2016 Developing Leader Institute – A Spotlight on the Team Members and Projects

This year’s project required each of the four (4) teams to prepare a comprehensive proposal for the NAIOP Development Dudes, LLC recommending what they should develop on the a 13.86 acre parcel of unimproved land near the southwest corner of Buffalo Drive and Warm Springs Road.  The NAIOP Development Dudes, LLC consisted of Jeff LaPour, Rod Martin, Rick Meyers, John Ramous, and Doug Roberts.

Team 1

Project Name: Desert Commerce Center

Project Overview: Desert Commerce Center, APN: 176-09-501-010 (the “Property”) is a 253,520 SF speculative development project consisting of two (2) +/-45,760 square foot mid-bay industrial buildings on the north end of the property fronting Warm Springs Road and one (1) +/-162,000 square foot distribution building on the south end of the property. Situated on 13.83 acres, this property features ample parking and loading areas. The Property is located in the Southwest Submarket, most desirable in Las Vegas, and is just about a half mile from the I-215 beltway. This provides excellent access to the entire valley, and immediate access to McCarran International Airport, the Las Vegas “Strip”, huge amounts of various retail amenities and major residential areas. The Property is zoned R-E, commonly known as a “holding” zoning within Clark County Jurisdiction. Our plan is to acquire M-D zoning for this property after we purchase the land through public auction. M-D is an approved zoning for either office or industrial users.

Team Members:

  • Paola Gonzalez – Vice President, Business Development with Nevada State Development Corporation-SBA 504 Financing
    • Project Role/Responsibilities: Equity investment required, financing terms for the balance of the project costs, stabilized IRR
  • Bryan Houser – Senior Associate-Leasing and Investment Sales with Albright Callister & Associates
    • Project Role/Responsibilities: Land purchase price, proforma, market analysis, exit strategy upon project stabilization, leasing plan
  • Alicia Nelson – Senior Associate with Logic Commercial Real Estate
    • Project Role/Responsibilities: Secured the architect, marketing plan, prepared the PowerPoint presentation
  • Sam Newman – Associate-Industrial Division with Colliers International
    • Project Role/Responsibilities: Land purchase price, proforma, market analysis, exit strategy upon project stabilization, leasing plan
  • Jamie Thalgott – Assistant City Attorney with City of Henderson
    • Project Role/Responsibilities: Due diligence cost, legal analysis (rezoning, commercial subdivision, entitlements)

Team 1: Desert Commerce Center

Team 2: Taurine Development

Project Name: Buffalo Springs Crossing

Project Overview: Taurine Development is exclusively offering an opportunity to acquire a brand new mid-bay industrial investment in Las Vegas, NV. Buffalo Springs Crossing is a multi-tenant Industrial Project located in the Southwest submarket, more specifically on the Southwest corner of West Warm Springs Rd. and South Buffalo Dr. This project offering consists of three (3) buildings which total +\- 233,118 SF.

Buildings A and B are each +\- 48,384 SF Multi-Tenant Industrial buildings with four (4) units each, ranging from +/- 5,090 SF to +/- 10,152 SF. Each unit is divisible to +/- 4,347 SF to +/- 5,832 SF giving the opportunity to offer up seven (7) units per building. Each unit includes both Dock High and Grade level loading with approximately 15-20% shell office and two (2) restrooms. These units offer excellent street frontage and visibility. Rental rates for these buildings are projected between $0.75 – $0.80 PSF plus a $0.16 CAM.

Building C is a 151,470 SF Multi-Tenant Industrial building with six (6) units, ranging in size from +/- 18,171 SF to +/- 27,594 SF. Each unit includes both Dock High and Grade level loading with approximately 10% shell office and two (2) restrooms. Rental rates for this building are projected between $0.65 – $0.70 PSF plus a $0.16 CAM.

The project is equipped with 3-Phase power, energy efficient T5 lighting, a modern facade with adequate tenant signage and low-water desert landscaping. Due to the lack of this product type in the Southwest submarket, immediate desire and demand is highly expected. Permitting is estimated to commence October 2016 through April 2017 with project completion estimated in Quarter-1 of 2018 and a projected occupancy rate of 70%.

Team Members:

  • Lindsey Kay Hourie, RID, NCIDQ – Project Manager – Interiors with Almany Architecture
    • Project Role/Responsibilities: Project design and documentation including space planning, FF&E specifications, permitting, code and zoning compliance
  • Douglas Kohls – Project Manager with Truebeck Construction (Formerly Burke Construction Group, Inc.)
    • Project Role/Responsibilities: Developing construction cost estimation, project scheduling, project logistics, and leading project development.
  • Brett Rather – Senior Associate with Colliers International
    • Project Role/Responsibilities: Researching all market segments for feasibility, demographics of surrounding area, and value add approach for possible project re-position.
  • Shauna Sutliff – Leasing Associate with Harsch Investment Properties
    • Project Role/Responsibilities: Developing marketing strategy, lease terms and conditions, marketing brochures, and feasibility of value add approach for possible project preposition.
  • Sean Zaher – Sales Associate with CBRE
    • Project Role/Responsibilities: Preparing industrial market feasibility, developing project proforma and proposed exit strategy

Team 2: Buffalo Springs Crossing

Team 3: Innovative Development Group (DLI Class 2016 Outstanding Final Project Winner)

Project Name: Sierra Vista Parc

Project Overview: Sierra Vista Parc (SVP) is a three (3) building industrial development opportunity in the highly desirable and underserved Southwest submarket. Buildings A & B can accommodate tenants starting at 10,000 sq. ft. Units will be deliverable with a 10% functional turnkey office build out, 24’ clear, 50’ x 50’ column spacing, dock and grade level loading, sufficient power, and abundant parking. Building C can accommodate tenants starting at 34,312 sq. ft. with similar specs and 30’ clear. The entire project is concrete tilt-up construction with 6” poured concrete slab, ESFR fire sprinkler systems, 4’ x 8’ skylights, and T5 warehouse lighting. The internal rate of return on equity (unleveraged) is 13.73% and the anticipated project completion date is December 2017.

Team Members:

  • Jake Higgins – Sales Associate with CBRE Industrial & Logistics
    • Project Role/Responsibilities: Prepared the project’s underwriting by creating the proforma and provided key assumptions and proposed exit strategy and leasing
  • Ryan Koning – Founder of Beacon Southwest, LLC
    • Project Role/Responsibilities: Developed the construction cost estimation, project specifications and construction scheduling and assisted with the exit strategy and leasing plan
  • Eric J. Larkin, CCIM – Partner with NAI Vegas
    • Project Role/Responsibilities: Developed marketing strategy, procured the lease terms and conditions, prepared marketing assessment and brochures, and proposed exit strategy and leasing
  • Nikki Prine – National Commercial Escrow Officer with First American Title Insurance Company
    • Project Role/Responsibilities: Procured Title Commitment on subject parcel, researched land auctions, created one cohesive executive package and powerpoint presentation
  • Joanna Opena, P.E. (CA) – Civil Analyst with Kimley-Horn and Associates (Formerly Walker Engineering, LLC)
    • Project Role/Responsibilities: Prepared the site design in accordance with Clark County permitting and zoning compliance, prepared a thorough comprehensive Due Diligence report, generated civil construction documents including horizontal control and fire access, utility plan, and concept grading and drainage, assisted in the compilation of the executive package and PowerPoint presentation

Team 3: Innovative Development Group (DLI Class 2016 Outstanding Final Project Winner)

Team 4: Prestige Worldwide

Project Name: Buffalo & Warm Springs Industrial Center

Project Overview: Prestige Worldwide, LLC presents to NAIOP Development Dudes, LLC a development opportunity for 13.86 acres at the southwest corner of Buffalo Drive and Warm Springs Road (APN 176-09-501-010) into a 254,400 SF industrial project within the Southwest submarket in Las Vegas, NV. Within this proposal Prestige Worldwide will address site details, project overview, costs, proforma, timeline and exit strategy. Prestige Worldwide has a proven track record of performing development opportunities that provide investors with desirable returns, conservative returns and effective service for their clients on a local level.

Prestige Worldwide has assessed the property and the southwest trade area and determined the highest and best use in today’s market for the 13.86-acre parcel of unimproved land is for light industrial space. To best utilize the GLA we have laid out two 127,200 SF buildings parallel to Warm Springs Road. Each building will be comprised of 8 suites ranging from +/- 15,600 to +/-16,800 SF with dock and grade level loading doors for each suite. Anticipated closing date is October 2016.

Team Members:

  • Mike Argier – Development Manager with Panattoni Development Company, Inc.
    • Project Role/Responsibilities: President/Provided overall project structure/”road map”, created proforma and provided key assumptions, residual land value analysis and pricing guidance, (Non-construction) development-related cost budget, site plan/design guidance
  • Sabrina Borghoff – Strategic Relationship Developer with Martin-Harris Construction
    • Project Role/Responsibilities: Development and Marketing/Due-diligence and analysis of the site, engaged the Consultants (Architect, Civils Engineer, Geo Technical Engineer, and Contractor) , provide the construction budget, clarifications proposal which include project specifications, project schedule that captured the major mile stones, created marketing material for our development firm “Prestige World”
  • Jerry Doty – Associate with Colliers International
    • Project Role/Responsibilities: Executive Vice President/Researched information for Southern Nevada Market Overview, prepared comprehensive Industrial Market Overview and Highest and Best Use (Industrial), assisted with the render of the building façade
  • Deana Marcello – Brokerage Associate with Logic Commercial Real Estate
    • Project Role/Responsibilities: Acquisitions/ Assisted in determining highest and best use (Retail), pulled land comparable to determine land value, created one cohesive package submittal by integrating and summarizing everyone’s portions for a seamless executive package
  • Robert Perkins – Senior Property Manager with MDL Group
    • Project Role/Responsibilities:    Asset Manager/Entitlements, site (pros) and PowerPoint presentation
  • James Trujillo – Senior Vice President Private Client Manager with U.S. Trust
    • Project Role/Responsibilities:    Finance/ Economy Overview, bank financing/term sheet, construction, equity/Capitalization

Team 4: Buffalo & Warm Springs Industrial Center