17th Annual CCIM Forecast

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TABLE OF CONTENTS Letter from the President.................................................................. 4 CCIM Elected Leaders.................................................................... 5 CCIM Application....................................................................... 6 Summit Awards......................................................................... 7 2008 Have s and Want s hosts............................................................... 8 Industrial Forecasts...................................................................... 10 Multi-Family Forecasts................................................................... 15 Office Forecasts........................................................................ 21 Retail Forecasts......................................................................... 27 Membership Directory................................................................... 33 MEET OUR SPONSORS PLATINUM SPONSOR Heritage Bank.......................................................................... 2 GOLD SPONSORS CB Richard Ellis........................................................................ 20 DP Partners............................................................................ 9 First Independent Bank of Nevada.......................................................... 26 Panattoni............................................................................. 14 SILVER SPONSORS Access Commercial Mortgage.............................................................. 26 Coldwell Banker Commercial Clay & Associates............................................... 32 First Centennial Title.................................................................... 32 Holland and Hart........................................................................ 9 Nevada State Bank....................................................................... 9 Plumas Bank........................................................................... 26 REMAX Premier Properties............................................................... 20 Sun West Bank......................................................................... 20 Ticor Title............................................................................ 32 3

Welcome to the 17th Annual Northern Nevada CCIM Chapter Year-End Review and Forecast Competition! Our Chapter is proud to have organized the Forecast event in the first quarter of each year since 1992. This event has witnessed and forecasted history in the making. We've seen terrific highs and unfortunately, a few lows in the economy. But regardless of the economic conditions, the Annual Forecast continues to challenge industry experts to accurately look into a crystal ball and predict the state of commercial real estate in the coming year. The Annual Forecast gives you access to expert predictions for vacancy and absorption rates, construction projections and rental value estimates in the Industrial, Multi-Family, Office and Retail segments. We are honored to have received many forecasts from fellow Northern Nevada commercial real estate professionals this year. I can only imagine how challenging it was to forecast conditions for 2010! Thank you to all who submitted predictions this year and thank you to our speakers, we know it takes a lot of work and preparation and the community greatly appreciates it. Another important aspect of the Annual Forecast is to recognize the winners of previous year's predictions. Last February, forecasts were submitted in each category: Industrial, Multi-Family, Office and Retail. The forecast in each category that predicted vacancy rates closest to actual year-end figures for 2008 will receive a $250 check from CCIM of Northern Nevada. And not only that-the winners will also be given the first opportunity to present again in 2010. Within this book, you have access to the Northern Nevada CCIM Chapter membership directory and information about the upcoming Summit Awards. In addition, we highlight all of our tremendously generous sponsors comprised of banks, brokerage houses, and title and escrow companies. The sponsorships help CCIM fund scholarships for our members looking to further their education in commercial real estate. Please help me thank them for their support, especially in these challenging times. We have an exciting year planned out for 2009, including additional local advertisements for our members, legislative representation, new luncheon topics and monthly e-newsletter updates. We've increased the number of scholarships to be awarded this year to ten so if you or someone you know is interested in applying for a scholarship towards achieving the CCIM designation, please visit our web site for an application. I hope you enjoy this event and the Forecast booklet. I look forward to seeing you at future CCIM events including the 4th annual Summit Awards in May. Sincerely, Aiman Noursoultanova, CCIM Northern Nevada CCIM Chapter President (775) 823-6983 http://chapters.ccim.com/northnevada 4

MEET YOUR 2009 NORTHERN NEVADA CCIM CHAPTER ELECTED LEADERS PRESIDENT Aiman Noursoultanova, CCIM CB Richard Ellis aiman.noursoultanova@cbre.com (775) 823-6983 VICE-PRESIDENT Kevin Annis, CCIM TD Advisors kannis@tdnev.com (775) 850-4200 SECRETARY Brian Egan, CCIM Egan Commerical Real Estate brian@egan.com (775) 284-4444 TREASURER Roger Kadz Plumas Bank roger.kadz@plumasbank.com (775) 786-0907 ADMINISTRATOR Stacie Griffin stacie_griffin@yahoo.com (775) 224-7038 5

2009 MEMBERSHIP APPLICATION RENEWAL OR NEW NORTHERN NEVADA CCIM CHAPTER C/O STACIE GRIFFIN P.O. BOX 70341 RENO, NV 89570 Ph: (775) 224.7038 E: STACIE_GRIFFIN@YAHOO.COM NAME: FIRM/COMPANY: ADDRESS: SUITE: CITY/STATE/ZIP: OFFICE PHONE # FAX # MOBILE # E-MAIL CCIM COURSES COMPLETED: PRIMARY AREA(s) OF CONCENTRATION INCLUDE: REAL ESTATE SPECIALTIES OTHER [] Business Opportunities []Property Managers [] Accountant [] Buyer Brokerage []Ranches [] Appraiser [] Consulting []Retail [] Attorney [] Development [] Other [] Banker []Exchanging [] Escrow Company []Hotels/Motels [] Mortgage Banker []Industrial [] Principal []Land [] Property Manager []Mobile Home Sales [] Syndicate []Multi Family [] Title Company []Office [] Other ENCLOSED ARE MY DUES FOR MEMBERSHIP IN THE NORTHERN NEVADA CCIM CHAPTER FOR 2008 2009 Dues 2009 Dues by 12/12/08 after 12/12/08 Jan to Dec. Jan to Dec. Check Box to Indicate Category DESIGNEE OR CANDIDATE- CCIM Institute member $95.00 $115.00 [] A DESIGNEE has achieved the prestigious CCIM designation. [] A CANDIDATE member is an approved applicant taking the course toward the designation. MARKETING MEMBER - NON- CCIM Institute member $135.00 $145.00 [] A MARKETING member is a commercial real estate licensee who is not a CCIM designee, nor a candidate, who wishes to network and interact with other commercial brokers through membership in the Northern Nevada CCIM Chapter. []An AGENT $60.00 $70.00 Member works within a brokerage firm which is a Chapter Sponsor. Indicate Category: [] DESIGNEE [] CANDIDATE [] MARKETING MEMBER CORPORATE AFFILIATE MEMBER $200.00 [] An AFFILIATE member works in a field providing support services to commercial real estate professionals, such as title, insurance, escrow, lender, attorney, CPA, etc. TOTAL ENCLOSED $ [] Check Enclosed [] Visa/MasterCard Card# Exp. Date Signature:

2008 HAVE'S AND WANT'S HOSTS Each month, Northern Nevada CCIM Chapter members have an exclusive opportunity to present their properties, new service offerings and clients to other CCIMs in the community. This non-competitive forum is the ideal opportunity to increase visibility of have's and want's for brokers, banks, title companies and other businesses involved in commercial real estate. Our hosts make these meetings possible and in 2008, we were lucky to have the following companies provide a meeting venue (and a tasty lunch!) to Have's and Want's meeting attendees. Have's and Want's meetings generally occur on the third Thursday of each month. So be sure to mark your calendar and attend an upcoming Have's and Want's meeting in 2009. Thanks once again to the following companies that graciously hosted our monthly Have's and Want's meetings in 2008: CB Richard Ellis Nevada State Development Corporation Orgill-Singer & Associates Sperry Van Ness TD Advisors Ticor Title If your company is interested in hosting a Have's and Want's meeting in 2009 and would like to get the opportunity to present your services to our membership, please contact Stacie Griffin, chapter administrator, for more information. Stacie_Griffin@yahoo.com or (775) 224-7038. 8

COMMUNITY: OUR COMMITMENT It started with community, and now, more than ever, it is a pillar of our business. DP Partners, a member of Dermody Properties, goes in for the long haul - and always has. Progress brings change, and we have evolved with the times, in fact, often ahead of the times. We have held fast to our principles, values, and integrity for almost a half century. When we look at a project, we bring sharp pencils and sophisticated methods, always visualizing the big picture. We become part of your community. Community. Innovation. Synergy. Action. DP Partners National Commercial Development 800.775.7483 www.dermody.com Hale Lane is Now Holland & Hart BRINGING THE WHEELS TO THE DEALS. Holland & Hart and Hale Lane combined on July 1, 2008, to form one of the largest firms in Nevada, with 63 attorneys in Reno, Carson City, and Las Vegas. Holland & Hart is the largestlawfirmbasedinthemountainwest. We provide representation for the real estate industry including: Commercial Leasing Green Building Sales and Purchases Common Interest Ownership Mixed-Use Development Communities Land Use Water Rights Environmental Compliance Real Estate Taxation Affordable Housing and Tax Credits Real Estate Litigation Construction Financing Resort Development Entity Structuring More than 50 real estate attorneys and paralegals in seven states Megan Moschetti (775) 327-3000 mmoschetti@hollandhart.com 5441 Kietzke Lane, Second Floor Reno, Nevada 89511 J. Marcus Painter Real Estate Practice Group Manager mpainter@hollandhart.com MEET YOUR COMMERCIAL REAL ESTATE TEAM. When your commercial real estate project is ready to roll, this is the team you want to call. With loans up to $50 million and over 100 years of collective lending experience, this team has got the decision-making power to get any job done, no matter how big or small. Call Mike Pollock today at (775) 686-7222. CONSTRUCTION AND TERM LOANS Subdivisions Multi-family Office Industrial Retail ASPEN BILLINGS BOISE BOULDER CHEYENNE CARSON CITY COLORADO SPRINGS DENVER DENVER TECH CENTER JACKSON HOLE LAS VEGAS RENO SALT LAKE CITY SANTA FE WASHINGTON D.C. www.hollandhart.com Nevada State Bank 2007 www.nsbank.com 9

2009 Industrial 2009 Forecasts 10

SPEAKER 11

SPEAKER 12

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2009 Multi-Family 2009 Forecasts 15

SPEAKER 17th Annual CCIM Forecast 16

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SPEAKER 18

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2009 Office 2009 Forecasts 21

SPEAKER 17th Annual CCIM Forecast 22

SPEAKER Reno, Nevada Office Market By Brian Armon, CCIM Trinity The Northern Nevada office market remained weak in 2008. All four quarters recorded increased vacancy and negative net absorption. This is a continuation of a trend that began in 2007 when the market saw three out of the four quarters finish with negative net absorption. 2008 finished with a loss of 116,000 square feet of leased office space and vacancy of just over 20%. The trend is directly related to the drastic downturn in the residential real estate market. The national home builders, mortgage companies, and title companies who had fueled the office market during the preceding years saw their requirements for office space drop as quickly as the demand for their products & services dropped. The Reno area office market quickly changed from a market of growth and high demand to nearly non-existent demand and increasing vacancy, thus leaving investors and developers scrambling for tenants. With vacancy on the rise and demand declining, many office property owners are willing to slash effective lease rates to secure tenants. The average asking rate for class A properties at the end of 2008 dropped from $23.64 per square foot at the end of 2007 to $22.08 per square foot and class B was down to $16.68 per square foot. The effective lease rates in all office product classifications has fallen dramatically from the highs of late 2006 when the effective rates for class A product exceeded $27.00 per square foot. The effective lease rates have been reduced as average asking lease rates continue to adjust to the slowing market and office property owners are providing increased concessions in lease negotiations. These current conditions put tenants firmly in control. Informed tenants are driving hard bargains and those landlords willing to bend are winning business. With few tenants of significant size searching the market and ever increasing vacancy, tenants are looking for aggressive terms to finalize transactions. Concessions from turn-key tenant improvements to free rent continue to be available. Developers of office product have shelved most plans for new product to wait out this market. Nearly all of the office development over the past ten years occurred in the suburban South Reno area with the vast majority of projects completed in the south meadows submarket. Unfortunately, this submarket now has been the hardest hit with the loss of many of the large tenants related to the residential real estate business. With vacancy approaching 25%, most development has stopped. The speculative nature of the previous development is not likely to return in the near future. The focus of developers has adjusted away from speculative to build-to-suit. The completion and subsequent sale of the 79,248 square foot Employers Insurance Group office building for $20,735,000 is a good example of office developers revising their strategy. Plans exist for at least three major office developments in South Reno including two additional multi-story properties 23

NAI Alliance 6995 Sierra Center Parkway, #100 775.336.4600 www.naialliance.com 24

Scott Shanks, SIOR Senior Vice President 775.336.4671 sshanks@naialliance.com Dominic Brunetti Vice President 775.336.4670 dbrunetti@naialliance.com Matt Grimes Associate 775.336.4672 mgrimes@naialliance.com Beth Miller Marketing Specialist 775.336.4643 bmiller@naialliance.com NAI Alliance 6995 Sierra Center Parkway, #100 775.336.4600 www.naialliance.com 25

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2009 Retail 2009 Forecasts 27

SPEAKER 28

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SPEAKER 30

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MEMBERSHIP DIRECTORY CCIM DESIGNEES These individuals have completed all necessary coursework, tests involved and experience required for achieving the prestigious CCIM designation. KEVIN ANNIS, CCIM TD ADVISORS 5470 Reno Corporate Dr. p: (775) 850-4200 f: (775) 850-4251 c: (775) 742-2539 kannis@tdnev.com BRIAN ARMON, CCIM TRINITY 9533 Gateway Drive, Ste. B Reno, NV 89521 p: (775) 851-9500 f: (775) 851-9551 c: (775) 772-0957 brian.armon@trinitycommercial.com TODD BLONSLEY, CCIM MARCUS & MILLICHAP REAL ESTATE INVESTMENT SERVICES 255 W. Moana Lane, Suite 209 Reno, NV 89509 p: (775) 334-8143 f: (775) 827-5778 tblonsley@marcusmillichap.com BRAD BONKOWSKI, CCIM COLDWELL BANKER COMMERCIAL PREMIER BROKERS 223 S. Division St Carson City, NV 89703 p: (775) 888-6200 f: (775) 888-6201 c: (775) 721-2057 brandie.llc@prodigy.net JACK BROWER, CCIM SPERRY VAN NESS/ GOLD DUST COMMERCIAL 311 N. Carson St Carson City, NV 89701 p: (775) 883-3936 x 18 c: (775) 721-7023 browerj@svn.com DANIEL BUHRMANN, CCIM GRUBB & ELLIS / NCG 5555 Kietzke Lane #200 p: (775) 332-7315 c: (775) 690-5653 daniel.buhrmann@grubb-ellis.com CHAD COONS, CCIM GILLMOR COONS REAL ESTATE GROUP, LLC PO Box 996 Genoa, NV 89411 p: (775) 782-3434 f: (775) 782-0088 c: (775) 720-2115 chadcoons@gmail.com DARYL DRAKE, CCIM DRAKE COMMERCIAL REAL ESTATE SERVICES 1885 S. Arlington Ave. Ste 207 Reno, NV 89509 p: (775) 322-4044 f: (775) 322-4049 drakerealty@sbcglobal.net BRIAN EGAN, CCIM EGAN COMMERCIAL REAL ESTATE 464 South Sierra Street Reno, NV 89501 p: (775) 284-4444 f: (775) 284-4445 c: (775) 250-5001 brian@egancommercial.com RON BOLES, CCIM FENNELL AND ASSOCIATES 500 Damonte Ranch Parkway #675 Reno, NV 89521 p: (775) 850-3116 f: (775) 201-6807 c: (775) 720-3100 rboles@ccim.net LYLE CHAMBERLAIN, CCIM SPERRY VAN NESS/ GOLD DUST COMMERCIAL 630 Sierra Rose Dr., Suite 1A p: (775) 825-3330 x 104 f: (775) 825-8048 c: (775) 220-7391 lyle.chamberlain@svn.com LANCE FAULSTICH, CCIM TRINITY COMMERCIAL 9533 Gateway Drive, Ste. B Reno, NV 89521 p: (775) 851-9500 f: (775) 851-9551 lance.faulstich@trinitycommercial.com Signifies a Northern Nevada CCIM Sponsor. Thank you once again for your generous support. 33

MEMBERSHIP DIRECTORY CCIM DESIGNEES These individuals have completed all necessary coursework, tests involved and experience required for achieving the prestigious CCIM designation. ROBERT FORD, CCIM COLDWELL BANKER COMMERCIAL PREMIER BROKERS 223 S. Division St Carson City, NV 89703 p: (775) 888-6163 f: (775) 888-6179 c: (775) 721-0700 bob@ford.minden.nv.us GARRETT HALLENBECK HALLMARK INVESTMENTS & MANAGEMENT, LLC 3100 Mill St., Ste. 204 p: (775) 786-8488 f: (775) 786-8492 c: (775) 247-6570 garrett@hallmarkreno.com SKIP HANSEN, CCIM SKIP HANSEN & ASSOCIATES, INC. PO Box 40607 Reno, NV 89504 p: (775) 324-1070 c: (775) 324-1070 skip@landwizard.com DAVE HENSELMAN, CCIM COMMERCIAL PROJECT MANAGEMENT 3545 Airway Dr. Ste 113 p: (775) 853-3742 dave@cpmnv.com MARY HOLMAN CCIM, CPM, CRS, CAM HOLMAN INVESTMENTS, LLC 100 Moore Lane Reno, NV 89509 p: (775) 826-9100 f: (775) 826-9117 c: (775) 771-7971 mholman@charter.net RYAN JOHNSON, CCIM METZKER JOHNSON GROUP 6490 S. McCarran, Suite 10 Reno, NV 89509 p: (775) 823-8877 f: (775) 201-0153 c: (775) 232-8551 ryan@metzkerjohnson.com THOMAS Y. JOHNSON, CCIM SPERRY VAN NESS/GOLD DUST COMMERCIAL ASSOCIATES 311 N. Carson St Carson City, NV 89701 p: (775) 883-3936 x 15 f: (775) 884-2059 c: (775) 742-1151 johnsont@svn.com JERRY KEHR, CCIM C/B KERH-O'BRIEN REAL ESTATE 7430 Rocky Flats Ct. p: (530) 258-2103 f: (530) 258-2066 exacta5@frontiernet.net MICHAEL KILLIAN, CCIM THE KILLIAN COMPANY 401 Ryland St. #300 p: (775) 329-8833 f: (775) 329-6935 michael@thekilliancompany.com RICK LAMAY, CCIM GRUBB & ELLIS/NCG 5555 Kietzke Lane #200 p: (775) 332-2800 f: (775) 332-2810 c: (775) 742-3098 rick.lamay@grubb-ellis.com JAMES LOWEY, CCIM MORRISSEY REALTY 1025 Ridgeview Dr., Ste. 200 Reno, NV 89519 p: (775) 322-4401 f: (775) 322-0953 c: (775) 997-4369 james@morrisseyrealty.com PAMELA LUHRS BARRETT, CCIM ARGENT COMMERCIAL REAL ESTATE SERVICES 36 Stewart Street Reno, NV 89501 p: (775) 323-5000 f: (775) 329-7299 c: (775) 741-1631 pam@argentnevada.com Signifies a Northern Nevada CCIM Sponsor. Thank you once again for your generous support. 34

MEMBERSHIP DIRECTORY CCIM DESIGNEES These individuals have completed all necessary coursework, tests involved and experience required for achieving the prestigious CCIM designation. ALEX MELLINGER, CCIM CB RICHARD ELLIS 6980 Sierra Center Parkway #160 p: (775) 823-6964 f: (775) 356-6181 c: (775) 232-3681 alex.mellinger@cbre.com LARRY MESSINA, CCIM COLDWELL BANKER COMMERCIAL PREMIER BROKERS 223 S. Division St Carson City, NV 89703 p: (775) 315-0141 f: (775) 888-6211 larry@cbnevada.com AIMAN NOURSOULTANOVA, CCIM CB RICHARD ELLIS 6980 Sierra Center Parkway # 160 p: (775) 823-6983 f: (775) 356-6181 c: (775) 233-7049 aiman.noursoultanova@cbre.com BRUCE ROBERTSON, CCIM SPERRY VAN NESS/ GOLD DUST COMMERCIAL 311 Up N. Carson St Carson City, NV 89701 p: (775) 883-3936 x 12 f: (775) 884-2059 c: (775) 721-7904 robertsonb@svn.com FLOYD ROWLEY, CCIM COLLIERS INTERNATIONAL 10765 Double R Blvd., Ste. 100 Reno, NV 89521 p: (775) 823-6629 f: (775) 823-4699 c: (775) 224-3183 frowley@colliersreno.com TIM RUFFIN, CCIM, SIOR COLLIERS INTERNATIONAL 10765 Double R Blvd., Ste. 100 Reno, NV 89521 p: (775) 823-4670 f: (775) 823-4699 c: (775) 745-1594 tim@timruffin.com KEVIN SIGSTAD, CCIM REMAX PREMIER PROPERTIES 5250 Neil Rd #100 p: (775) 828-3380 f: (775) 828-3365 ksigstad@remax.net DAVE SIMONSEN, CCIM NAI ALLIANCE 6995 Sierra Center Parkway #100 p: (775) 336-4667 f: (775) 336-4699 c: (775) 232-9822 dsimonsen@naialliance.com DENNIS SMITH, CCIM COLDWELL BANKER COMMERCIAL PREMIER BROKERS 223 S. Division St. Carson City, NV 89703 p: (775) 888-6164 f: (775) 888-6201 c: (775) 720-9978 dennissmith7@hotmail.com SHAWN SMITH, CCIM COLLIERS INTERNATIONAL 10765 Double R Blvd., Ste. 100 Reno, NV 89521 p: (775) 823-9666 f: (775) 823-4699 c: (775) 846-8696 ssmith@colliersreno.com DEWEY STRUBLE, CCIM SPERRY VAN NESS/ GOLD DUST COMMERCIAL 630 Sierra Rose Dr. #1-A p: (775) 825-3330 x 102 f: (775) 825-8048 c: (775) 303-4047 struble@ccim.net PAR TOLLES, CCIM DP PARTNERS 1200 Financial Blvd. p: (775) 858-8080 f: (775) 856-0831 ptolles@dermody.com Signifies a Northern Nevada CCIM Sponsor. Thank you once again for your generous support. 35

MEMBERSHIP DIRECTORY CCIM DESIGNEES These individuals have completed all necessary coursework, tests involved and experience required for achieving the prestigious CCIM designation. JOHN UHART, CCIM JOHN UHART COMMERCIAL REAL ESTATE SERVICES 301 W. Washington St. #1 Carson City, NV 89703 p: (775) 884-1896 f: (775) 884-4896 jfuhart@ccim.net JIM URMSTON, CCIM J.E. URMSTON & CO. 4870 Pinesprings Drive Reno, NV 89509 p: (775) 825-5335 f: (775) 825-5335 p: (775) 530-4732 jurmston@nvbell.net DON WELSH, CCIM GRUBB & ELLIS / NCG 5555 Kietzke Lane #200 p: (775) 332-7302 don.welsh@grubb-ellis.com ANDIE WILSON, CCIM COLDWELL BANKER COMMERCIAL PREMIER BROKERS 223 S. Division St Carson City, NV 89703 p: (775) 888-6200 f: (775) 888-6201 c: (775) 721-2980 brandie.llc@prodigy.net DAVID WOODS, CCIM CB RICHARD ELLIS 6980 Sierra Center Parkway, Ste. 160 p: (775) 321-4459 f: (775) 356-6181 c: (775) 762-2288 david.woods@cbre.com Signifies a Northern Nevada CCIM Sponsor. Thank you once again for your generous support. 36

MEMBERSHIP DIRECTORY CANDIDATE MEMBERS These members are approved candidates for the CCIM designation and are in the process of completing necessary coursework. KAREN ASHBY SPERRY VAN NESS/ GOLD DUST COMMERCIAL 630 Sierra Rose Drive p: (775) 825-3330 x 1203 f: (775) 201-0101 c: (775) 745-2962 karen.ashby@svn.com BRAM BUCKLEY GRUBB & ELLIS/NCG 5555 Kietzke Lane, Ste 200 p: (775) 332-7311 c: (775) 750-5073 bram.buckley@grubb-ellis.com TOM R. DE JONG COLLIERS INTERNATIONAL 10765 Double R Blvd., Ste. 100 Reno, NV 89521 p: (775) 823-6621 f: (775) 823-4699 c: (775) 772-7909 tdejong@colliersreno.com JOHN ATWELL DP PARTNERS 1200 Financial Blvd. p: (775) 858-8080 x 122 f: (775) 856-0831 jatwell@partnerwithdp.com GIGI CHISEL LEWIS OPERATING CORPORATION 1380 Greg Street #231 Sparks, NV 89431 p: (775) 331-6900 x 11 f: (775) 331-7633 gigi.chisel@lewisop.com SHANNON DRESSEL COMMERCIAL PARTNERS OF NEVADA, LLC 5310 Kietzke Lane, Ste. 204 p: (775) 329-4000 x 110 c: (775) 229-0594 shannon@commercialpartnersnv.com CORRINE BLONSLEY REALTY 123 255 W. Moana Lane #213 Reno, NV 89509 p: (775) 327-4501 realty123@sbcglobal.net KIMBERLY CLARK WELLS & COMPANY REALTY, LLC 9190 Double Diamond Pkwy Reno, NV 89521 p: (775) 323-7776 f: (775) 562-8108 c: (775) 980-7232 camelotprops@sbcglobal.net ROBBIE EDWARDS DICKSON REALTY 1030 Caughlin Crossing Reno, NV 89519 p: (775) 284-3039 f: (775) 746-8039 c: (775) 771-6721 redwards@dicksonrealty.com CAROLE BRILL STARK & ASSOCIATES 9855 Double R Blvd, Ste. 200 Reno, NV 89521 p: (775) 825-4400 f: (775) 825-4403 c: (775) 338-3844 cbrill@starkcn.com CHARLES TYLER CLAY COLDWELL BANKER COMMERICAL CLAY & ASSOCIATES 294 E. Moana Lane, Suite 27 p: (775) 823-3354 f: (775) 823-3354 c: (775) 342-9609 ctclay@worldnet-att.net JUDY EWING REMAX PREMIER PROPERTIES 5250 Neil Road # 100 p: (775) 828-3380 x 114 f: (775) 828-3365 c: (775) 772-6095 j.a.ewing@att.net DOMINIC BRUNETTI NAI ALLIANCE 6995 Sierra Center Parkway #100 Reno, NV 89523 p: (775) 336-4670 f: (775) 336-4699 c: (775) 240-1192 dbrunetti@naialliance.com KEN COBLER DP PARTNERS 1200 Financial Blvd. p: (775) 858-8080 x 122 f: (775) 856-0831 kcobler@dermody.com CHRIS FAIRCHILD GRUBB & ELLIS 5555 Kietzke Lane #200 p: (775) 332-7308 f: (775) 332-2810 c: (775) 287-6340 chris.fairchild@grubb-ellis.com Signifies a Northern Nevada CCIM Sponsor. Thank you once again for your generous support. 37

MEMBERSHIP DIRECTORY CANDIDATE MEMBERS These members are approved candidates for the CCIM designation and are in the process of completing necessary coursework. JIM GIBSON SPERRY VAN NESS/GOLD DUST COMMERCIAL ADVISORS 311 Up N. Carson St. Carson City, NV 89701 p: (775) 883-3936 x 10 f: (775) 884-2059 c: (775) 220-1075 jim.gibson@svn.com MATTHEW GRIMES NAI ALLIANCE 6995 Sierra Center Parkway, Ste. 100 p: (775) 336-4672 f: (775) 336-4699 c: (775) 530-8842 mgrimes@naialliance.com RICHARD SCOTT GUY R.S. GUY & COMPANY, INC. 675 Sierra Rose Dr. #103 p: (775) 828-4701 f: (775) 828-4702 c: (775) 846-7373 scott@commercialguy.com MARK E. HANNA METZKER JOHNSON GROUP 6490 South McCarran Blvd., Ste 10 Reno, NV 89509 p: (775) 823-8877 ext. 108 f: (775) 823-8849 c: (775) 742-9029 mark@metzkerjohnson.com JERRY HAWKINS COLDWELL BANKER VILLAGE REALTY 6512 S. McCarran Blvd. Reno, NV 89509 p: (775) 688-4800 f: (775) 828-1220 c: (775) 848-4295 loydhawkins@msn.com LEE HUGDAL FERRARI-LUND REAL ESTATE 500 Damonte Ranch Pkwy # 804 Reno, NV 89521 p: (775) 850-7033 f: (775) 825-7031 c: (775) 224-5059 leehugdal@charter.net RON JONES NEVADA COMMERCIAL SERVICES, INC. 5555 Kietzke Lane, Ste 150 p: (775) 851-3666 f: (775) 851-3667 c: (775) 690-5076 rjones@ncsreno.com LANCE KALLMAN COLLIERS INTERNATIONAL 10765 Double R Blvd., Ste. 100 Reno, NV 89521 p: (775) 823-4671 c: (702) 358-9003 lkallman@colliersreno.com JAMES KAPLAN K CORP PO Box 4606 Incline Village, NV 894450 p: (800) 300-5277 f: (775) 201-1276 jimccim@kcorporation.com MARK KEYZERS NAI ALLIANCE 6995 Sierra Center Parkway, Ste. 100 p: (775) 336-4663 f: (775) 336-4699 c: (775) 250-0400 mkeyzers@naialliance.com ROBERT L. LUCEY KELLER WILLIAMS REALTY 690 Sierra Rose Dr. p: (775) 823-8787 f: (775) 823-8786 c: (775) 745-2995 boblucey@kw.com MICHAEL MALONEY COLDWELL BANKER COMMERCIAL CLAY & ASSOCIATES 294 E. Moana Lane, Ste. 27 p: (775) 823-3326 f: (775) 823-3326 c: (775) 232-5184 mmaloney@cbcreno.com Signifies a Northern Nevada CCIM Sponsor. Thank you once again for your generous support. 38

MEMBERSHIP DIRECTORY CANDIDATE MEMBERS These members are approved candidates for the CCIM designation and are in the process of completing necessary coursework. TOM MILLER MILLER INDUSTRIAL PROPERTIES, LLC 1105 Terminal Way, Ste 202 p: (775) 828-4665 f: (775) 828-9503 c: (775) 742-9891 tom@millerindustrialproperties.com MELISSA J. MOLYNEAUX COLLIERS INTERNATIONAL 10765 Double R Blvd, Ste. 100 Reno, NV 89521 p: (775) 823-4674 f: (775) 823-4699 c: (775) 762-7990 mmolyneaux@colliersreno.com GREG NEUWEILER COLDWELL BANKER COMMERCIAL CLAY & ASSOCIATES 294 E. Moana Lane, Ste. 27 p: (775) 823-3334 f: (775) 823-3334 c: (775) 225-0442 gregn@cbcreno.com KRISTI PERAU COLDWELL BANKER COMMERCIAL CLAY & ASSOCIATES 294 E. Moana Lane, Ste. 27 p: (775) 823-3377 f: (775) 823-3377 c: (775) 560-5747 kristip@cbcreno.com JOHN REISER PIONEER PROPERTIES 309 E John St., Ste. 4 Carson City, NV 89706 p: (775) 884-3480 f: (775) 883-3637 c: (775) 742-2757 john@reiserassociates.com LEONARD RAMOS CB RICHARD ELLIS 6980 Sierra Center Parkway #160 p: (775) 826-6988 f: (775) 356-6181 c: (775) 233-4346 leonard.ramos@cbre.com GREGORY SHUTT DP PARTNERS 1200 Financial Blvd. p: (775) 858-8080 f: (775) 856-0831 gshutt@dermody.com GRANT SIMS CB RICHARD ELLIS 6980 Sierra Center Parkway, Ste. 160 p: (775) 321-4480 f: (775) 356-6181 c: (775) 232-8778 grant.sims@cbre.com RICHARD TERRIN COLDWELL BANKER COMMERCIAL CLAY & ASSOCIATES 294 E. Moana Lane, Ste. 27 p: (775) 829-5900 f: (775) 823-3388 c: (775) 848-7388 rhterrin@cbcreno.com MIKE WELLS WELLS & COMPANY REALTY, LLC 9190 Double Diamond Parkway Reno, NV 89521 p: (775) 323-7776 f: (775) 562-8108 info@mwells.com KENT WHELAN COLDWELL BANKER COMMERCIAL CLAY & ASSOCIATES 294 E. Moana Lane #27 p: (775) 823-3398 f: (775) 823-3398 c: (775) 772-5360 kwhelan@cbcreno.com DENNIS YODER THE YODER COMPANY PO Box 19219 p: (775) 853-8160 c: (775) 287-2026 dennisyoder@sbcglobal.net THOMAS W. YOUNG FENNELL & ASSOCIATES 500 Damonte Ranch Pkwy #675 Reno, NV 89521 p: (775) 850-3119 f: (775) 850-7010 tyoung@fennellcre.com Signifies a Northern Nevada CCIM Sponsor. Thank you once again for your generous support. 39

CCIM MARKETING MEMBERS These individuals are licensed commercial real estate professionals who have not yet declared CCIM Candidacy. RICK CASAZZA COLLIERS INTERNATIONAL 10765 Double R. Blvd., Suite 100 Reno, NV 89521 p: (775) 823-4666 f: (775) 823-4699 c: (775) 742-2246 rcasazza@colliersreno.com TODD COLLINS SOUTH TECH REAL ESTATE SERVICES 1275 Kleppe Lane, Ste. 4 Sparks, NV 89431 p: (775) 356-2188 f: (775) 356-9602 c: (775) 297-5955 todd.collins@south-tech.com HARVEY FENNELL FENNELL & ASSOCIATES 500 Damonte Ranch Parkway, Ste. 675 Reno, NV 89521 p: (775) 850-3100 f: (775) 850-7010 hfennell@fennellcre.com WILLIAM "BILL" FREED SKIP HANSEN AND ASSOCIATES PO Box 11676 Reno, NV 89510-1676 p: (775) 829-8656 f: (775) 829-8683 wpf@accutek.com BRAD LANCASTER TRINITY COMMERCIAL 9533 Gateway Drive, Ste. B Reno, NV 89521 p: (775) 851-9500 f: (775) 851-9551 c: (775) 690-0535 brad.lancaster@trinitycommercial.com ROSEMARY LOVEN LOVEN REAL ESTATE 4894 Sparks Blvd. Sparks, NV 89436-8120 p: (775) 284-9080 f: (775) 284-9081 c: (775) 225-6264 RosemaryL@lovenrealestate.com BONNIE LOWDER, ABR, CRS DICKSON REALTY 1030 Caughlin Crossing Reno, NV 89519 p: (775) 284-3104 f: (775) 747-8148 c: (775) 722-1686 lowderb@aol.com CHRISTOPHER L. MARTIN RENO SOUTH MEADOWS COMMERCIAL PROPERTIES 8725 Technology Way, Suite C Reno, NV 89521 p: (775) 852-3608 f: (775) 852-7198 c: (775) 250-0443 clm@renocommercialproperties.com ALANDRA PORRAZZO STARK AND ASSOCIATES 9855 Double R Blvd. Reno, NV 89521 p: (775) 825-4400 f: (775) 825-4403 c: (916) 296-4989 alandrap@gmail.com DICK SILVERA SILVERA COMMERCIAL REAL ESTATE, INC. 1512 Hwy 395 Gardnerville, NV 89410 p: (775) 783-4007 f: (775) 783-4008 c: (775) 721-5467 dicksilvera@yahoo.com MIKE VAN BLARICOM TD REALTY ADVISORS 5470 Reno Corporate Dr. p: (775) 850-4200 f: (775) 850-4251 c: (775) 250-9531 mikev@tdnev.com ED KILLIAN THE KILLIAN COMPANY 401 Ryland St. #300 p: (775) 329-8833 f: (775) 329-6935 ed@thekilliancompany.com FRED MILLER FENNELL & ASSOCIATES 500 Damonte Ranch Parkway, Ste. 675 Reno, NV 89521 p: (775) 850-3100 f: (775) 850-7010 c: (775) 741-2400 fmiller@fennellcre.com Signifies a Northern Nevada CCIM Sponsor. Thank you once again for your generous support. 40

CCIM AFFILIATE MEMBERS These members work in a field providing support services to commercial real estate professionals, such as title, insurance, escrow, lender, attorney, CPA firms, etc. MARK ASHWORTH MT. ROSE INSURANCE PO Box 17217 p: (775) 853-4338 f: (775) 853-4268 c: (775) 335-6767 mashworth@mtroseinsurance.com LARRY BELL HERITAGE BANK OF NEVADA 1401 S. Virginia St. p: (775) 321-4178 f: (775) 348-1022 mmckibben@heritagebanknevada.com WILLIAM V. BURGESS, CFP CITY NATIONAL BANK 6490 S. McCarran Blvd, Ste. 31 Reno, nnv 89509 p: (775) 828-8121 f: (775) 828-8127 bill.burgess@cnb.com ELIZABETH FIELDER JONES ARGAS 100 W. Liberty Street, 12th Floor Reno, NV 89501 p: (775) 786-5000 f: (775) 786-1177 efielder@jonesvargas.com ANDY HANTGES ACCESS COMMERCIAL MORTGAGE 701N. Green Valley Parkway, Ste. 125 Henderson, NV 89074 p: (775) 827-6348 f: (702) 967-6893 ah@accesscm.com R. CRAIG HOWARD HOLLAND & HART, LLP 5441 Kietzke Lane, Second Floor p: (775) 327-3000 f: (775) 786-6179 LYNDA J. MAHORTER WELLS FARGO 5340 Kietzke Lane, Ste. 200 p: (775) 823-4800 f: (775) 823-4889 c: (775) 842-1753 lynda.j.mahorter@wellsfargo.com JOHN MAKSIMIK, CIC, CRM ORGILL/SINGER & ASSOCIATES, INC. 5595 Kietzke Lane, Ste 115 p: (775) 398-2525 f: (775) 398-2529 c: (775) 253-4860 jmaksimik@orgillsinger.com LUCY MCGUIRE FIRST INDEPENDENT BANK OF NEVADA 5335 Kietzke Lane p: (775) 824-4263 c: (775) 412-7549 lmcguire@firstindependentnv.com ADRIEN BURNEY NEVADA STATE DEVELOPMENT CORPORATION 6572 S. McCarran Blvd. Reno, NV 89509 p: (775) 770-1207 f: (775) 826-6398 aburney@nsdc-loans.com KIM COULTER-DAVIS UNITED CONSTRUCTION COMPANY 5300 Mill Street p: (775) 858-8090 f: (775) 856-5375 c: (775) 848-1591 kimc@unitedconstruction.com ROGER KADZ PLUMAS BANK 1895 Plumas St., Suite 3 Reno, NV 89509 p: (775) 786-0907 f: (775) 786-5637 c: (775) 842-3819 roger.kadz@plumasbank.com DAN KAHL KAHL COMMERCIAL INTERIORS, INC. 201 W. Liberty Street Reno, NV 89501 p: (775) 284-3600 f: (775) 284-3602 dan@kahlnv.com MARK MCKIBBEN HERITAGE BANK OF NEVADA 1401 S. Virginia St. p: (775) 321-4103 f: (775) 348-1022 mmckibben@heritagebanknevada.com TYLER MILLER FIRST AMERICAN TITLE COMPANY 5310 Kietzke Lane, Ste. 100 Reno, NV 89520 p: (775) 823-6200 c: (775) 225-2978 tymiller@firstam.com Signifies a Northern Nevada CCIM Sponsor. Thank you once again for your generous support. 41

CCIM AFFILIATE MEMBERS These members work in a field providing support services to commercial real estate professionals, such as title, insurance, escrow, lender, attorney, CPA firms, etc. MICHELLE MOLNAR TICOR TITLE COMPANY 5441 Kietzke Lane, Suite 100 p: (775) 324-7400 f: (775) 824-3233 c: (775) 329-1774 michelle.molnar@ticortitle.com JACK W. PRESCOTT, SVP FIRST INDEPENDENT BANK OF NEVADA 5335 Kietzke Lane p: (775) 824-4261 f: (775) 828-2070 c: (775) 223-1448 jprescott@firstindependentnv.com RODGER STONE SUN WEST BANK 5470 Kietzke Lane p: (775) 333-8924 f: (775) 333-8999 rstone@swbnevada.com MEGAN MOSCHETTI HOLLAND & HART, LLP 5441 Kietzke Lane, Second Floor p: (775) 327-3000 f: (775) 786-6179 mmoschetti@hollandhart.com KANDAS MYER STARKER SERVICES, INC. 5470 Kietzke Lane, Ste. #130-F Reno, NV 89701 p: (775) 884-2090 f: (775) 884-0322 c: (775) 721-4190 kandasmyer@charter.net RABECCA RICH TICOR TITLE 5441 Kietzke Lane #100 p: (775) 824-3232 f: (775) 824-3233 c: (775) 560-5499 rabecca.rich@ticortitle.com ALICIA ROMAN GRANITE CONSTRUCTION COMPANY 1055 Glendale Avenue Sparks, NV 89431 p: (775) 355-5221 f: (775) 355-3429 c: (775) 813-1607 alicia.roman@gcinc.com ANDY TOURIN FIRST CENTENNIAL TITLE 1450 Ridgeview Dr., Ste. 100 Reno, NV 89519 p: (775) 689-8510 f: (775) 689-8504 c: (775) 750-7006 e: andyt@firstcentennial.com TOM TRAFICANTI HERITAGE BANK OF NEVADA 1401 S. Virginia St. p: (775) 321-4131 f: (775) 348-1022 c: (775) 750-3919 ttraficanti@heritagebanknevada.com BEN NELSON TICOR TITLE COMPANY 5441 Kietzke Lane, Suite 100 p: (775) 324-7400 f: (775) 824-3233 c: (775) 842-8893 ben.nelson@ticortitle.com PAM SHRIVER STEWART TITLE 1070 Caughlin Crossing Reno, NV 89519 p: (775) 324-4200 c: (775) 771-6039 pshriver@stewart.com JUSTIN TRIMBLE SIGNATURE LANDSCAPES 850 Maestro Dr. #100 p: (775) 857-4333 f: (775) 284-3399 justin@siglands.com MICHAEL POLLOCK NEVADA STATE BANK One W. Liberty St., 2nd Floor Reno, NV 89501 p: (775) 686-7222 f: (775) 688-6960 Michael.Pollock@nsbank.com NATE STEHURA PLUMAS BANK 1895 Plumas St., Suite 3 Reno, NV 89509 p: (775) 786-0907 x 6601 f: (775) 786-5637 nate.stehura@plumasbank.com BRIAN WALLACE NEVADA STATE DEVELOPMENT CORPORATION 6572 South McCarran Blvd. Reno, NV 89509 p: (775) 770-1205 f: (775) 826-6398 c: (775) 746-9732 bwallace@nsdc-loans.com Signifies a Northern Nevada CCIM Sponsor. Thank you once again for your generous support. 42

CCIM discovers opportunities that otherwise remain undiscovered Today, Northern Nevada s commercial real estate market is ripe. Ripe with opportunity: if you know where to look. Thankfully, with a Certified Commercial Investment Member s (CCIM) help, finding great opportunities in real estate is easier than you may think. CCIM members possess the highest level of training, have access to valuable resources and ultimately represent the gold standard in the commercial real estate industry. Contact a Northern Nevada CCIM member when it comes to your most important real estate investments. Kevin Annis, TD Realty Advisors Brian Armon, Trinity Pam Barrett, Argent Commercial Todd Blonsley, Marcus & Millichap Ron Boles, Fennell and Associates Brad Bonkowski, Coldwell Banker Commercial Premier Brokers Kathy Boyce Property Link Jack Brower, Sperry Van Ness/ Gold Dust Commercial Dan Buhrmann, Grubb & Ellis Lyle Chamberlain, Sperry Van Ness/ Gold Dust Commercial Chad Coons Gillmor Coons Real Estate Group Daryl Drake, Drake Realty, Inc. Brian Egan Egan Commercial Real Estate Paddy Egan Egan Commercial Real Estate Lance Faulstich, SIOR Trinity Bob Ford, Coldwell Banker Garrett Hallenbeck, Hallmark Investments Commercial Premier Brokers & Management Skip Hansen, Skip Hansen & Associates Dave Henselman, Commercial Project Management Mary Holman, Holman Investments Roy Hoy Century 21 Goldcrest Properties Ryan Johnson Metzker Johnson Group Thomas Y. Johnson, Sperry Van Ness/ Gold Dust Commercial Jerry Kehr, C/B Kerh-O Brien Real Estate Michael Killian The Killian Company Rick LaMay, Grubb & Ellis James Lowey, Morrissey Realty Alex Mellinger CB Richard Ellis Larry Messina, Coldwell Banker Commercial Premier Brokers Michael Nevis, CB Richard Ellis Aiman Noursoultanova, CB Richard Ellis Paul Perkins, NAI Alliance Bruce Robertson, Sperry Van Ness/Gold Dust Commercial Floyd Rowley Colliers International Tim Ruffin, Colliers International Duane Sanchez, Graystone Commercial Funding David Schuster, Grubb & Ellis Kevin Sigstad, Premier Properties Dave Simonsen, NAI Alliance Dennis Smith Coldwell Banker Commercial Premier Brokers Shawn Smith, Colliers International Dewey Struble, Sperry Van Ness/ Gold Dust Commercial Par Tolles, DP Partners John Uhart, John Uhart Commercial Real Estate Jim Urmston, J.E. Urmston & Co. Don Welsh, Grubb & Ellis Andie Wilson, Coldwell Banker Commercial Premier Brokers David Woods CB Richard Ellis. Not Pictured: Not Pictured: Jim Hicks, Jim Hicks, Jack Myers, Jack Myers, Reno Commercial Brokers Reno Commercial Brokers For more information about CCIM, please call (775) 224-7038 www.ccim.com