THE GRAMERCY - LoopNet€¦ · russell rd. // 20,000 cpd ache rd. // 30,000 cpd the gramercy apartment/retail under construction gas station desert canyon business park y // 164,000

W. RUSSELL RD. // 20,000 CPD

S. FORT APACHE RD. // 30,000 CPD

THE GRAMERCY

APARTMENT/RETAILUNDER CONSTRUCTION

GAS STATION

DESERT CANYONBUSINESS PARK

215 BELTWAY // 164,000 CPD

CHRIS RICHARDSON, [email protected]

JASON [email protected]

OFFERING MEMORANDUM

FOR SA LE

This Offering Memorandum contains select information pertaining to the business and affairs of 5752 S. Fort Apache Rd., Las Vegas, NV 89148. This Memorandum was prepared based on information supplied by Seller and Broker. It contains selected information about the Property and the real estate market, but does not contain all the information necessary to evaluate the acquisition of the Property. The financial projections contained herein (or in any other Confidential Information) are for general reference only. The projections are based on assumptions relating to the general economy and local competition, among other factors. Accordingly, actual results may vary materially from such projections. Various documents have been summarized herein to facilitate your review; these summaries are not intended to be a comprehensive statement of the terms or legal analysis of such documents.

The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Logic Commercial Real Estate (LCRE). The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Seller, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness or this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. While the information contained in the Memorandum and any other Confidential Information is believed to be reliable, neither Broker nor Seller guarantees its accuracy or completeness. Due to the foregoing and since the Property will be sold on an “As Is, Where Is” basis, a prospective purchaser must make its own independent investigations, projections, and conclusions regarding the acquisition of the Property without reliance on this Memorandum or any other Confidential Information. Although additional Confidential Information which may include engineering, environmental or other reports may be provided to qualified parties as marketing proceeds, prospective purchasers should seek advice from their own attorneys, accountants, engineers, environmental and other experts.

CONFIDENTIALITY AGREEMENT

By acknowledging your receipt of this Offering Memorandum from LCRE, you agree:1. The Offering Memorandum and its contents are confidential;2. You will hold it and treat it in the strictest of confidence; and3. You will not, directly or indirectly, disclose or permit anyone else to disclose this

Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller.

Seller and LCRE expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.

A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or LCRE or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.

This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this

Offering Memorandum.

LCRE has a policy of proactive broker cooperation with the investment brokerage community. If applicable, a cooperating broker fee of the sales price shall be paid at closing to cooperating broker that procures and represents the buyer that acquires this property. If applicable, cooperation does not include brokers that represent themselves as Principals or broker’s whose member of his immediate family is participating in the purchase of the property. No broker will be recognized on a prospect that has previously contacted or been contacted by the Seller or the Seller’s representatives.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT LISTING AGENTS FOR MORE DETAILS.

CONTENTS

CHRIS RICHARDSON, [email protected]

JASON [email protected]

EXECUTIVE SUMMARY

MAPS, AERIALS, AND PLANS

COMPARABLES

FINANCIAL OVERVIEW

MARKET OVERVIEW

17

131519

BROKERAGE

EXECUTIVE SUMMARY

COMPARABLES


FINANCIAL OVERVIEW

MARKET OVERVIEW

1

The information herein was obtained from sources deemed reliable; however Logic Commercial Real Estate makes no guarantees, warranties or representation as to the completeness or accuracy thereof

The information herein was obtained from sources deemed reliable; however Logic Commercial Real Estate makes no guarantees, warranties or representation as to the completeness or accuracy thereof.

2

OFFERING DETAILSPROPERTY OVERVIEWLOGIC Commercial Real Estate is pleased to exclusively represent the ownership in presenting a fee simple opportunity to purchase Gramercy Commons. The property is a +/- 25,892 SF multi-tenant retail building with subterranean parking and a parceled retail pad.

Gramercy Commons sits on Fort Apache Rd. next to Russell Rd. in the Southwest submarket. The property is within close proximity to the 215 Beltway and has prominent visibility on the Fort Apache corridor. Close to the subject property is the Gramercy mixed-use development, Southern Hills Hospital, IKEA, and other major developments.

The opposite corners at the intersection of Fort Apache Rd. and Russell Rd. are in the process of development with a multi-family development and potential grocery-anchored retail center.

Gramercy Commons presents a great opportunity for an investor in one of the hottest submarkets in Las Vegas. The southwest submarket features some of the lowest retail vacancy rates in the valley. Also, there are close to 3,000 new multi-family units being developed within 3-miles of the subject site.

OFFERING PRICE: $6,850,000

NOI: $479,607

CAP RATE: 7.00%

PROFORMA CAP RATE: 7.73%

PRICE PER FOOT: $265 PSF

BUILDING SIZE: 25,892 SF

ACREAGE: 1.6 acres (inclusive of .32 acre pad)

OCCUPANCY: 100% (not including Pad)

ADDRESS: 5752 S. Fort Apache Rd., Las Vegas, NV 89148

APN: 163-32-110-006 (Retail Center) 163-31-110-007 (Retail Pad)

YEAR BUILT: 2007

TRAFFIC COUNTS: Russell Rd. // 20,000 CPDFort Apache Rd. // 30,000 CPD

PARKING: 142 (5.5 : 1,000)

NUMBER OF TENANTS: 9

EXECUTIVE SUMMARY



3

EXECUTIVE SUMMARY

� HIGH DEMAND SUBMARKET: The southwest submarket has some of the highest demand for retail users and the lowest vacancies in the entire Las Vegas Valley.

� PROMINENT LOCATION: Gramercy Commons sits on the highly trafficked Fort Apache corridor and has access to the CC 215 Beltway less than ¼ mile away. Combined traffic counts in excess of 50,000 CPD at the intersection of Fort Apache Rd. and Russell Rd.

� PLANNED FUTURE DEVELOPMENT: With multiple new multi-family projects nearby as well as a potential grocery-anchored shopping center across the street, the property will enjoy increased densities and demand.

� SUBTERRANEAN PARKING: One of the few properties in the Las Vegas valley to enjoy subterranean parking which adds to the overall parking stalls on the site.

� RECENT RENOVATIONS: Rebranding of the center as well as new exterior paint scheme and reworking of the site plan add to more desirable property.

� STABILIZED REVENUE STREAM WITH UPSIDE: Long term remaining on existing leases with ability to add value by increasing rents and potential pad (with separate APN) located on Fort Apache Rd.

� ABOVE AVERAGE PARKING RATIO: 5.5:1000 well in excess of the standard for retail in the area can lend to an array of future tenants including medical office, restaurant, and development for the future pad.

INVESTMENT HIGHLIGHTS



4

Suite Square Footage: 2,640 SFLease Expiration Date: 07/01/29Number of Locations: 5 Company Website: www.tonysmexicanfoodlv.com

Tony’s Mexican Food has been at this location since 2008. The operator has four locations in Las Vegas and one location in California. They have a strong customer following across the Valley.

Suite Square Footage: 1,500 SFLease Expiration Date: 02/28/26Number of Locations: 200+ (15 in Las Vegas MSA)Company Website: www.hawaiianbarbecue.com

L&L Hawaiian BBQ is a franchised Hawaiian Island style restaurant with 15 locations in Las Vegas. This franchisee has multiple locations.

Suite Square Footage: 5,908 SFLease Expiration Date: 10/31/23Number of Locations: 2

Furniture Gallery has been in operation for over 30 years. Gramercy Commons is their 2nd location in the Las Vegas Valley. They were attracted to the southwest area with the growth of the submarket as well as the nearby synergies of other furniture users.

FURNITURE GALLERY

TENANT PROFILES - EXECUTIVE SUMMARY



5

Suite Square Footage: 3,527 SFLease Expiration Date: 07/31/28Number of Locations: 80 Company Website: www.ckokickboxing.com/las-vegas.html

CKO Kickboxing is a franchised business with over 90 locations across the nation. This is the first location in Las Vegas and they were attracted to Gramercy Commons based on the strong traffic and demographics for their use.

Suite Square Footage: 1,512 SFLease Expiration Date: 09/18/22Company Website: www.kadensnails.com

Kaden’s Nails is a locally owned nail salon that enjoys 4.5 stars on Yelp. They report that business is good at their location.

Suite Square Footage: 2,614 SFLease Expiration Date: 12/31/24Company Website: www.dontbebroke.com

A leader in the short term, pay day advance and check cashing business. Currently over 60 locations and growing.

KADEN’S NAILS




6


Suite Square Footage: 1,530 SFLease Expiration Date: 11/30/21Company Website: www.artformsalon.com

Artform Salon is a salon that specializes in hair. They boast a “relaxed and unpretentious environment” for their guests offering the very best in cutting and coloring talent.

Suite Square Footage: 1,890 SFLease Expiration Date: 10/31/22Number of Locations: 2Company Website: www.helioscigarlounge.com

With 5/5 stars on Yelp, Helios offers a full line of premium cigars and a premier cigar lounge. They pride themselves on their fantastic environment for both returning and first-time clients. This is Helios 2nd location, with the first being in Riverside, CA.

Suite Square Footage: 4,771 SFLease Expiration Date: 03/31/24Number of Locations: 2Company Website: www.tribevegas.com

Wholistic fitness and jiu jitsu studio with customized meal plans, accountability coach, flexible training schedule, and self-defense classes

EXECUTIVE SUMMARY


COMPARABLES

FINANCIAL OVERVIEW

MARKET OVERVIEW

7


8

OVERALL MAP - MAPS, AERIALS, AND PLANS

SUBJECT


9

AERIAL - MAPS, AERIALS, AND PLANS

Map types and header titles are subject to change based on agent requirements

SPANISH TRAILSCOUNTRY CLUB

THE LAKES

W. FLAMINGO RD. // 34,000 CPD

W. DESERT INN RD. // 27,000 CPD

W. SAHARA AVE. // 35,000 CPD

W. TROPICANA AVE. // 25,000 CPD

W. SUNSET RD.

DPC

000,7

2 // .

DR E

HCAP

A TRO

F

DPC

000,2

3 // .

RD O

GNAR

UD

DPC

000,0

4 // .

DVLB

WOB

NIAR

.S

.DV

LB S

ENOJ

.S

Southern HillsHospital

Over 125 Retailers + RestaurantsDOWNTOWN SUMMERLIN

DEPARTMENTOF MOTORVEHICLES

SPRING VALLEYHIGH SCHOOL

DESERT BREEZEPARK

SUBJECT

RHODES RANCH

THE GRAMERCY

W. RUSSELL RD. // 20,000 CPD


10

AERIAL - MAPS, AERIALS, AND PLANS

SPANISH TRAILCOUNTRY CLUB

SUBJECT

BISHOP GORMANHIGH SCHOOL

MOUNTAIN’S EDGEHOSPITAL

+/- 130 BEDS

APARTMENTS

KB HOMES

VICTORIA FERTITTAMIDDLE SCHOOL

SOUTHERN HILLS HOSPITAL+/- 709 DOCTORS/NURSES

+/- 134 BEDS

ENCANTO DEVELOPMENT(120 SINGLE FAMILY HOMES)

FUTURE RETAIL

NEW RESIDENTIALUNDER CONSTRUCTION

FUTURE RETAIL

FUTURE RETAIL


ALBERTSONS CENTERPLANNED

FUTUREAPARTMENT/RETAIL


215 BELTWAY // 164,000 CPD

W. R

USSE

LL R

D. //

20,00

0 CPD

S. DURANGO DR. // 46,000 CPD

W. PA

TRICK

LN.

S. FORT APACHE RD. // 30,000 CPD

W. SUNSET RD.

S. HUALAPAI WAY

W. TROPICANA AVE.

SIENACOMMUNITY

REGENCY ATSUMMERLIN

THE CLIFFS ATSUMMERLIN

THE SUMMIT ATSUMMERLIN

THE MESA ATSUMMERLIN

UNIONAPARTMENTS+/- 338 UNITS

EDENAPARTMENTS+/- 276 UNITS

FUTURE RETAIL

ASPIREAPARTMENTS+/- 270 UNITS

ELYSIAN WESTAPARTMENTS+/- 422 UNITS

SOUTHBEACHRESORT

+/- 220 UNITS

SPECTRYMAPARTMENTS+/- 252 UNITS

RIDGE HAVENSINGLE

FAMILY HOMES

SOLANAAPARTMENTS+/- 204 UNITS

CORONADOBUSINESS PARK

SOUTHWESTAPARTMENTS+/- 326 UNITS

WALKER FURNITURE& PROPOSED HOTEL

KB HOMES MESA BELLA+/- 94

SINGLE FAMILY HOMESLEVEL 25

APARTMENTS+/- 168 UNITS

FLOOD CONTROLBASIN

THE GRAMERCY

UNLV HARRY REIDRESEARCH PARK


11

CLOSE UP - MAPS, AERIALS, AND PLANS

POTENITALALBERTSONS

CENTER

FUTUREAPARTMENT/RETAIL



W. RUSSELL RD. //

20,000 C

PDS. FORT APACHE RD. // 30,000 CPD

SUBJECT

FUTURE RETAIL

S. DURANGO DR. // 46,000 CPDFUTURE

APARTMENTS

ENCANTO DEVELOPMENT(120 Single Family Homes)


W. PATRICK LN.

THE GRAMERCY

215 BELTWAY // 164,000 CPD

SPANISH TRAILCOUNTRY CLUB

FLOOD CONTROLBASIN

LEVEL 25 APARTMENTS+/- 168 UNITS

KB HOMES MESABELLA +/- 94

SINGLE FAMILYHOMES

SOUTHBEACH RESORT+/- 220 UNITS

MEDICAL PAVILION@ SOUTHERN PALMS

RIDGE HAVEN SINGLEFAMILY HOMES


12

SITE PLAN - MAPS, AERIALS, AND PLANS

This map is intended for general representation purposes only, may not be to exact scale or exact boundaries.

FORT

APA

CHE

RD.

RUSSELL RD.

TON

Y’S

MEX

ICA

N F

OO

D

L&L

HAW

AIIA

N B

BQ

ARTFORM SALON

FURNITUREGALLERY TRIBE

FITNESS

CKOKICKBOXING

NAIL SALON

PAD

CIGAR LOUNGE

PYLON

THE LODGE

NAPNAP

NAP

NAP

SUITE TENANT SIZE

100 TONY’S MEXICAN FOOD 2,640 SF

105 L&L HAWAIIAN BBQ 1,500 SF

110 - 120 FURNITURE GALLERY 5,908 SF

125 TRIBE FITNESS 4,771 SF

130 CKO KICKBOXING 3,527 SF

140 KADEN’S NAIL SALON 1,512 SF

145 DOLLAR LOAN CENTER 2,614 SF

150 ARTFORM SALON 1,530 SF

155 HELIOS CIGAR LOUNGE 1,890 SF

PAD AVAILABLE 0.32 ACGARAGE ENTRANCE

EXECUTIVE SUMMARY


COMPARABLES

FINANCIAL OVERVIEW

MARKET OVERVIEW

13


14

160

5TH

SIM

MO

NS

ST.

SOLD - COMPARABLES

NAME & ADDRESS

1

Hualapai Plaza4280 S. Hualapai Way

Sale Price: $9,850,000PSF: $370Total SF: 26,657 SFCAP Rate: 6.80%Occupancy: 100%

2

Rock Springs Plaza1910-1936 Rock Springs Dr.


3

Summergate Centre7664-7668 W. Lake Mead Blvd.


4

Tech Center Retail2400 N. Buffalo Dr.


5

Tierra Rainbow6181 S. Rainbow Blvd.


6

Stone Canyon7293 W. Sahara Ave.


This map is intended for general representation purposes only, may not be to exact scale or exact boundaries.

SUBJECT

1

234

5

6

15EXECUTIVE SUMMARY


COMPARABLES

FINANCIAL OVERVIEW

MARKET OVERVIEW



16

Suite Tenant Name Rentable SF % of Total

Terms (Mo.) End Date Rate

PSF/Mo.Monthly

RentRate

AnnualizedOther

IncomeLeaseType Escalations Annual

NNNProformaPSF/Mo.

ProformaAnnualized

100 Tony's Mexican Food 2,640 10.20% 120 07/01/29 $2.50 $6,600.00 $79,200.00 $420.00 NNN 3% $4.44

105 L&L Hawaiian BBQ 1,500 5.79% 120 02/28/26 $2.39 $3,585.00 $43,020.00 NNN 3% $4.44

110 - 120 Furniture For Less 5,908 22.82% 66 10/31/23 $1.35 $7,975.80 $95,709.60 NNN 0%/5%/3% $4.44

125 Tribe Fitness 4,771 18.43% 60 03/31/24 $1.00 $4,771.00 $479,607.12 NNN 3% $4.44

130 CKO Kickboxing 3,527 13.62% 123 07/31/28 $1.50 $5,290.50 $63,486.00 NNN 3% $4.44

140 Kaden's Nail Salon 1,512 5.84% 60 09/18/22 $1.41 $2,131.92 $25,583.04 NNN 3% $4.44

145 Dollar Loan Center 2,614 10.10% 60 12/31/24 $1.50 $3,921.00 $47,052.00 NNN 3% $4.44

150 Artform Salon 1,530 5.91% 61 11/30/21 $1.60 $2,434.77 $29,217.24 NNN 3% $4.44

155 Helios Cigar Lounge 1,890 7.30% 64 10/31/22 $1.65 $3,114.72 $37,376.64 NNN 3% $4.44

PAD Vacant $50,000.00

Total Monthly Total Annual

Total RSF 25,892 $39,932.26 $479,607.12 50,000.00

Total RSF OCCUPIED 25,892 100% Proforma Annual

Total RSF VACANT 0 0% $529,607.12

RENT ROLL



17

OPERATING EXPENSES Amount %

General Maintenance $1,800.00 1.87%

Disposal Service $6,664.00 6.93%

Electric $5,080.00 5.29%

Lighting Labor & Supplies $1,600.00 1.67%

Roof Repairs $2,250.00 2.34%

Insurance $8,500.00 8.85%

Management Fee $10,200.00 10.61%

Administrative $552.00 0.57%

Accounting $0.00 0.00%

Water $18,190.00 18.93%

Fire / Life / Safety $1,100.00 1.14%

Plumbing $1,000.00 1.04%

Porter $3,300.00 3.43%

Window Washing $700.00 0.73%

Pest Control $960.00 1.00%

Signage $300.00 0.31%

Sewer $7,284.00 7.58%

Landscaping $3,600.00 3.75%

Landscaping / Repair $3,000.00 3.12%

Parking Lot / Steam Clean $900.00 0.94%

Parking Lot / Sweeping $600.00 0.62%

Parking Lot Misc. $1,350.00 1.40%

Taxes - Property $17,164.00 17.86%

TOTAL EXPENSES $96,094.00 100%

OPERATING EXPENSES



18

TENANT EXPIRATION

13.14% 22.80%5.91%0.00%0.00%

50%

2019 2020 2021 2022 2023 2024

0.00%

2025 2026

0.00%

2027 2028

18.42% 5.79% 13.62%

2029

10.20%

Schedule of lease expirations per year

Analysis Year

Year Ending Dec. 31 # of Suites Net Rentable SF

Expiring % of Total SF

1 2019 0 0 0%

2 2020 0 0 0%

3 2021 1 1,530 5.91%

4 2022 2 3,402 13.14%

5 2023 1 5,908 22.80%

6 2024 1 4,771 18.42%

7 2025 0 0 0%

8 2026 1 1,500 5,79%

9 2027 0 0 0%

10 2028 1 3,527 13.62%

11 2029 1 2,640 10.20%


COMPARABLES

FINANCIAL OVERVIEW

MARKET OVERVIEW19EXECUTIVE SUMMARY



20

POPULATION 1-mile 3-mile 5-mile

2018 Total Population 21,386 122,120 310,350

2023 Projected Population 24,817 138,589 344,448

2010 Census Population 13,884 94,684 258,911

Annual Growth 2010 - 2018 5.38% 3.13% 2.22%

Annual Growth 2018 - 2023 3.02% 2.56% 2.11%

INCOME 1-mile 3-mile 5-mile

2018 Average Household Income $82,458 $83,288 $82,031

2023 Projected Average Household Income $95,898 $95,643 $94,263

2018 Per Capita Income $30,209 $32,356 $32,158

2023 Per Capita Income $34,913 $36,850 $36,599

HOUSEHOLDS 1-mile 3-mile 5-mile

2018 Total Households 7,805 47,672 120,663

2023 Projected Households 9,004 53,718 132,851

2010 Census Households 5,092 37,744 103,190

2010-2018 Annual Rate 5.31% 2.87% 1.91%

2018-2023 Annual Rate 2.90% 2.42% 1.94%

HOUSING 1-mile 3-mile 5-mile

2018 Total Housing Units 8,429 53,129 136,625

2018 Owner Occupied Housing Units 3,472 25,890 64,394

2018 Renter Occupied Housing Units 4,333 21,782 56,268

2018 Vacant Housing Units 624 5,457 15,962

2023 Total Housing Units 9,523 59,000 149,476

2023 Owner Occupied Housing Units 4,239 30,373 73,935

2023 Renter Occupied Housing Units 4,765 23,345 58,916

2023 Vacant Housing Units 519 5,282 16,625

RADIUS MAP

DEMOGRAPHICS


21

PLANNED COMMERCIAL CONSTRUCTION - MARKET OVERVIEW

Estimated Construction Value (ECV)* Estimated Construction Value currently not available

Major Freeway ProjectsECV = $1,490,000,000

Major Resort Corridor ProjectsECV = $14,837,000,000

Major Retail ProjectsECV = $150,000,000

Major Office ProjectsECV = $164,500,000

Major Medical ProjectsECV = $1,330,000,000

Educational FacilitiesECV = $80,000,000

Estimated Construction Value

+/- $18 Billion

HENDERSONAIRPORT

CANDENCE

SKYE CANYON

3

1

4

6

13

8

7

910

25a

11

23

24

14

12

5

20

19 15

18

16

2

21

22

17

25b

25c

PROJECTS OVER $40MM

1 Resorts World Las Vegas - $4 billion

2 Wynn West - $3 billion

3 Las Vegas Raiders - $1.9 billion

4 Fontainbleau Resort Las Vegas - $1.8 billion

5 Wynn – Paradise Park - $1.5 billion

6 LVCVA Convention Center Expansion - $1.5 billion

7 Las Vegas Extreme Sports Park - $800 million

8 Palace Station Expansion - $191 million

9 Palms Hotel & Casino Renovation - $146 million

10 *MSG Sphere Las Vegas - TBD

11 *Cashman Soccer Team Stadium - TBD

12 I-15 Expansion “Project Neon” - $900 million

13 I-11 Boulder City Bypass - $318 million

14 US-95 / CC 215 Interchange “Centennial Bowl” - $214 million

15 I-15 / US 93 Garnet Interchange - $58 million

16 Las Vegas 51’s AAA Baseball Stadium - $150 million

17 *St. Rose Costco Anchored Center - TBD

18 *Smith’s Anchored Center, Cadence - TBD

19 *Smith’s Anchored Center, Skye Canyon - TBD

20 *Las Vegas Raiders Practice Facility - TBD

21 Downtown Summerlin Office Building - $119.5 million

22 Aristocrat Technologies Campus - $45 million

23 Union Village Medical Campus - $1.2 billion

24 Sunrise Hospital Expansion - $130 million

25 CSN Student Union Buildings - $80 million (3 campus locations)



22

CLARK COUNTY - MARKET OVERVIEW

Clark County is a county located in the U.S. state of Nevada. As of the 2010 census, the population was 1,951,269, with an estimated population of 2,000,759 in 2012. It is by far the most populous county in Nevada, accounting for nearly two-thirds of its residents. Las Vegas, Nevada’s most populous city, has been the county seat since the county was established.

The county was formed by the Nevada Legislature by splitting off a portion of Lincoln County on February 5, 1909, and came into existence on July 1, 1909.

The Las Vegas Valley, a 600 sq mi (1,600 km2) basin, includes Las Vegas as well as the other primary population center, the unincorporated community of Paradise.

Clark County is today known as a major tourist destination, with 150,000 hotel rooms. The Las Vegas Strip, home to most of the hotel-casinos known to many around the world, is located not within the City of Las Vegas city limits, but in unincorporated Paradise. It is, however, located in the Las Vegas Valley.

Most Favorable Tax Climate in the West

Southern Nevada Ranks #1

Source: Boyd Corporate Site Selection Leading Indicator Poll

Most Policy FriendlyState for Entrepreneurs

Nevada Ranks #1

Source: SBE Council, Small Business Policy Index 2016, The Boyd Co., Inc. 2016

Southwest Quality of Life Graph

Southern Nevada 36.36%

Southern California 26.08%

Salt Lake City 9.92%

Phoenix 10.57%

Denver 17.07%

Most Favorable Quality of Life in the Southwest

Southern NevadaRanks #1Source: LVGEA Competitiveness

Survey, SBE Council

CLARK COUNTY NEVADA



23

The Las Vegas Strip is a stretch of South Las Vegas Boulevard in Clark County, Nevada, known for its concentration of resort hotels and casinos. The Strip is approximately 4.2 miles in length, located immediately south of the Las Vegas city limits in the unincorporated towns of Paradise and Winchester. However, the Strip is often referred to as being in Las Vegas. Fourteen of the world's 25 largest hotels by room count are on the Strip, with a total of over 62,000 rooms.

One of the most visible aspects of Las Vegas’ cityscape is its use of dramatic architecture and lights. The rapidly evolving skyline and constant modernization of hotels, casinos, restaurants, residential high-rises, and entertainment offerings on the Strip, have established it as one of the most popular destinations for tourists in the United States, and the world.

2017 Clark CountyGaming Revenue

$7.5B2017 RoomInventory

148,5322017

Conventions Per Year

15,1662017 HotelOccupancy

92.7%2017 Las VegasStrip Revenue

$4.8B2017 Average

Daily Room Rate

$130.56

Source: Las Vegas Convention and Visitors Authority

LAS VEGAS - MARKET OVERVIEW

THE LAS VEGAS STRIP



24

AIRPORTS

McCarran International Airport is the primary commercial airport serving the Las Vegas Valley, a major metropolitan area in the U.S. state of Nevada. McCarran received over 47,435,640 passengers in 2016, an increase over the previous year but still below pre-recession levels. It is the 26th busiest airport in the world by passenger traffic and the 8th busiest by aircraft movements.

It has undergone significant expansion since then and has employed various innovative technologies, such as common-use facilities. The airport consists of four runways and two passenger terminals: Terminal 1 and Terminal 3. Terminal 1 is composed of four concourses, namely the A, B, C, and D Gates; Terminal 3 contains the E Gates. A people mover system is in place between the pre-security area of Terminal 1 and the C and D Gates, as well as between the D Gates and Terminal 3.

The airport has nonstop air service to destinations in North America, Europe, and Asia. It is an operating base for Allegiant Air, as well as a crew and maintenance base for Frontier Airlines,Southwest Airlines, and Spirit Airlines.

Lowest Corporate Travel Cost in Western US

1stTotal Aircraft Movements

8th Busiest

2016 National Passenger Traffic

9th Busiest2016 Total En/Deplaned

Air Passengers YTD

47.4 MM





25

TRANSPORTATION

RTC Transit is a public transportation system providing bus service throughout Las Vegas, Henderson, North Las Vegas and other areas of the valley. A bus rapid-transit link in Las Vegas called the Strip & Downtown Express (previously ACE Gold Line) with limited stops and frequent service was launched in March 2010, and connects downtown Las Vegas, the Strip and the Las Vegas Convention Center.

Interstates 15, 515, and US 95 lead out of the city in four directions. Two major freeways – Interstate 15 and Interstate 515/U.S. Route 95 – cross in downtown Las Vegas. I-15 connects Las Vegas to Los Angeles, and heads northeast to and beyond Salt Lake City. I-515 goes southeast to Henderson, beyond which US 93 continues over the Mike O'Callaghan–Pat Tillman Memorial Bridge towards Phoenix, Arizona. US 95 connects the city to northwestern Nevada, including Carson City and Reno. US 93 splits from I-15 northeast of Las Vegas and goes north through the eastern part of the state, serving Ely and Wells. A partial beltway has been built, consisting of Interstate 215 on the south and Clark County 215 on the west and north.


Average Daily Traffic:All major highways

115,229Average I-15 atNV/CA Border

45,3292016

Visitor Volume

43MM

SUMMARY TABLE OF TRAVEL PLANNING CHARACTERISTICS

2011 2012 2013 2014 2015

Proportion of visitors who traveled to Las Vegas by ground transportation (automobile/bus/RV) 56% 57% 58% 58% 57%

Proportion of visitors who traveled to Las Vegas by air 44% 43% 42% 42% 43%





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CONVENTIONS

In 2016, over 6.3 million convention and trade show delegates traveled to Las Vegas, generating over $9 billion in non-gaming revenue. Las Vegas hosted more than 21,800 meetings and conventions in 2016.

Las Vegas has also been the No. 1 domestic convention location for two decades. The ranking comes from the Trade Show News Network (TSNN), which released its list of the top 250 trade shows in the United States. Las Vegas hosted 57 of the largest shows, more than the next two competitors combined.


ConventionLocation

1STConvention CenterExpansion Budget

$1.4BAnnual Convention

Attendees

6.3MMConventions

Per Year

21,864


Consumer Electronics Show (CES)CES in 2016 runs from January 6-9 and will occupy 2.4 million SF by 3,600 companies.

National Finals Rodeo (NFR)NFR is a very popular event, made possible through professional conference planners, brings more than 175,000 spectators from all over the world to Las Vegas.

Men’s Apparel Guild of California (MAGIC)MAGIC picks February in Las Vegas to offer a preview the season’s fashion offerings to more than 85,000 attendees.

World of ConcreteThe World of Concrete features more than 18,000 companies welcoming more than 60,000 attendees to town to showcase the newest in commercial construction innovations.

National Association of Broadcasters (NAB)NAB is the world’s largest event covering filmed entertainment along with the development, management and delivery of content across all mediums. 2016 brought more than 100,000 attendees to Las Vegas.

Source: International School of Hospitality

5 Largest Conventions Held in Las Vegas Annually



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The Las Vegas Raiders

A domed stadium is to be built in Paradise, Nevada for the Las Vegas Raiders of the National Football League (NFL) and the UNLV Rebels football team from the University of Nevada, Las Vegas (UNLV). Construction of the stadium is planned to begin in 2017 and be completed in time for the 2020 NFL season. The state of Nevada approved $750 million for a new stadium. Raiders owner Mark Davis pledged $500 million toward the project, and a report from the Southern Nevada Tourism Infrastructure Committee estimates the total stadium cost to be $1.9 billion.

PROFESSIONAL SPORTS - MARKET OVERVIEW

LAS VEGAS PROFESSIONAL SPORTS TEAMS

The Las Vegas metropolitan area is home to many sports, most of which take place in the unincorporated communities around Las Vegas rather than in the city itself. The Las Vegas Valley has one major league professional team: the Vegas Golden Knights of the NHL who began play in 2017 as the region's first major pro team. The Oakland Raiders of the NFL will begin play in Las Vegas as the Las Vegas Raiders by 2020 and become the region's second major professional team. Las Vegas is also home to one minor league sports team: the Las Vegas 51s of Minor League Baseball.



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The Las Vegas Lights FC

Las Vegas Lights FC is a planned expansion team for the United Soccer League for the 2018 season. The team will play at Cashman Field in downtown Las Vegas. The team name was selected by a user poll from a list of six candidates.

The Las Vegas Golden Knights

The Vegas Golden Knights are a professional ice hockey team that is based in the Las Vegas metropolitan area. The team began play in the 2017–18 NHL season, and is a member of the Pacific Division of the Western Conference of the National Hockey League (NHL). The team is owned by Black Knight Sports & Entertainment, a consortium led by Bill Foley, and plays its home games at T-Mobile Arena on the Las Vegas Strip in Paradise, Nevada.

The Las Vegas 51s

The Las Vegas 51s Triple-A minor league baseball team will get a new home in 2019, but not before representatives of the Las Vegas Convention and Visitors Authority board of directors debated for 1½ hours on whether the $80 million dedicated to stadium naming rights is money well-spent.

PROFESSIONAL SPORTS - MARKET OVERVIEW

The Las Vegas Aces

The Las Vegas WNBA team are a professional basketball team based in Las Vegas, Nevada, playing in the Western Conference in the WNBA. The team was founded in Salt Lake City, Utah as the Utah Starzz before the league’s inaugural 1997 season began; then moved to San Antonio before the 2003 season and became the San Antonio Silver Stars, then simply the San Antonio Stars in 2014; then relocated to Las Vegas before the 2018 season.



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SUMMERLIN MASTER PLANNED COMMUNITY

Summerlin is an affluent master-planned community in the Las Vegas Valley of Nevada. It lies at the edge of the Spring Mountains and Red Rock Canyon, on the western periphery of Las Vegas, Nevada in unincorporated Clark County. The community occupies 22,500 acres and includes a variety of land uses, including: residential, commercial, recreational, educational, medical, open space, and cultural. At the 2010 census, Summerlin’s population was nearly 100,000, having risen from 59,000 in 2000.

SUMMERLIN - MARKET OVERVIEW

Summerlin lies within both an incorporated municipality and unincorporated area. The area north of Charleston Boulevard is within the city of Las Vegas, while property south of Charleston Boulevard is located within unincorporated Clark County. The county portion is generally a part of Summerlin South. The northern portion, east of the 215 beltway, is mostly Summerlin North. The area west of the 215 beltway is Summerlin West. Many individual neighborhoods also have their own subdivision homeowners associations.

With an average annual household income of $139,061, Summerlin is among the most affluent communities in Nevada. In 2014, Summerlin was named one of the “Best Places to Live in America” by Money Magazine.

Summerlin is developed in villages. Each village features different amenities and residential offerings. Summerlin Centre is the community’s most dynamic village under development as Summerlin’s urban core and includes Downtown Summerlin.Source: Wikipedia

“Best Places to Live in America”– Money Magazine



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Downtown SummerlinDowntown Summerlin, one of the premier regional mixed-use development sites in the U.S., will be part of a planned urban core which will serve the entire Las Vegas Valley with over 125 shops and restaurants in an open-air shopping environment. The 106-acre, 1.6 million square foot mixed-use development along the Clark County 215 Beltway is located only 15 minutes from the Las Vegas Strip and Airport. When complete, Downtown Summerlin will include retail, office and entertainment, designed to create a vibrant, walkable downtown in the heart of the affluent 22,500-acre master planned community. With over 100,000 residents today, the ever-increasing population in the Summerlin master planned community is expected to double to 200,000 when completed.

SUMMERLIN - MARKET OVERVIEW

The Summit ClubNestled between Red Rock Canyon National Conservation Area and the Las Vegas Strip, The Summit is a private, luxury gated golf community located on 555 acres of scenic, secluded land within Summerlin, Las Vegas’ premier master planned community. The Summit is just 9 miles from the Las Vegas strip and is surrounded by world-class lifestyle and entertainment opportunities.

Red Rock ResortRed Rock Resort is a hotel and casino. It is owned and operated by Station Casinos on 70 acres located in Downtown Summerlin in the village of Summerlin Centre in Summerlin, Nevada. Located on Charleston Boulevard, at the interchange of Clark County 215 and some distance from the Las Vegas Strip, the resort is known as a locals casino. It is the flagship property of Station Casinos and the company’s corporate headquarters is located on the property.

Tivoli VillageTivoli Village is a mixed-use development center consisting of retail and office space, located on 28.43 acres) of land at 410 South Rampart Boulevard in Las Vegas, Nevada, next to the Summerlin community. The property is owned by Great Wash Park LLC.


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PROPERTY MANAGEMENTLOGIC Property Management team members are tenured professionals with a comprehensive knowledge and understanding of commercial real estate management. We methodically approach each assignment with customized management strategies that meet the client’s needs, maintain the property’s physical plant, and effectively service tenants.

We know our priority is to cooperate with our tenants by working intelligently to reduce expenses and to serve our owner-clients by identifying creative ways to drive income. We provide for accountability in every step we take, from management to accounting. Logic Property Management will pinpoint a client’s goals and objectives, meet challenges, and achieve expected results from your investment.

Contact:LAUREN VANISKIDirector of Property [email protected]

We provide a host of services to our clients that include Property Management and Capital Markets.

ADDITIONAL SERVICES

CAPITAL MARKETSLOGIC Capital Markets is a preferred funding source for investors, developers and operators of commercial real estate. Our loan brokerage service & origination platform provide our clients access to the market’s wide range of competitive products for all property types. Through our relationships which include banks, conduits, life companies, mortgage funds, and hard money lenders, we are able to offer debt and equity financing for the purpose of acquisition, development, refinance, buyouts, and more.

Contact:JEFF [email protected]

presented by:

CHRIS RICHARDSON, CCIMDirector

[email protected]

JASON OTTERDirector

[email protected]

LOGIC COMMERCIAL REAL ESTATE | 3900 S. Hualapai Way, Suite 200, Las Vegas, Nevada 89147 | 702.888.3500The information herein was obtained from sources deemed reliable; however Logic Commercial Real Estate makes no guarantees, warranties or representation as to the completeness or accuracy thereof.

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