PERSPECTIVE. Southern Nevada CCIM Chapter Commercial Alliance Las Vegas Mixer May Southern Nevada CCIM Chapter HIGHLIGHTS FROM INSIDE:

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1 HIGHLIGHTS FROM INSIDE: Southern Nevada CCIM Chapter PERSPECTIVE MAY-JUNE 2017 EDITION Southern Nevada CCIM Chapter Commercial Alliance Las Vegas Mixer May 2017 PRESIDENT S MESSAGE Working Together for a Common Good... Page 3... BY PHILLIP DUNNING, CCIM 2017 SOUTHERN NEVADA CCIM CHAPTER PRESIDENT LEGISLATIVE UPDATE NAR Reports on Risks and Opportunities Facing the CRE Industry... Page 4... BY JENNIFER F. OTT, CCIM 2017 COMMERCIAL ALLIANCE LAS VEGAS (CALV) PRESIDENT LEGAL BRIEFS Overlooked and Underrated Lease Provisions... Page 5... BY NEIL M. SANSONE, ESQ. MARQUIS AURBACH COFFING BACK ROW (left to right): Jay Heller, Petra Latch, Angelina Scarcelli, Southern Nevada CCIM 2017 Chapter President Phil Dunning, CCIM, Cathy Jones, CPA, SIOR, CCIM, Robin Civish, CCIM & Paul Bell FRONT ROW (left to right): Christopher McGarey, CCIM, CPM, 2017 CALV President Jennifer Ott, CCIM, Bob Burley, Melissa Campanella, CCIM & Tom Lisiewski DEALMAKERS!... Page 8... MARK YOUR CALENDARS CI Page OUR PROFESSIONALS MAKE THE DIFFERENCE Photos by Jennifer Nicholson GLVAR Christopher McGarey, Jennifer Ott & Bob Burley Dave Tina Jr. & Jennifer Ott A BI-MONTHLY PUBLICATION OF THE SOUTHERN NEVADA CCIM CHAPTER

2 2017 PLATINUM SPONSOR 2017 GOLD SPONSORS 2017 SILVER SPONSORS 2017 BRONZE SPONSORS 2017 Executive Committee Phillip Dunning, CCIM President Christopher McGarey, CCIM, CPM President Elect Adam Gregory, CCIM Secretary/Treasurer Designation Promotion Jarrad Katz, CCIM, SIOR Immediate Past President Scholarships Directors: Melissa Campanella, CCIM Programs Cathy Jones, CPA, SIOR, CCIM Sponsorship Eric Larkin, CCIM Newsletter Andrew Levy, CCIM Candidate Guidance Directors: Robin Civish, CCIM Education Eric Molfetta, CCIM Jennifer Ott, CCIM Wine Tasting Legislative Affairs Salina Ramirez, CCIM Networking and Social Community Service Chris Richardson, CCIM Communications Stacey Scheer, CCIM, LEED GA Membership 2017 COPPER SPONSORS Chapter Address Southern Nevada CCIM P.O. Box Las Vegas, NV Management Company Alternative Management 1880 E. Warm Springs Rd., Ste. 100 Las Vegas, NV Phone: (702) Fax: (702) Katrina Bruce CCIM Institute 430 N. Michigan Ave., Ste. 800 Chicago, IL Phone: (312) Fax: (312) PERSPECTIVE MAY-JUNE 2017

3 PRESIDENT S MESSAGE BY PHILLIP DUNNING, CCIM 2017 SOUTHERN NEVADA CCIM CHAPTER PRESIDENT Working Together for a Common Good recently had the pleasure of working with some great people for a common goal, and I learned some very valuable lessons about leadership and responsibility in the process. In 2012, and again in 2015, Clark County and the Regional Transportation Commission of Southern Nevada commissioned a parking study that discovered we have too much parking in our community. This led to a proposed ordinance to change the parking environment in Clark County. This proposal was then discussed at a Commercial Alliance Las Vegas Board meeting as part of the legislative affairs update. Jennifer Ott, CCIM, President of CALV, Jay Heller, President of NAIOP and I spent countless hours consulting with staff and several commissioners. We felt it was our responsibility to suggest changes to the ordinance to ensure a functioning environment. As with all great projects, we did not work alone. Several people contributed time and effort as well and deserve a big thank you: Soozi Jones Walker, CCIM, SIOR, Al Twainy, CCIM, Mike Dunn, CCIM, SIOR, Bobbi Miracle, CCIM, SIOR, Dave Sanders, Mike Shohet, Chris McGarey, CCIM, CPM, George Garcia of GC Garcia, Inc., Joe Locatelli and Rocky Finseth of Carrara Nevada and John Leleu of Greenberg Traurig. A thriving community requires the collaboration of several industries and organizations to understand the needs of its people and work together for the greater good. Our organizations provide a service not only to those individuals affected by commercial real estate but also the charities we support, the organizations we advise and the people of Southern Nevada. It was an honor to be elected by our respective members and to serve as a steward for our community. And it was with our community in mind that we invested our time and energy to this effort. Local officials have vast knowledge when it comes to running a city or county, however they cannot do so without the input of the people they serve. When we work together, we can create and maintain a community with functioning parking, efficient mass transit and viable economic development. Special Thanks Go Out to the Following Southern Nevada CCIM Chapter Members: ABOUT THE CCIM PERSPECTIVE SOUTHERN NEVADA CCIM CHAPTER MISSION STATEMENT Position the Chapter as the premier commercial real estate organization for Southern Nevada by enhancing the value of the CCIM designation and increasing the number of designees and candidates through professionalism and educational excellence. The CCIM Perspective is a bimonthly publication, (excluding November), of the Southern Nevada CCIM Chapter. To submit an article, please contact Eric Tischler, Editor at erictisch@yahoo.com or The CCIM Perspective may contain controversial or unsubstantiated information by the authors. The contents herein are not necessarily the views of the Southern Nevada CCIM Chapter. The Southern Nevada CCIM Chapter cannot be held responsible for opinions, views or facts expressed. PERSPECTIVE MAY-JUNE

4 LEGISLATIVE UPDATE BY JENNIFER F. OTT, CCIM 2017 COMMERCIAL ALLIANCE LAS VEGAS (CALV) PRESIDENT NAR Reports on Risks and Opportunities Facing the Commercial Real Estate Industry he election of Donald Trump has made for uncertain times. E-commerce and millennials are changing the commercial real estate industry. And retail s loss has been industrial s gain. Those are just a few of the takeaways from an in-depth report published by the National Association of REALTORS (NAR) on the risks and opportunities facing the commercial real estate industry. Leaders of the Commercial Alliance Las Vegas (CALV) have been reviewing this report and its more than 120 pages. And at least one CALV leader had a hand in creating it. Soozi Jones Walker, CCIM, SIOR and a former CALV president, was one of the independent commercial real estate brokers interviewed for the project she calls The Danger Report. One of her main takeaways is the fact that the average age of a commercial real estate professional keeps increasing and is now up to 60 years old. I m excited NAR has chosen to review the commercial industry and agree fully with the results of this danger report, she said. With an average age of the commercial agent now at 60, there is a huge opportunity for new agents to mentor under successful brokers and transition into their book of business. The NAR report is titled Commercial Real Estate ALERT: Analysis of the Latest Emerging Risks and Trends. The Strategic Thinking Advisory Committee of the NAR produced the report along with T3 Sixty, Inc., a leading research and information company. For four months, between November 2016 and February 2017, researchers interviewed senior executives from the five largest commercial real estate companies CBRE, JLL, Newmark Grubb Knight Frank, Cushman & Wakefield and Colliers International as well as numerous medium-size and regional companies. Besides these interviews, the NAR report relied on CONT D ON PAGE 12 4 PERSPECTIVE MAY-JUNE 2017

5 LEGAL BRIEFS BY NEIL M. SANSONE, ESQ. MARQUIS AURBACH COFFING Overlooked and Underrated Lease Provisions A Guide to Crucial Lease Provisions to Avoid Unnecessary Litigation ver the last few years, Nevada s real estate market has begun to climb out of one of the worst recessions in decades. As landlords and tenants compete to lock-in an anchor tenant or secure a prime location on an arterial street, both parties tend to excitedly rush through lease negotiations to get the deal done. Thus, before succumbing to the pressures of the deal, both parties should review the following crucial lease provisions that can easily result in expensive and unnecessary litigation. Notice Many rights and obligations under a lease are triggered when the parties give and receive notice (i.e. completion of tenant improvements, maintenance issues and emergency repairs and lease termination). Further, cloud-computing, online management software and are quickly replacing telephone calls and snail mail as the primary source of communication between landlords and tenants. Thus, a well drafted notice clause should detail: (1) Who is allowed to give and receive notice? (2) What medium must notice be given? (3) When is notice deemed given? (4) Where must notice be sent? Common Area Maintenance (CAM) Charges Size matters. Measurement disputes regarding a space s rentable square footage and the size of the common areas are among the most commonly litigated clauses in a lease. Thus, the parties should ensure that a unit s square footage is accurately reflected in the lease and that the CAM calculation matches what the parties want. Most often, CAM charges are calculated on a tenant s pro rata share of square feet in the entire center. Further, a well-drafted CAM clause should detail what additional services the landlord is providing as a part of CAM charges (such as parking, conference room use, etc.). CONT D ON PAGE 10 PERSPECTIVE MARCH-APRIL

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8 Garry Cuff, CCIM Phillip Dunning, CCIM Cathy Jones, CPA, SIOR, CCIM Suzette LaGrange, CCIM Devin Lee, CCIM Jason Lesley, CCIM SOUTHERN NEVADA CCIM DEALMAKERS! LEASE: Stacy Scheer, CCIM, LEED GA of Colliers International, represented the landlord, Diamond Creek Holdings LLC Series 8 in a lease of a 17,178 square foot office property located at 8645 S. Eastern Ave., 2nd Floor, Las Vegas, NV with a value of $1,216, SALES: Phillip Dunning, CCIM & Tom Naseef, CCIM, SIOR of Colliers International, represented CML-NV CSPRINGS, LLC in a sale of a 45,288 square foot retail property located at Norman Rockwell Ln., Las Vegas, NV with a value of $6,700, Cathy Jones, CPA, SIOR, CCIM of Sun Commercial Real Estate, Inc., represented the seller in a sale of a 16,668 square foot mixed-us retail/office property located at 5765 S. Rainbow Blvd., Las Vegas, NV with a value of $2,750, Cathy Jones, CPA, SIOR, CCIM of Sun Commercial Real Estate, Inc., represented the seller in a sale of a 28,302 square foot hotel property located at 910 E. Cheyenne Ave., North Las Vegas, NV with a value of $2,300, Cathy Jones, CPA, SIOR, CCIM of Sun Commercial Real Estate, Inc., represented the seller in a sale of 1.16 acres of vacant land located at the SEC of Cactus Ave. and Maryland Pkwy., Las Vegas, NV with a value of $695, Suzette LaGrange, CCIM & Kara Walker, CCIM of Colliers International, represented Enterprise Leasing Company-West, LLC in a sale of a 3,963 square foot retail property located at 4840 W. Charleston Blvd., Las Vegas, NV with a value of $870, Devin Lee, CCIM of Northcap Commercial, represented Flamingo Garden Villas, LLC in a sale of a 136-unit multifamily property located at 6670 W. Flamingo Rd., Las Vegas, NV with a value of $16,600, Devin Lee, CCIM of Northcap Commercial, represented The Hoover, LLC in a sale of a 56-unit multifamily property located at 150 Hoover Ave., Las Vegas, NV with a value of $2,165, Tom Naseef, CCIM, SIOR & Garry Cuff, CCIM of Colliers International, represented Victory Village 2004, LLC in a sale of a 501 E. Lake Mead Pkwy., Henderson, NV with a value of $33,500, Bridget Richards, CCIM & Jason Lesley, CCIM of Perry Guest Companies, represented Grier Holdings, LLC in a sale of a 94,655 square foot office/industrial property located at 811 Grier Dr., NV with a value of $12,500, Stacy Scheer, CCIM, LEED GA of Colliers International, represented the seller, Healthcare Realty Trust, Inc., in a sale of an 18,147 square foot surgery center property located at 1330 S. Valley View Blvd., Las Vegas, NV with a value of $5,500, Stacy Scheer, CCIM, LEED GA of Colliers International, represented WHK Land Holdings, LLC in a sale of a 4,338 square foot medical office property located at 6990 Smoke Ranch Rd., Las Vegas, NV with a value of $975, Al Twainy, CCIM of Colliers International, represented Flamingo 136, LLC in a sale of a 136-unit multifamily property located at 6570 W. Flaming Rd., Las Vegas, NV with a value of $16,000, Al Twainy, CCIM of Colliers International, represented Whitestone Grouo, LLC in a sale of.62 acres of vacant land located at 3780 Paradise Rd., Las Vegas, NV with a value of $2,400, *Publications are limited to designees who are Chapter and Institute members in good standing. Announcements are for publication in The Perspective, but submissions may also appear on the website. All parties are aware that space is limited and are accepted at a minimum value of $500, and published by largest dollar volume within each submission section. Tom Naseef, CCIM, SIOR Bridget Richards, CCIM Stacy Scheer, CCIM, LEED GA Al Twainy, CCIM Kara Walker, CCIM Please contact Eric J. Larkin, CCIM for the submission form at elarkin@naivegas.com or PERSPECTIVE MAY-JUNE 2017

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10 LEGAL BRIEFS CONT D FROM PAGE 5 with a potential liability to knowing that he or she is compliant. Finding the ADA violations before your client buys or leases can quite literally save tens or even hundreds of thousands of dollars down the road by either avoiding correction costs or allowing you to force the seller and/or landlord to pay those expenses. Even if your client has an existing facility which he plans to sell or lease, it may still behoove you to know whether the property is ADA compliant, or at least know enough to put the onus on the buyer or lessee to make the property ADA compliant. And if a buyer of a property you are listing insists on ADA compliance, it will certainly be beneficial to know what needs to be done and devise a plan to correct those problem areas. Even if correction is not financially feasible at that time, the parties may be able to split the costs and still get some protection by putting together a plan to bring the property into compliance. Such a plan needs to be reviewed yearly, but it takes the wind out of a plaintiff s case if you can prove that you are already proceeding to correct the ADA deficiencies. Hire an ADA Expert Advise your clients to hire an ADA expert. Your client may think that the architect or contractor they hired to CONT D ON PAGE PERSPECTIVE MAY-JUNE 2017

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12 LEGISLATIVE UPDATE information and studies from the Urban Land Institute, American Bankers Association, International Facility Management Association, CCIM Institute, NAIOP Research Foundation, the Federal Reserve, The Appraisal Journal, PwC, Wells Fargo and others. This study was made significantly more complicated due to the fact that the presidential elections fell during this window, and that the unexpected win by President Donald CONT D FROM PAGE 4 Trump and the subsequent realization that his leadership style would be unpredictable and impactful made many issues difficult to address, the report states. The report concluded that uncertainty is at an all-time high. Some of the highlights include: According to NAIOP, by 2025, the industry will face a shortage of 15,000 to 25,000 qualified leaders, without enough younger leaders to replace them. E-commerce has been invading every part of the economy, and now it is expected to have a significant impact on commercial real estate. Read the full report at -commercial-real-estate-alert pdf. Jennifer F. Ott, CCIM is the 2017 Commercial Alliance Las Vegas (CALV) President. She can be reached at or jott@roicre.com. For information on CALV visit 12 PERSPECTIVE MAY-JUNE 2017

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16 Southern Nevada CCIM Chapter P.O. Box Las Vegas, NV THE COMMERCIAL REAL ESTATE VOICE FOR SOUTHERN NEVADA Ready to Start the Journey Towards Your CCIM Designation? Please contact your Candidate Guidance Chair, Andew Levy, CCIM with any questions. 16 PERSPECTIVE MAY-JUNE 2017