wakefield AllianceCommercial Roofers, Inc.Community Bank of NevadaConde Del Mar PropertiesConstruction Consultants. Inc.CORE ConstructionCornerstone CompanyCorrere Casa, LLC / Bodega Business ParkCORT Business ServicesCox CommunicationsCrescent Real Estate Equities, Ltd.Dekker/Perich/Sabatini, Ltd.Desert Community BankDFD ArchitectureDiversified Communications Solutions, Inc.Diversified RealtyDP PartnersDSA DevelopmentDwyer - Curlett & CompanyDynamic Commissioning Solutions, IncEJM Development Co.EmbarqEquity Advisors GroupEquity Title of NevadaErnst & Young LLPESG Construction ConsultantsEthos/Three ArchitectureFair, Anderson, & LangermanFidelity National Title Agency of Nevada, Inc.First American Title Co. of NevadaFirst National Bank of NevadaFKC Properties, Inc.Flagship Construction Co.Fluoresco Lighting & SignsG. C. Garcia Planning & Development ServicesGensler of NevadaGeotechnical & Environmental Services, IncGeoTek, Inc.Glen, Smith & Glen DevelopmentGolden City MortageGreenberg TraurigGriffin Realty Corporation

Grubb & Ellis | Las VegasHarris Consulting EngineersHarsch Investment Properties, LLCHatcher Constuction CompanyHaworth, IncHedley Construction & DevelopmentHelix ElectricHeller CompaniesHenriksen/Butler Design GroupHuffman Builders WestIndigo Architecture, Inc.Indigo Rock InternationalIndustrial Property GroupInsight Holdings, LLCJ.D. Construction, Inc.JMA Architecture StudiosJoel Laub & AssociatesJoel Laub And AssociatesJohnson Jacobson WilcoxJPG InsuranceJuliet Land CompanyKaercher Campbell & AssociatesKalb Construction CompanyKeyBankKeyon Communications, LLCKimley-Horn & Associates, Inc.Kitchell ContractorsKKE / HFTA ArchitectsKummer Kaempfer Bonner & RenshawL M Construction Co., LLCLand America Financial GroupLand Baron InvestmentsLandry & Associates, Inc.Langan Engineering & Environmental ServicesLaPour Partners, Inc.Las Vegas Development Company, LLCLaw Office of Garry L.HayesLedcor Construction IncLee & AssociatesLee & Sakahara ArchitectsLND ConstructionLongford Group, Inc.Majestic Realty Co.Marcus & MillichapMarine BankMark IV CapitalMark L. Fine & AssociatesMarnell PropertiesMartin & Martin, Inc.Martin-Harris Construction Co.MassMediaMatt Construction, LLCMcCarthy Building Companies, Inc.McDonald Carano Wilson LLPMcFadden Insurance Agency IncMetro Commercial PropertiesMidfirst BankMitch Ogron, Ltd.MWT - Ofra ArchitectureNadel Architects Inc.NAI HorizonNevada Business JournalNevada Federal Credit UnionNevada First BankNevada Pacific Realty CapitalNevada Power CompanyNevada Real Estate Group LLC/ Mission Completed Contrac-torsNevada Title CompanyNigro DevelopmentOakview ConstructionOakwood Corporate HousingOffice Furniture USAOGI Evironmental, LLCOlympia Land CorporationOneCapOpulence Studios Inc.O'Reilly & Ferrario, LLCOrgill/Singer & AssociatesOrion Engineering & Surveying, Inc.P G A LPanattoni Development CompanyParker ScaggiariParsons Behle & LatimerPeccole Nevada CorporationPerkowitz & Ruth ArchitectsPerlman Architects, Inc.Progressive Roofing d.b.a. Progressive Services Inc.ProLogis

R & O ConstructionR L Moore & AssociatesR2W, Inc.RBF ConsultingRDB DevelopmentRDS Associates, LLCRE/Max ExtremeRealty Advisory Group, Inc.Restrepo Consulting Group LLCRG GroupRhapsody PartnersRice Silbey Reuther & Sullivan, LLPRMI Investment ServicesRMS McGladreyRobert Bein, William Frost & AssociatesRoche Constructors, Inc.Roel Construction Company, Inc.Romano Realty, Inc.Sansone CompaniesSchiff DevelopmentScott L. Baker Architect , Inc.SH ArchitectureShea CommercialSierra Health Services, Inc.Silver State BankSletten Companies of Nevada Inc.Snell & Wilmer, LLPSouthern Nevada IBEW/NECA - LMCCSouthwest EngineeringSouthwest Exchange CorporationSouthwest Gas CorporationSouthwest Title CompanySpectrum Surveying & EngineeringSR ConstructionSSA ArchitectureStanley Consultants, Inc.Stewart Title of NevadaStoltz ManagementStrata Building Group, LLCSummit Builders of NevadaSunland AsphaltSwitch Business SolutionsTate Snyder Kimsey ArchitectsTerra West RealtyTerraconTerraSpec DevelopmentTerritory IncorporatedThe Bentley Group Real Estate AdvisorsThe Business PressThe Curve Development Company LLCThe Gilmore CompanyThe Howard Hughes CorporationThe Korte CompanyThe LINCService Co.The Molasky Group of CompaniesThe Penta Building Group, Inc.The Ribeiro CorporationThe WLB Group, Inc.Thomas & Mack Development GroupTicor Title of NevadaTitleOneTower Realty & Development. LLCTown & Country BankTradewinds ConstructionTrammell Crow CompanyTRCTrident Property Management, Inc.TWC Construction, Inc.United Construction CompanyUSA Commercial Mortgage CompanyValley BankVenture CorporationVoit Commercial BrokerageWalter P. MooreWells Fargo BankWESTAR Architectural Group/NV, Inc.Western RealcoWestern Risk InsuranceWestern Technologies IncWestland EnterprisesWestland EnterprisesWhiting-Turner Contracting CompanyWindermere CommercialWPH Architecture. IncWRG Design Inc.Young Electric Sign CompanyZions Small Business Finance

N A I O P M E M B E R C O M P A N I E S

MBARQ provides high-quality integrated voice, data, In-ternet, wireless and entertainment communications so-lutions in 18 states, including Nevada. EMBARQ, for-

merly the local telecommunications division of Sprint, is abrand-new 107-year-old company, employing about 20,000 per-sonnel nationwide.

Business customers enjoy high-speed data options throughEMBARQ High-Speed Internet and Ethernet services, dedicated T1lines, asynchronous transfer mode (ATM) and frame relay. EMBARQis a leading provider of PBX, key systems, other data communica-tions and call accounting. The company’s all-digital network ismade up of hundreds of self-healing fiber-optic “rings” that enablecircuits to survive cable cuts or other outages by rerouting calls,often without customers even being aware of the problem.

Because of its deployment of broadband through copper, fiberand digital facilities, EMBARQ offers home and business cus-tomers state-of-the-art products and services. EMBARQ High-Speed Internet offers dedicated bandwidth from home or businessto its DSL gateway that provides consistent speeds. In addition,EMBARQ provides its customers a variety of product and servicebundles with the convenience and simplicity of a single bill.

EMBARQ Smart Connect helps business customers make the

most of their landline and wireless networks in many ways, themost important of which can be saving money and increasingproductivity.

EMBARQ also offers a DSL value-added service that pro-vides a Web presence to small business customers with Webhosting, e-commerce and multiple vanity e-mails.

The company continues to push its network evolution fromcircuit to packet switching, recently transitioning its 1 millionthpacket-switched line. Moving to packet switching dramaticallyincreases network capacity and bandwidth capabilities. Otherenhancements include further deployment of dense wave divi-sion multiplexing (DWDM) through the network. DWDM signifi-cantly increases bandwidth and capacity by making more effec-tive use of each fiber.

The company maintains a leadership role in community in-volvement efforts. As an example, EMBARQ recently held its sec-ond annual back-to-school supply giveaway for teachers inSouthern Nevada. In addition, the company is creating an EM-BARQ Technology & Innovation Center for boys and girls in LasVegas. EMBARQ also has a Las Vegas community relations team,composed of local employees, which provides community lead-ership for civic and humanitarian activities.

Embarq Provides Integrated Communications Solutions

E

http://www.landiscor.com

ith the completion of the acquisitions of Nevada FirstBank and the former Bank of Nevada by BankWest ofNevada this past summer, the newly renamed “Bank of

Nevada” now features a total of 15 offices extending from LasVegas, Henderson, North Las Vegasand Mesquite in Southern Nevada toReno in the north. Headquartered inLas Vegas, Bank of Nevada todayboasts $2.8 billion in assets and em-ploys nearly 500 employees.

With the merger of the twobanks, Bank of Nevada plans to con-tinue its high-quality business bank-ing based on a commitment to personal service and seasoned localbanking expertise. “The combined skills of the three organizationswill provide our customers even greater lending and service capa-bilities for business and personal banking, while maintaining the‘small bank’ personal attention that is our hallmark,” said RobertSarver, president and CEO of the new Bank of Nevada.

Later this year, the bank will continue to increase its presencein the state with the completion of several new office projects. Inthe fall, Bank of Nevada plans to open a new full-service banking

office near Summerlin at the corner of Charleston Blvd. and Huala-pai. Also opening later this year is a new 36,000-square-foot op-erations center near McCarran International Airport, which will be-come the centralized hub for furthering the capacity of the bank’s

data and service operations. InNorthern Nevada, a second Renofull-service banking office is in theplanning stages.

Bank of Nevada focuses on thebusiness and professional mar-kets of Nevada. The bank isstructured as a “super communi-ty bank”, providing a broader

product array and larger credit capacity than a communitybank – and staffed with experienced relationship managerswho serve as a single point of contact for their clients’ needs.

Bank of Nevada is the flagship institution of Western AllianceBancorporation (NYSE: WAL), which offers financial services inNevada, Arizona and California through its subsidiaries Bank ofNevada, Alliance Bank of Arizona and Torrey Pines Bank, and affil-iates Premier Trust and Miller/Russell & Associates, Inc.

The New Bank of NevadaGrowing Into the Future

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Headquartered in Las Vegas, Bank of

Nevada today boasts $2.8 billion in as-

sets and employs nearly 500 employees.

http://www.mccarthy.com

len, Smith & Glen Developmentis a Nevada-based firm spe-cializing in residential and

commercial projects. The managingpartners, Kenneth Smith and Alan Glen,have been responsible for the combinedproduction of several billion dollars inreal estate development over the courseof more than 60 years.

Currently, the firm is working on fourcommercial projects in Southern Nevada.The Park at Spanish Ridge is located in thequickly developing southwest area of LasVegas. Phase I of the project sold out be-fore it broke ground in 2005, and Phase IIis currently under construction. It offers 13single-story buildings, two two-story build-ings, one three-story building, and one

four-story building, with a total of 365,000square feet for sale or lease. It includeslandscaped entryways, interior streets,common areas with courtyards, widebuilding setbacks and abundant parking.

The Park at Northpointe is located be-tween Craig Road and Alexander on MartinLuther King Boulevard in North Las Vegas.The architectural design will resemble thePark at Warm Springs, featuring the samebuilding accents and landscaped commonareas. Currently under construction, ThePark at Northpointe will feature 18 one-story buildings ranging from 4,200 squarefeet to 7,200 square feet. The first 10 retailand office buildings are for sale or lease.

Patrick Professional Park will consistof a 20-acre custom commercial lot avail-able in increments, with utilities stubbed toeach parcel. Located between Patrick andOquendo west of Durango, this develop-ment offers purchasers the ability to devel-op a unique office environment tailored totheir needs. The .75-acre lots may be pur-chased individually or in multiple numbers.

The Park at San Martin is located onWarm Springs between Buffalo and Cimar-ron, adjacent to the new Saint Rose Do-minican Hospital, San Martín Campus.Under development, The Park at San Mar-tin will consist of 75,000 square feet of sin-gle-story buildings, and 168,000 squarefeet of multi-story buildings designed as amedical office center.

Glen, Smith & Glen also has plans fortwo mixed-use developments in thesouthwest quadrant of the Valley. The firstwill be situated on 16.5 acres at Sunsetand Durango near the I-215 Beltway. Thedevelopment will comprise four 20-storyresidential towers, two mid-rise terraces,one loft building, brownstones and aclass-A office building. The main marketstreet will feature retail stores and spe-cialty shops. The second project will belocated at Russell Road and I-215. The13-acre project will consist of five multi-story office buildings, three mid-sizedcondominium towers and three large flex-space commercial/retail/loft buildings.

Glen, Smith & Glen DevelopmentKeeping Up with Valley Growth

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http://www.naihorizon.com

inker Materials Concrete Pipe Division, known in South-ern Nevada as the Las Vegas Pipe Plant, manufactures acomplete line of pre-cast concrete box culverts to meet

engineering requirements of developers and builders. These rein-forced concrete systems meet specifications under conditions in-cluding shallow cover, special water-way requirements and/or unusualload conditions.

Rinker Materials’ pre-cast sys-tems are available in a wide rangeof standard sizes (4’x 2’x 8’ through22’x 8’x 6’) to meet or exceed ap-plicable AASHTO/ASTM require-ments and local restrictions. RinkerMaterials also manufactures most special products required, in-cluding bevels, elbows and transitions, so customers do nothave to use a mixture of precast and cast-in-place materials.

Rinker Materials is an internationally recognized leader inthe concrete pipe and precast concrete industry. Each Rinkersystem is backed by leading technology, engineering expertiseand a commitment to quality and service. Las Vegas Pipe is alsoAmerican Concrete Pipe Association (ACPA) Q-CAST Certified,

which gives customers an additional assurance of quality.After-the-sale service is equally as important as delivering

a quality product. Rinker Materials’ service ends only after pro-duction and shipping schedules are met, and the client acceptsthe installation.

Rinker Materials is a lead-ing producer of precast concretepipe and box culvert for stormdrains, culverts and sanitary sew-ers in the United States. Its LasVegas Pipe Plant is a state-of-the-art facility delivering pre-cast boxculverts directly to job sites inSouthern Nevada, Southern Cali-fornia and Arizona. All box culverts

are ready for immediate installation.Installing pre-cast box culverts allows builders to complete

most jobs twice as quickly as using conventional cast-in-placemethods. Pre-cast box benefits include superior strength, consis-tent quality from box-to-box and immediate backfilling for faster,safer installation and a reduction in cost for traffic control, over-head and project management.

RINKER MATERIALSProviding Pre-Cast Products

R

Rinker Materials is an internationally

recognized leader in the concrete pipe

and precast concrete industry.

http://www.lmconstructionco.com

http://www.c-bnevada.com

arnell Properties is a real estate development and man-agement company focusing on the acquisition, develop-ment and management of high-impact commercial real

estate holdings. One of the company’s current projects is the Mar-nell Corporate Center, a Class A office environment in the airportsubmarket with high visibility and ease of access to all major pointsin the Las Vegas Valley.

Marnell Corporate Center is one of Marnell Properties’ fastestgrowing commercial projects in the Valley, consisting of a 40-acreClass A professional office campus with seven buildings containingapproximately 347,000 square feet of mixed-use, mid-rise profes-sional office space. Approximately 389,000 square feet of addition-al office, restaurant, hotel and warehouse space is presently in theplanning or construction phases, which will comprise a total of 12buildings from one to five stories tall.

Current tenants of the Marnell Corporate Center include NAIHorizon, Cox Media, Lennar Corporation, Marnell Corrao Associates,TRIRIGA, The Smith Center for Performing Arts, Nevada Develop-ment Authority and Turnberry Associates, among others.

The latest addition under construction at Marnell CorporateCenter is MCC-5, a five-story steel and glass Class A office building.When complete, MCC-5 will feature fiber optic lines, polished

travertine floors, solid birch doors, a dramatic two-story lobby en-trance and a five-story adjacent parking garage. MCC-5 is slatedfor completion in the fourth quarter of 2006 and will consist of ap-proximately 118,000 gross square feet, which includes more than111,000 leaseable square feet.

Marnell Corporate Center broke ground on a business hotel,Homewood Suites, in September 2006. Upon completion in 2007,Homewood Suites will offer a four-story hotel with 147 rooms.

The Marnell Corporate Center was designed as a Class A of-fice park to create a campus environment providing tenants withhighly innovative and flexible floor plates, state-of-the-art facilities,management services, access to high-speed data infrastructure,covered parking, distinctive public area finishes, interior elementswith substantial character and quality and 360-degree views of thecity. Marnell Corporate Center is strategically located at the inter-section of Interstate 15 and I-215 and adjacent to McCarran Inter-national Airport.

Another Marnell Properties venture, also in the airport sub-market, is McCarran Marketplace, which will include an estimated50 stores with 3,000 parking spaces upon its completion in thefourth quarter of 2007. The 600,000-square-foot community retailcenter will have 16 buildings arranged in a master-planned setting.

Marnell Corporate CenterClass A Space in Airport Submarket

M

http://www.sh-architecture.com

ix years ago, five commercialreal estate developers had abrainstorm for a five-mile

stretch along Cheyenne Avenue: workwith city of North Las Vegas staff to trans-form the corridor into an integrated, ac-cessible, diversified and sought-afterhigh-tech district that would attract com-panies from North Las Vegas and beyond.

Their vision developed into theCheyenne Technology Corridor (CTC). Com-munity College of Southern Nevada’s (CCSN)Cheyenne campus at Pecos Road and theNorth Las Vegas Airport at Decatur Boulevardserve as bookends for the CTC, which is nowhome to the highest of high-tech tenants.QualCOMM, Spacecraft Components Corp.,MedicWest, CDW and California Plasticard,Inc. are just a few of the companies thatwere attracted to the corridor.

But there were those who went be-fore – and who remain grounded in theproject today. CCSN and the North LasVegas Airport not only anchor the CTC,they were some of its pioneering part-ners, along with a handful of local tech-nology-service companies. According toMike Majewski, North Las Vegas’ directorof economic development, early collabo-rations set the foundation for what hasbecome North Las Vegas’ crown jewel.Other founding partners include Lyle B’sDevelopment, Harsch Investment Proper-ties, Jackson Shaw Company and StoltzManagement.

While a public-private partnershipbetween the founders and the City ofNorth Las Vegas fuels the CTC, fiberoptic cables offer the fast connectivitythat draws top manufacturers, distribu-tors, technology and research and de-velopment firms to the corridor. But fiberoptics alone do not tell the story. Trans-portation solutions, a well-trained laborforce and superior communication op-tions rank among the top benefits ofdoing business in the CTC. It’s exactlywhat the tenants who fill the tech, R&D,flex and office space, light manufactur-ing and distribution spaces are seeking.

“We knew it was necessary to put to-gether the right package – transportation,

training, infrastructure – to create aunique product to attract the high-technol-ogy companies we wanted,” stated NorthLas Vegas Mayor Michael Montandon.

“The CTC is the real deal,” accord-ing to Lyle Brennan, a CTC partner andowner of Lyle B’s Investments. “Wehave technology available for just about

any size data business, but we’re alsoin the perfect location for service andretail companies because of the recentdemand from surrounding businessesand homes.”

The corridor offers easy access toInterstate 15, U.S. Highway 95 and thenorthern stretch of the 215 Beltway.

Cheyenne Technology CorridorHigh-Tech Is Only Part of the Story

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http://www.summitbuilders.com

Chris Larsen, ChairDekker / Perich / Sabatini, Ltd.

Connie BrennanNevada Business Journal

Danielle CaprioRMI Investment Services

Todd CoonsAll World Promotions

Sallie DoeblerUnited Construction Co.

Kathleen FoleyNevada Business Journal

Bruce FollmerCB Richard Ellis

Brooklyn JulianAnchor Development

Suzette La GrangeColliers International

Rob SilecchiaSR Construction, Inc.

Mike TabeekColdwell Banker Commercial ETN

Taber ThillColliers International

Garrett ToftVoit Commercial Brokerage

Chuck WittersLee & Associates

NAIOP Southern NevadaChapter 2006 Bus Tour

Committee

http://www.mdlgroup.com

http://www.LeeLasVegas.com

M I S S I O N

The mission of the

Southern Nevada Chapter

of the National Association

of Industrial and Office

Properties is to represent

and promote quality

commercial development

in Southern Nevada.

C H A P T E R G O A L S :

• To represent those who are involved in the design, construction, development,sale/leasing, ownership andoperation of commercial real estate

• To encourage interactionand increased understandingamong the professionals involved in all aspects ofcommercial real estate

• To enhance the public’sand public officials’ under-standing of the importance of commercial real estate

• To provide member education and encourage educational programs inSouthern Nevada

http://www.korteco.com

heyenne Valley Gateway is a 30-acre professional officeand retail park in the Cheyenne Technology Corridor(CTC) being developed as a joint venture between Shea

Commercial and Lyle B’s Development. The park provides a goodexample of the possibilities CTC offers to companies that want truehigh-tech connectivity. Phase I of the project has redundant darkfiber available to every building – re-sulting in quick and easy telecom-munications setup, while enjoyingdata speed availability unparalleledin the industry.

Location has been an impor-tant factor in attracting businessesto Cheyenne Valley Gateway, ac-cording to developer Lyle Brennan.The park is located just minutes todowntown Las Vegas, midway be-tween Interstate 15 and U.S. 95and not far from the I-215 Beltway. Travel to nearby master-planned communities, such as Aliante and Summerlin, is fastand convenient.

“Cheyenne Valley Gateway is an ideal location for shops,

restaurants and food stores because retail has not yet caught upwith area’s tremendous growth,” said Brennan.

Quality reigns at Cheyenne Valley Gateway, which features35-foot date palms, EIFS exterior and distinctive stone finishes.Meandering sidewalks, pedestrian plazas, tiled sidewalks andparkway drives enhance this upscale destination.

Comprising six acres of the30-acre park, Phase I is complete,with one remaining unit for pur-chase. Limited retail space is avail-able from 1,600 square feet to12,000 square feet, as well as re-tail parcels for sale that frontCheyenne Avenue.

Phase I purchasers includeBusiness Bank of Nevada, Spin-naker Homes, Lee Turner DDS, VTConstruction, Classic Productions,

Mortgage Lending and Investments, and Xtreme Realty. Phase IIconstruction will begin this fall. QualCOMM, one of the country’sleading high-tech firms, recently decided to locate a major facili-ty adjacent to Cheyenne Valley Gateway.

Cheyenne Valley Gateway: On the Cutting Edge of Technology

C

“Cheyenne Valley Gateway is an ideal

location for shops, restaurants and food

stores because retail has not yet caught

up with area’s tremendous growth.”

http://www.kke.com

Southern Nevada’s Industrial Real Estate Market Expansion Continues Despite Challenges

As 2006 presses forward intoits final quarter, the Las VegasValley industrial real estate

market remains near optimal occupancylevels as long-term land availability hasbecome a material concern on the part ofdevelopers and potential users. Notwith-standing long-term growth challenges,Southern Nevada’s industrial market ex-panded by 3.0 million SF during the firsthalf of 2006 with an additional 5.0 millionSF of industrial space under constructionand another 6.6 million SF planned for fu-ture development. The current level ofconstruction activity has the marketpoised to shatter previous records.

With supply-side market conditionsreporting robust activity, demand in theindustrial sector continues at a healthyclip in spite of rising rental rates and con-cerns over labor availability. Market de-mand (or net absorption) during the firsthalf of the year was 2.3 million SF.

By mid-2006, the balance betweensupply and demand resulted in a relative-ly low 4.0 percent vacancy factor, repre-senting a modest increase from therecord-low 3.2 percent reported at theend of the first quarter 2006 and a dropfrom the 4.4 percent vacancy factorrecorded one year ago. Current vacanciesare well below historical performancemeasures with no expectation into theforeseeable future of achieving double-digit vacancy rates, which were last re-ported in late 2003.

The amount of industrially zonedland available at financially-feasibleprices within the urban Valley is remark-ably small, a factor that has heightenedconcern in the developer, economic de-velopment and end-user communities.

In addition to elevated land pricingand limited availability, other factors con-tinue to impact the sector. The recenttrend of developing for-sale freestandingbuildings may witness a slow-down, par-tially attributable to rising short-term in-terest rates. Construction cost increasesmay also dampen demand, as retail priceescalation will require a significant leapto make retail acquisition and develop-ment projects feasible. The question re-mains: “Will end-users be willing to ab-sorb the additional cost to maintain orexpand in one of the country’s most ro-bust economies?”

To make sense of a frenzied market,many developers have become more cre-ative in their development strategies andwillingness to share in profits. The recentshift toward for-sale freestanding build-ings has clearly emerged as a viable op-tion in a low-interest rate and rising-costenvironment. Joint-venture arrangementsbetween landowners and those with de-velopment experience have allowed in-terested parties to leverage the expertiseof others, while mitigating exposure.

Another technique receiving increas-ing acceptance is the ability of investorsand developers to acquire larger parcels

than they require and subdivide the prop-erty. In many instances, owners are ableto sell portions of their site at a premiumin an effort to reduce their overall landbasis and remain competitive. This con-cept has worked well in the past, but hassome acquirers concerned about “gettingcaught” at the peak.

Market shifts to small, urbanizedareas such as Mesquite, Laughlin, Glen-dale, Pahrump and northwestern Arizonamay be attractive for selected industrialuses. The recent project announcementsat Apex Industrial Park may provide an al-ternative location.

Given the $30-billion-plus resort cor-ridor construction activity planned duringthe next five years, there remains astrong pipeline of demands for supportinggoods and services. There is one thing wecan be certain of during this period oftransformation – if industries outside thetourism sector do not respond to the neweconomic climate, longer-run impactsmay be more expansive than those spec-ulated just for the industrial sector. It isquite possible the current wave of con-struction in both the resort and industrialmarkets could be the last of its size forsome time to come.

Brian Gordon and Jeremy Aguero areprincipals of Applied Analysis, a Nevada-based advisory service firm providing awide range of consultation services forpublic and private entities.

A

By Brian Gordon and Jeremy Aguero

The LogistiCenter CDW Build to Suit was named the best industrialbuilding at NAIOP’s 2006 Spotlight Awards.

http://www.marnellproperties.com

http://www.naiopnv.org

Documents

NBJ 2006 Bus Tour Guide Book - Nevada Business Magazine · ing structure and retail annex added to provide a 5:1000 parking ratio. 3883 Howard Hughes 47 3883 Howard Hughes Parkway