Dear NAIOP Members,

As 2023 draws gradually to a close, and I prepare to pass the gavel to President-elect Cassie Catania-Hsu, I would like to run down two very successful NAIOP Southern Nevada events that recently happened:

Nevada Gov. Joseph Lombardo speaks at NAIOP Southern Nevada September Breakfast:

“The room was buzzing with excitement as over 300 members and guests gathered in September, eagerly awaiting the governor’s presentation. I’d like to give a special shout-out to Programs Committee Chairman Dan Tuntland and the rest of the programs committee for organizing such a timely and relevant program. Dan did a great job moderating the Q&A.

Gov. Lombardo’s ongoing efforts to diversify the state’s economy and transform Las Vegas into a professional sports community made this event even more significant and relevant to the breakfast’s audience.

It was a great honor for our chapter to have Gov. Lombardo speak at this important commercial real estate event.

2023 Developing Leaders Institute graduation:

Now, let us turn our attention to NAIOP’s remarkable Developing Leaders Institute (DLI) program, which has been empowering emerging professionals within our organization since 2007. The program’s focus is to help prepare its class members for successful careers in the commercial real estate industry. The curriculum includes educational sessions across a broad range of real estate disciplines, leadership training seminars, a public speaking course, networking opportunities meant to grow a peer group of the industry’s future stars, and access to and training by key decision-makers in Southern Nevada’s commercial real estate community.

The 2023 DLI program graduates include:

• Micah Durham, Nevada General Construction
• Morgan Elson, Colliers International
• Kimberly Galbe, EV&A Architects
• Carina Gaytan, EV&A Architects
• Jaylen Hawkins, Schnitzer Properties
• Kelsey Higgins, CBRE
• Michael Kalish, Reisman Sorokac
• Jade Kopittke, Prologis
• Diana Kouglas, Kimley-Horn
• Matt Logo, Grand Canyon Development Partners
• Matt Lott, Commercial Roofers, Inc.
• Wade Lucas, Martin-Harris Construction
• Alexandria Malone, Taylor International
• Megan McInerney, Colliers International
• Chris Molina, McDonald Carano
• Areeba Moten, Colliers International
• Marc Philippi, Prospect Street Capital
• Cooper Powell, Logic Commercial Real Estate
• Luke Ramous, MDL Group
• Philip Short, First Savings Bank
• Landon Tenwolde, Logic Commercial Real Estate
• Lauren Willmore, CBRE

Part of the curriculum includes a “class project” where participants engage in a comprehensive project, from site selection to project disposition, providing hands-on experience in project management, collaboration, and problem-solving.

This year’s “class project” winner is the “5 Guy Dev Co,” which presented an industrial development named Bermuda Commerce Center. Members included Morgan Elson, Wade Lucas, Chris Molina, Marc Philppi and Cooper Powell.

The Bermuda Commerce Center is a promising 238,400-square-foot speculative project located in West Henderson. Its prime location on a 13-acre plot and its two buildings designed for up to six tenants make it an attractive option for businesses in need of available space under 150k sf. The submarket currently faces a 0% vacancy rate and limited development pipeline, giving the project a strategic advantage. With a total development cost of $48.7 million, the project is expected to generate a 7.55% return on investment and deliver LP investors an impressive 21.7% internal rate of return (IRR) and a 1.73 multiple on invested capital (MOIC) over a 36-month investment duration.

Lastly, I’d like to take this opportunity to thank the “Development Dudes” judges (Scott Goldstein, Kari Laurent, Rod Martin and Mike Shohet) who took time out of their busy schedules to gauge the winning project.

Thank you for your continued support of our award-winning chapter as we foster the growth of emerging leaders, strengthen board engagement, and shape the future of commercial real estate throughout the valley.

NAIOP Southern Nevada President
Reed Gottesman, President
SVP, Regional Manager
Schnitzer Properties
reedg@schnitzerproperties.com

NAIOP, the Commercial Real Estate Development Association, has announced Jaydin Moore as a recipient of its annual Diversity Student Scholarship. The scholarship program supports students who are pursuing a degree in commercial real estate and is a key component of the association’s pledge to advance diversity in the industry.

“NAIOP is committed to supporting the next generation of commercial real estate leaders and increasing diversity in the industry,” said Marc Selvitelli, CAE, NAIOP president and CEO. “This scholarship program provides not only a financial award but also opportunities for education and networking at our annual fall conference – valuable resources for this emerging talent.”
NAIOP is awarding four $5,000 graduate student scholarships and two $2,500 undergraduate student scholarships to individuals from demographics that are traditionally underrepresented in commercial real estate and whose universities are part of the NAIOP University Membership program.

In addition to the scholarship, each scholarship recipient will have the opportunity to make new professional connections and sharpen his or her commercial real estate acumen with complimentary registration to attend NAIOP’s CRE.Converge 2023, Oct. 18-20, in Seattle.

Moore is an undergraduate student pursuing a degree in real estate and urban economics at the University of Nevada, Las Vegas, and a member of NAIOP Southern Nevada. He serves as president of the university’s Real Estate and Business Society; the group helps students bridge the gap between classroom learning and the professional world. Moore also works with real estate broker Dana Berggren in Las Vegas as an associate of sales and leasing.

To learn more about NAIOP’s strategic initiatives to advance diversity, visit naiop.org/diversity.

Moore is an undergraduate student pursuing a degree in real estate and urban economics at UNLV and is a member of NAIOP Southern Nevada. He serves as president of the university’s Real Estate and Business Society, a group that helps students bridge the gap between classroom learning and the professional world. He also works with local commercial real estate broker Dana Berggren as a sales and leasing associate.

NAIOP’s Diversity Student Scholarship awards two $2,500 undergraduate student scholarships and four $5,000 graduate student scholarships to students representing demographics that are traditionally underrepresented in commercial real estate and whose universities are part of the NAIOP University Membership program.

Air conditioning is essential to surviving Southern Nevada’s desert heat, especially in summer. Many businesses use evaporative cooling systems to lower indoor temperatures, but these systems soak up a lot of water in the cooling process.

The second largest consumer of the community’s water supply, evaporative cooling systems are prohibited in new construction for projects applying for building permits after Sept. 1, 2023. While evaporative systems used for existing buildings may continue to operate, businesses are finding ways to install new technologies that make the systems more water efficient.

“Resorts World is a great example of a company upgrading evaporative cooling technology to save water,” said Patrick Watson, SNWA Conservation Services Administrator.

The 3,500-room hotel installed a new controller for its cooling towers, improving water efficiency by better controlling and monitoring of the system’s operations.

“With the new controller, Resorts World can cycle water more efficiently and replace it less often, saving more than 18 million gallons of water a year,” Watson said, adding that the resort took advantage of SNWA’s Water Efficient Technologies (WET) rebate to help pay for some of the costs associated with the upgrade.

The WET rebate offers financial incentives to commercial and multifamily property owners who install water-efficient devices and technologies. Properties can earn up to $500,000 in cash incentives for replacing cooling towers and swamp coolers with dry-cooled systems. Currently, Clark County is supplementing the SNWA rebate for consumptive use technologies through a grant (while funding is available).

“Dry cooled systems often use more energy than evaporative cooling systems, but dry cooling is more water efficient” Watson said, acknowledging one of the reasons some property owners have not pursued other cooling options. “We can always generate more power, but we can’t always create more water. Protecting our water supply during this megadrought is essential to our community’s long-term sustainability.”

For more information about the WET rebate, visit snwa.com.

Resorts World installed a new evaporative cooling system controller, which will cycle water more efficiently and save 18 million gallons a year.

Approximately 60 percent of all water delivered by the SNWA is consumed, primarily for landscape irrigation and cooling. Unlike water used indoors, water used outdoors and for cooling is lost as it cannot be treated and reused. As a result, consumptive water uses continue to be a primary focus area for future conservation gains.

Evaporative cooling systems, the second largest consumer of the community’s water supply, are prohibited in new construction for projects applying for building permits after Sept. 1, 2023.

In business and in life, keeping confidences is critical to build and maintain trust, and those who can be trusted to keep confidences are valuable.  The person who says, “I promised to keep this confidential, but…” can’t be trusted with a secret, and everyone knows it.

Reminds me of a song lyric from my grandpa’s favorite TV show, Hee Haw: “You’ll never hear one of us repeating gossip, so you better be sure and listen close the first time!”

Click here for more cartoons.

Brent Wright, PE, SE
CEO, Wright Engineers
bw@wrightengineers.com