INDUSTRIAL RETAIL RESIDENTIAL OFFICE FORECAST

Transcription

1 2018 FORECAST INDUSTRIAL RETAIL RESIDENTIAL OFFICE

2 First American Ad

3 The Builders Association of Northern Nevada FORECAST 2018 January 17, :00am 10:00am Atlantis Casino Resort Agenda Welcome Don Tatro Executive Director, BANN Ken Amundson, REALTOR, GRI RSAR Past President Keller Williams Mark Krueger, ArchCrest Commercial Partners Residential Land & New Homes Overview CCIM Commercial Forecasts Ian Cochran, CCIM SVN RETAIL Matt Harris Avison Young INDUSTRIAL Melissa Molyneaux, CCIM Colliers International OFFICE Trevor Richardson DCG RESIDENTIAL Feature Presentation Elliot Eisenberg, Graphs & Laughs KEYNOTE SPEAKER Thank you to the Forecast 2018 Sponsors! PLATINUM SPONSORS Eagle Home Mortgage, Heritage Bank GOLD SPONSORS Ticor Title, US Bank, Alpen Mortgage, Reno/Sparks Association of REALTORS SILVER SPONSORS CFA, First American Title, Dickson Commercial, Resource Management & Development Presented by:

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5 The Builders Association of Northern Nevada FORECAST 2018 January 17, :00am 10:00am Atlantis Casino Resort Ken Amundson, REALTOR, GRI, RSAR Past President, Keller Williams Past President Reno/Sparks Association of REALTORS and Corporate Broker for Keller Williams Group One s Reno and Elko Operations. Ken has been in the real estate industry in northern Nevada for over 22 years and is currently a broker/manager and trainer at Keller Williams Group One, managing over 250 real estate professionals. Ken Amundson is known by his peers as a numbers guy and an encyclopedia when it comes to the residential resale market. As past president of the Reno/Sparks Association of REALTORS he is a resource of information on market conditions and his analysis of current real estate trends is valued by many. In his former career he was in the wireless telecom business where he traveled and worked internationally as well as being responsible for 3 domestic cellular phone startups including Salt Lake City in 1985, Omaha in 1986 and Reno in Amundson shares his real estate knowledge and expertise serving as an instructor for RSAR and a trainer with Keller Williams Group One. He holds the Graduate of the REALTOR Institute designation. Presented by:

6 Partnering for the community U.S. Bank is proud to support CCIM At U.S. Bank, our success is directly related to the success and vitality of the communities we serve. And we believe strong communities help make a strong economy. That s why we feel it s important to partner with organizations like CCIM - Reno, Nevada to provide corporate leadership on issues of community importance. Because no company gains the same strength alone as it can with the help of others. We re glad to have the opportunity to partner with them. usbank.com Member FDIC

7 The Builders Association of Northern Nevada FORECAST 2018 January 17, :00am 10:00am Atlantis Casino Resort Mark Krueger ArchCrest Commercial Partners Mark s presentation will answer: 1. What happened with land and new home prices in 2017? Will the trend continue? 2. Did new home sales and permits increase as predicted? 3. Which builders are leading the way? 4. Where will we see new communities in the coming year? 5. Which communities are the best sellers? 6. How many lots are in the pipeline? Will this keep up with demand? 7. What are the predictions for 2018? About Mark Krueger Mark Krueger is a Principal of ArchCrest Commercial Partners specializing in the sale of land and investment properties. Over the last 15 years, Krueger has transacted over 32,000 single-family and multifamily units, 700± commercial acres and over $790 million in revenue, of which $150 million was closed in Krueger has over 38 years of experience in commercial real estate. Krueger boasts many top producer and outstanding achievement awards earned during his decades in commercial real estate and is a trusted expert in his field. He has been at the forefront of many master planned communities in the Reno/Sparks market including: Double Diamond, Damonte Ranch, Somersett, D Andrea Ranch, Wingfield Foothills, Kiley Ranch, Stonebrook and most recently the 1,000 acre Bella Vista Ranch, now known as Daybreak, where Krueger will continue to be a part of the planning, development and marketing team. Krueger is a nine-time recipient of the annual Northern Nevada Summit Award for Top Land Broker. At the event in 2014 and 2016, Krueger took top honors earning the pinnacle Overall Broker of the Year award and in 2015 was awarded Land Broker the Decade. In 2013, Krueger was honored as a Captain of Industry by the Reno Gazette Journal. Krueger is an active member of the Builder Association of Northern Nevada and has been a keynote speaker at BANN s mid-year and annual forecast presentations since Presented by:

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9 The Builders Association of Northern Nevada FORECAST 2018 January 17, :00am 10:00am Atlantis Casino Resort Keynote Speaker Elliot Eisenberg, Ph.D. GraphsandLaughs, LLC Highlights from Elliot s forecast 1. What can we expect from unemployment at year end? 2. Will inflation increase during 2018? 3. What s in store for housing prices? 4. Will the GDP continue its upward trend? 5. What will be the average job growth in 2018? 6. What will happen with the housing market in 2018? About Elliot Eisenberg Elliot Eisenberg, Ph.D. is a nationally acclaimed economist and public speaker specializing in making economics fun, relevant and educational. Dr. Eisenberg earned a B.A. in economics from McGill University, and a Master and Ph.D. in public administration from Syracuse University. Eisenberg, formerly a Senior Economist with the National Association of Home Builders in Washington, D.C., is a frequent speaker on topics including: economic forecasts, economic impact of homebuilding, consequences of government regulation, cost-benefit analysis, strategic business development and other economic issues. He is the creator of the multifamily stock index, the author of more than 85 articles and serves on the Editorial Board of the Encyclopedia of Housing. He is regularly featured guest on several talk radio shows, is often seen on television, writes a syndicated column and authors a daily 70 word commentary on the economy that is available at His interests include keeping the rate of restoration of his 60 year old house ahead of its rate of deterioration and doting on his daughter. He loves ice hockey and talking economics with crowds large and small! Presented by:

10 JEFF KIRBY FOUNDER Resource Management & Development Founder of RM&D Nevada, Jeff has an unprecedented knack for bringing investors to the table and achieving the expected returns. CAROLE BRILL, CCIM MANAGING DIRECTOR IN THE BEST OF COMPANY At RM&D Nevada our services are based on one simple ideal: the only deals we do are the deals we'd do ourselves. In our 25 years, our boutique real estate services have completed a billion in every conceivable vertical of the real estate discipline, including: Investment, Development, Property Management, Brokerage, Sales and Leasing. Carole is the CCIM of Northern Nevada 2018 President and the Managing Director of RM&D Nevada. She puts her 13 years of CRE experience to work for each and every client. 1 East Liberty Street, Unit #101 Reno, NV, Carole@RMDNevada.com O: East Liberty Street, Unit #101 Reno, NV, NAIOP MEMBERS SHAPE THE INDUSTRY IN OUR REGION NAIOP MEMBERS SHAPE THE INDUSTRY IN OUR REGION From investors, owners and developers to architects, brokers, engineers and other professionals, NAIOP IS COMMERCIAL REAL ESTATE. We have the people, knowledge and education to help you find connections, stay ahead of the curve, and make deals. From investors, owners and developers to architects, brokers, engineers and other professionals, NAIOP IS COMMERCIAL people, knowledge and education Visit naiopnnv.com forreal moreestate. detailswe orhave callthe Randi Reed to help you find connections, stay ahead of the curve, and make deals. WE ARE COMMERCIAL REAL ESTATE. VisitNAIOP: naiopnnv.com for more details or call Randi Reed NAIOP: WE ARE COMMERCIAL REAL ESTATE.

11 The Builders Association of Northern Nevada FORECAST 2018 January 17, :00am 10:00am Atlantis Casino Resort CCIM Commercial Forecasts Ian Cochran Retail Forecast SVN In November 2014, Ian Cochran joined SVN as a senior advisor specializing in retail properties. Prior to joining SVN, Ian worked with Stark & Associates as an associate for approximately 5 years. Ian obtained a Bachelors of Arts in Criminal Justice in He is an active Alumni of Sigma Phi Epsilon Fraternity as well as an active member in the UNR Greek Alumni Chapter. Prior to joining Stark & Associates, Ian was an intern at Johnson- Perkins & Associates, Commercial Appraisal Firm. Additionally, Ian is an Ambassador for the Reno-Sparks Chamber of Commerce and a CCIM Northern Nevada Chapter Board Member. Ian earned his Certified Commercial Investment Member designation in April of Matt Harris Industrial Avison Young matt.harris@avisonyoung.com Matt is a Senior Associate for the Industrial team at Avison Young. Matt s passion for real estate began in 2006 when he started residential investments with H & H Investments, a company his brother Benjamin and he founded. Matt continued into commercial real estate when he joined Coldwell Banker Commercial in His experience with underwriting his own investments, small business operations and knowledge of the logistics industry is a valuable asset to his clients. As a respected member of the Northern Nevada CRE industry his focus remains on Industrial Properties and Investments but with his wide range of knowledge in the Reno-Sparks market he s able to lend his expertise to businesses and owners of all sizes and property types. Matt is currently on the board of directors for NAIOP Northern Nevada - Commercial Real Estate Developers Association, CCIM - CRE Investment Members and the Reno Tahoe International Airport Authorities, Community Outreach Committee. Presented by:

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13 The Builders Association of Northern Nevada FORECAST 2018 January 17, :00am 10:00am Atlantis Casino Resort CCIM Commercial Forecasts Melissa Molyneaux Office Forecast Colliers International Melissa is a Senior Vice President with Colliers International. In addition, she serves as the Executive Managing Director of the Colliers International Reno Office. Her area of specialization is office properties and her focus includes landlord and tenant representation, leasing and sales. She is an active member of the community and serves on Western Industrial Nevada (WIN) as President Elect and the Renown Foundation Board. She is the past president of Commercial Real Estate Women (CREW) and the College of Business Alumni Association (COBAA) and as well as now being a lifetime Emeritus member. In addition, she is a member of the Northern Nevada CCIM Chapter and Economic Development Authority of Northern Nevada (EDAWN). Trevor Richardson Residential Forecast Dickson Commercial Group trichardson@dicksoncg.com Prior to joining DCG, Trevor was an acquisitions assistant vice president with American Homes 4 Rent (REIT), a national leader in single family home rentals. During his two years with the REIT, he operated on the front lines of growth and development while frequently traveling to more than 20 markets across the U.S. Born and raised in Reno, Nevada, Trevor launched his real estate career as operations manager for multiple private equity funds that focused on acquiring and renovating distressed residential assets in northern Nevada and northern California. Trevor holds a degree in Journalism with an emphasis in Public Relations from the University of Nevada, Reno. He is a member of the Commercial Real Estate Development Association, the Economic Development Authority (EDAWN), the Regional Alliance for Downtown, and the Reno-Sparks Chamber of Commerce. Presented by:

14 Office Forecasts 2018

15 BANN/CCIM 2018 FORECAST Office Services Northern Nevada 2017 FORECAST WINNER Historical Net Absorption vs Completions Net Absorption New Completions Historical Vacancy Rates and Asking Lease Rates Asking Rental Rate Vacancy Rate Q3 Total Vacancy vs Direct and Sublease Vacancy Direct Vacancy Sublease Vacancy NOTE: Graphs do not reflect CoStar data Total Vacancy 2017 FORECAST The Northern Nevada OfficeWINNER Market has continued to improve year after year, and 2017 was no different. The market showed continued health with increased positive absorption from last year and a declining vacancy rate. With limited office inventory, construction has started to pick up with many new buildings under construction all in the Meadowood Submarket. The 40,000 square foot office building by McKenzie Properties is set to be completed in mid 2018, with many suites already leased including our Colliers Reno office! In addition, there are a number of medical office buildings under construction, including a building for an Urology Group on Kietzke and a building for an Oncology Group on Longley. A 20,000 square foot building will break ground soon at Rancharrah. The building is being constructed for Charles Schwab and they will be occupying half and approximately 10,000 square feet of space will be available. Along with construction, there were many significant sales and leases that occurred this quarter that contributed to the markets positive absorption. They are listed below. Due to the progress of the market and added square footage from new leases, my prediction for the vacancy rate in Q is 8.8 percent. Significant Sales Address Size Sale Price PSF 1 East Liberty Street 84,151 SF $18,300, $ Plumas Street 37,410 SF $6,900, $ Ridge Street* 34,407 SF $5,781, $ West Liberty Street* 28,557 SF $5,647, $ & 140 Washington Street* 24,464 SF $4,564, $ Hill Street* 23,441 SF $4,156, $ Cordone Avenue* 25,441 SF $2,200, $86.47 *Part of Portfolio Sale Significant Leases Address Size Tenant Type 885 Trademark Drive 16,697 SF Elemental LED New 9480 Double Diamond Parkway 16,611 SF Spine Nevada New 50 South Virginia Street 14,000 SF SWITCH New Professional Circle 12,823 SF Guild Mortgage New Reno Land Development 12,500 SF Park Lane Sales Office New 6160 Plumas Street 10,721 SF R&R Holdings New Melissa Molyneaux, SIOR, CCIM Colliers International Executive Managing Director Senior Vice President Melissa.Molyneaux@colliers.com

16 Office Forecasts In addition to the 2017 Office Forecast Winner s (Melissa Molyneaux), crystal ball submission, additional forecasts for 2018 Q3 vacancy rates are presented by the following commercial real estate brokers for the Office market segment. 8.6% Bram Buckley CCIM 8.8% Dominic Brunetti, CCIM Scott Shanks, SIOR 10.6% Kevin Annis, SIOR, CCIM

17 Retail Forecasts 2018

18 2018 RETAIL FORECAST Reno-Sparks Market Leasing Conditions 2017 FORECAST WINNER The Reno-Sparks Retail market has seen a significant uptick in activity in the past 18 to 24 months with a drastic increase in leasing activity, driving the vacancy rate downward and making way for several new and exciting retail developments such as the South Meadows Promenade in South Reno. This 80,160 SF project was just recently completed in the 4th quarter of 2017 and is anchored by Reno s first Sprouts Farmers Market and Marshalls Home Goods. Sprouts and Marshalls Home Goods also leased space in the Sparks Galleria shopping center. These leases combined with Grocery Outlet leasing 22,000 SF at Spanish Springs Shopping Center and Tuesday Morning leasing 23,500SF at Del Monte Plaza highlight some of the largest leasing transactions of the year Rents continue to tick up quarter over quarter with the average rents hovering around $1.50/SF/NNN. The average rents for the area are slightly misleading as several sub-markets are demanding much higher rents. The flight to quality is coming at a price far greater than two to three years ago. Depending on the sub-market and age of the property, rents can vary drastically. We are seeing rents as low as $1.30/SF/NNN in some centers in Sparks and rents as high as $3.50/SF/NNN in South Meadows Promenade. The class A locations and new construction are demanding much higher rents than several other submarkets. Vacancy rates have finally dropped into the single digits, sitting at approximately 9.5% vacancy. This is a drastic change from the market-high vacancy of 18.8% in the midst of the recession in Based on the high volume of leasing activity and the lack of new development, vacancy rates should continue to drop over the next 12 months. Lower vacancy rates and higher average rents will hopefully spur more retail development in the Reno-Sparks area. Sales activity remains very strong in the Reno-Sparks area with inventory of available retail investment properties being the largest issue for investors looking to bring capital into the market. According to CoStar the Reno-Sparks historical average annual sales is around $60 Million for retail investments. In contrast, the annual sales for 2017 totaled around $100 Million. The average sale price of a retail investment in the Reno-Sparks area is near $2,500,000. With nearly all the value-add investment opportunities off the market investors are turning to stable investments with credit tenants. Looking ahead 2018 should see much of the same positive leasing and sales activity. With lower inventory rents will likely continue to climb making retail development more viable options for investors and developers alike. As our population continues to grow the Reno-Sparks area will continue to see more regional and national tenants looking to enter the market. In summary 2018 is looking very bright % 17.00% 15.00% 13.00% Rent & Vacancy Trends $1.60 $1.55 $1.50 $1.45 $1.40 $1.35 Information Provided By Ian Cochran, CCIM icochran@svn.com 11.00% $ % 7.00% 5.00% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q $1.25 $1.20 $1.15 $1.10 Greg Ruzzine greg.ruzzine@svn.com Overall Vacancy Average Lease Rate svngold.com 325 W Liberty St, Reno, NV T: SVN International Corp. All Rights Reserved. SVN and the SVN COMMERCIAL REAL ESTATE ADVISORS Logos are registered service marks of SVN International Corp. All SVN offices are independently owned and operated.

19 Retail Forecasts In addition to the 2017 Retail Forecast Winners (Ian Cochran and Greg Ruzzine), crystal ball submission, additional forecasts for 2018 Q3 vacancy rates are presented by the following commercial real estate brokers for the Retail market segment. 9.4% Tad Loran Jason Rothe 7.0% Ryan J. Johnson, CCIM 8.9% Gary Tremaine

20 Industrial Forecasts 2018

21 FORECAST Reno Industrial Real Estate 2017 FORECAST WINNER Market Overview: In Q3 2017, total available industrial space dropped to 8.9 MSF, from the 10.1 MSF reported by Costar in Q This decreased the vacancy rate from 11.2% to 9.0%. During this same time period, new construction added 4.3 million square feet to the total market inventory. Net Absorption for this period was noted positive at 4,025,884 SF. Due to circumstances in the market where sublet and obsolete product are effecting the data, we believe the overall market vacancy is currently at 8.1%. Rental Rates & Sales Activity: Falling vacancy, strong absorption and reduced construction deliveries means, market average direct asking rental rates have risen to $4.86 PSF, that's a 71 BP increase over the previous 5 year average, but still well below a market high asking rate of $5.48, reported in Q Sales volume increased $121 Million over the previously reported $ Million and as of Q was $ Million in total sales volume. This increased level of activity is expected to taper off due to factors like; limited inventory, macro effects and further cap rate compression. CAP rates continued their compression during this period to a market average of 6.35%. Investment activity was strong and is likely to slow in the coming quarters. Closed sale prices per square foot were up to, an average of $ This marks a dramatic price increase per foot over the previous 5 year average of $46.90 and is expected to remain stable but trending higher throughout Construction: New construction deliveries were equal to the prior period, where we added 4.5 MSF to our market inventory. Most of the newly constructed space was absorbed by new and expanding tenants and users in the market is expected to see another year of equal construction deliveries. While Tesla's Gigafactory will account for most of this number, two of the areas developers are planning speculative projects of 400,000 SF - 800,000 SF. There is an estimated 5.8 MSF of proposed product available for development. Many of these owner/developers have been reluctant to start speculative construction and are sitting on the sidelines, waiting for build-to-suit opportunities. Market Effects: Its worth being repeated this year, that as the population surges in Reno/Sparks, there will continue to be a negative impact on construction deliveries within our core submarkets. Several projects have seen delays or have been scrapped outright due to political pressures. Traffic pattern concerns, infrastructure deficiencies and density disputes combined with limited number of developable industrial sites could see out lying submarkets like the TahoeReno Industrial Center, Fernley and Carson City experience increased sales, leasing and development activity. Summary: With the several factors influencing our market, 2018 will be different in that we expect gross absorption to be down, sales volume to decrease, and new construction deliveries to remain level. Rental rates and sales prices are expected to see another year of marked increases and we predict that the overall market vacancy rate at the end of Q will be 6.8%. Matthew Harris Senior Associate matt.harris@avisonyoung.com Ronald Sheehan Senior Associate ron.sheehan@avisonyoung.com David Schuster, SIOR, CCIM Senior Vice President david.schuster@avisonyoung.com

22 Industrial Forecasts In addition to the 2017 Industrial Forecast Winners (Matt Harris, Ronald Sheehan and David Schuster), crystal ball submission, additional forecasts for 2018 Q3 vacancy rates are presented by the following commercial real estate brokers for the Industrial market segment. 6.5% Chris Faichild Greg Shutt 7.25% Tomi Jo Lynch 8.2% Joel Fountain 7.5% Steve Kucera

23 Residential Forecasts 2018

24 MULTIFAMILY 2018 FORECAST 2017 FORECAST WINNER 2017 NATIONAL MULTIFAMILY MARKET RECAP The national apartment market continues to be robust for rent growth in B and C class inventory, with rents only decreasing slightly for class A inventory in downtown metros like the Bay Area. The most recent reports for the third quarter of 2017 show national apartment rental rates have increased 2.7 percent year-to-date, which is down from last fall s 4.1 percent according to MPF Research, a leader in apartment trends research. The top performing multifamily asset class is B properties which continue to see 3-4 percent annual rent growth. In terms of occupancy B and C class properties are essentially full with limited potential to improve as demand remains very high. National multifamily construction remains very active. However, suburbs are facing challenges with zoning which is acting as a roadblock to add inventory. Suburban residents are challenging the addition of dense housing projects in their neighborhoods RENO/SPARKS MULTIFAMILY TRENDS High demand for apartments has driven vacancy rates down to 2.41 percent and has allowed multifamily owners to increase rents to an average of $1,202/mo for the third quarter of Rental growth for this last year was a whopping 14 percent which puts Reno/Sparks among the national leaders in rent appreciation. This is an increase when compared to last fall s annual growth of 11.8 percent. Vacancies during the last year have fluctuated between 2.4 percent and 2.2 percent FORECAST In 2018, we are likely to see this year s dramatic annual growth begin to level off. Much like the national picture, Reno/Sparks will begin to see apartment rental rates cool down due to new apartment supply. Rents are expected to increase to an average of $1,275/mo by the third quarter of The vacancy will increase slightly to 2.5 percent due to an estimated 10,599 new or proposed multifamily units under construction. The demand for apartments will remain strong enough to absorb new units hitting the marketplace. LOCAL HOUSING DEMAND At the end of 2017 single family housing inventory levels remain very low. The RGJ reported in mid December that there were less than 100 single family homes on the market under $300,000. New residents moving to the area and first time home buyers are facing available inventory and pricing issues which drives both types of buyers to seek apartments. Y-O-Y REPORT Q3 VACANCY AVERAGE RENT 2.41% $1,202 Contributors: Trevor Richardson 333 Holcomb Ave., Ste. 300 Reno, Nevada DicksonCG.com

25 Residential Forecasts In addition to the 2017 Multi-Family Forecast Winner s (Trevor Richardson), crystal ball submission, additional forecasts for 2018 Q3 vacancy rates are presented by the following commercial real estate brokers for the Residential market segment. 2.72% Jessie Rich-Greer MSRE, CCIM, CPM 2.85% Todd Blonsley, CCIM, MBA Presented by:

26 FORECAST 2018 BROUGHT TO YOU BY: The Builders Association of Northern Nevada (BANN) provides advocacy, education, networking and money saving programs for members. NAIOP of Northern Nevada represents the nation s leading trade association for developers, owners, investors, asset managers and commercial real estate professionals. CCIM of Northern Nevada provides commercial brokers a strong educational platform, networking and business exchanges throughout the year.

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29 Eagle Home Mortgage s 2018 Forecast On December 7, EDAWN honored 29 companies for their relocation and/or expansion efforts to the Great Reno-Sparks business community. What does this explosive growth mean for our community? Forecast* Housing inventory to remain low Home prices should continue to rise Federal Reserve to raise rates three times in 2018 and twice in 2019 Refinance opportunities decrease 30-year Fixed Rate to average 4.6% in 2018 Increase to average of 5.00% in 2019 Mortgage credit becoming more available to qualified buyers Nevada to benefit from Federal Tax Reform California exodus likely to increase Source: Barry Habib, MBS Highway Reno Branch NMLS # Kietzke Lane, Suite 200 Reno, NV Let us exceed your expectations for all your mortgage needs! Call or apply online today at reno.eaglehm.com. *Forecast sources: Elliot Eisenberg, Ph.D., GraphsandLaughs, LLC, and Lynn Fisher, Mike Fratantoni, Joel Kan, MBA Forcast Commentary Full article: file:///c:/users/ctracy/downloads/forecast%20commentary%20oct% pdf Eagle Home Mortgage, LLC - Company NMLS #1058. Mortgage Broker License #1055, 5555 Kietzke Lane, Suite 200, Reno, NV 89511, (775) Certain restrictions apply. This is not a commitment to lend. Applicants must qualify. Models/Lifestyles shown do not reflect any ethnic/racial preference Eagle Home Mortgage, LLC. All rights reserved. Eagle Home Mortgage and the Eagle logo are U.S. registered service marks or service marks of Lennar Corporation and/or its subsidiaries.

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31 ACCOMPLISH EXTRAORDINARY THINGS People do not decide to become extraordinary. They decide to accomplish extraordinary things. Sir Edmund Hillary First climber to successfully summit Mt. Everest Sir Edmund Hillary Just as Sir Edmund Hillary accomplished extraordinary things when it came to mountaineering, CCIM represents an extraordinary achievement in commercial real estate. The prestigious Certified Commercial Investment Member (CCIM) designation is held by merely 6% of top commercial real estate agents nationwide who have passed rigorous testing and consistently displayed proven results. EVEREST REVEALS THE BEST CLIMBERS. CCIM REVEALS THE BEST BROKERS. Trust ONLY THE BEST for your most important commercial real estate investments. Kevin Annis, Archcrest Commercial Partners Brian Armon, Cushman & Wakefield Todd Blonsley, Marcus & Millichap Ron Boles, Boles Realty Brad Bonkowski, NAI Alliance Carson City Carole Brill, Resource Management and Development Jack H. Brower, SVN Paul Bruk, Bruk Real Estate Dominic Brunetti, Dickson Commercial Group Bram Buckley, Avison Young Lyle D. Chamberlain, Lee & Associates-Reno Gigi Hay Chisel, Lewis Management Corporation Ian Cochran, SVN Sheila Colfer, Dickson Commercial Group Chad D. Coons, Gillmor Coons Real Estate Samuel Douglass, John Uhart Commercial Brian Egan, Egan Commercial Real Estate Chris Fairchild, Colliers International Lance Faulstich 2018 Northern Nevada CCIM Designees: Tom Fennell, Dickson Commercial Group Joseph H. Gauthier Jessie Greer, Avison Young Matt Grimes, CBRE Garrett Hallenbeck, Hallmark Investments Skip Hansen, Skip Hansen & Associates Inc. Dale Travis Hansen, Dickson Commercial Group Dave Henselman, Commercial Project Mgmt James M. Hicks, James M. Hicks, Land & Invest Mary A. Holman, Holman Investments Steven Horn Ron Hoy, Coldwell Banker Select Real Estate Yair Jackoby, Ferrari-Lund Ryan Johnson, Johnson Group Thomas Y. Johnson, SVN Steve Kucera, Kidder Mathews Rick LaMay, Avison Young James Lowey, Morrissey Realty Ben McGrew, Fiduciary West, LLC Missy McQuattie, Chase International Tom Miller, Miller Industrial Properties Melissa Molyneaux, Colliers International Michael A. Nevis, Kidder Mathews Aiman Noursoultanova, CBRE Paul T. Perkins, Perkins Company Bruce L. Robertson, NAI Alliance Carson City Floyd Rowley, Johnson Group Cindy Santilena, Bank of America Merrill Lynch David Schuster, Avison Young Casey Scott, Colliers International Mary Irene Self, Wells Fargo Wealth Management Kevin Sigstad, RE/MAX Premier Properties Reed Simmons, Avison Young Dave Simonsen, Kidder Mathews Dewey Struble, Maximizing Investment Real Estate John Uhart, John Uhart Commercial James Urmston, MAI, SRA Andie Wilson, NAI Alliance Carson City

32 Heritage Bank is Proud To Be Affiliated With CCIM, the Nevada Builders Assoc, and Our Construction Community Tom Traficanti Welcome To Heritage Bank of Nevada Stan Wilmoth, President and CEO Tom Traficanti, Executive Vice President and Chief Credit Officer (CCO) Mark McKibben, VP Senior Loan Officer Barry Collier, VP Commercial Loan Officer Barbara Culver, VP Commercial Loan Officer Larry Bell, VP Commercial Loan Officer Kip McKibben, VP Commercial Loan Officer Lynee' Shahan, Commercial Loan Officer Stan Wilmoth Call Us Direct Anytime Named #1 SBA 504 Lender in Northern Nevada We're Your Private Bank Local People and Local Branches - Business Checking Accounts - Business Loans and Lines - Commercial Real Estate Loans - Construction Loans - Consumer Checking and Loan Products - High tech Products: Mobile Banking, Remode Deposit - Mortgage Loan Origination We support the efforts of CCIM and appreciate their exceptional values. Seven Locations in Northern Nevada RENO 2330 S. Virginia St W. 7th St Damonte Ranch Pkwy Mill & Corporate Blvd CARSON CITY 4222 S. Carson St SPANISH SPRINGS 330 Los Altos GARDNERVILLE 1299 Hwy 395 N It s not how big your bank is. It s how big you are with your bank.