President’s Message – October 2023

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

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