PERSPECTIVE - Southern Nevada CCIM Chapter
Transcription
PERSPECTIVE - Southern Nevada CCIM Chapter
Southern Nevada CCIM Chapter PERSPECTIVE JULY-AUGUST 2016 EDITION SOUTHERN NEVADA CCIM CHAPTER SPONSOR & DESIGNEE APPRECIATION EVENT HIGHLIGHTS FROM INSIDE: PRESIDENT’S MESSAGE Challenge Yourself to Reach Three Top Goals BY JARRAD KATZ, CCIM, SIOR 2016 SOUTHERN NEVADA CCIM CHAPTER PRESIDENT ... Page 3 ... LEGISLATIVE UPDATE My Opinion on “Politicians” "When it comes to taxes, our Nevada State Motto should be: 'At least we’re not California.'" ... Page 4 ... BY RICHARD LYBBERT, CCIM LEGISLATIVE AFFAIRS DIRECTOR LEGAL BRIEFS Legal Opinion Letters in Real Estate Transactions: What’s the Deal? BY BEN AUTEN, ESQ. MARQUIS AURBACH COFFING ... Page 5 ... SPONSOR NEWS Cathy Jones, CCIM, CPA, SIOR Achieves SIOR Designation from Society of Industrial and Office REALTORS® ... Page 6 ... CATHY JONES, CCIM, CPA, SIOR DEALMAKERS! ... Pages 8 & 9 ... OUR PROFESSIONALS MAKE THE DIFFERENCE TOPGOLF | LAS VEGAS | July 14th, 2016 A BI-MONTHLY PUBLICATION OF THE SOUTHERN NEVADA CCIM CHAPTER 2016 PLATINUM SPONSOR 2016 Executive Committee Jarrad Katz, CCIM, SIOR President Phillip Dunning, CCIM President Elect Adam Gregory, CCIM Secretary/Treasurer Robin Civish, CCIM Immediate Past President Wine Tasting Candidate Guidance 2016 GOLD SPONSORS 2016 SILVER SPONSORS 2016 BRONZE SPONSORS Directors: 2015-2016 Devin Lee, CCIM Social Events Chris Richardson, CCIM Communications Bobbi Miracle, CCIM, SIOR Education Website Stacey Scheer, CCIM, LEED GA Membership Brian Sorrentino, CCIM Programs Directors: 2016-2017 Melissa Campanella, CCIM Programs Adam Gregory, CCIM Designation Promotion Cathy Jones, CCIM, CPA, SIOR Sponsorship Eric Larkin, CCIM Newsletter Andrew Levy, CCIM Candidate Guidance Richard Lybbert, CCIM, ABR, CRECP Legislative Affairs Christopher McGarey, CCIM, CPM® 2016 Unelected Chairs: Jennifer Ott, CCIM Wine Tasting Lisa Pierce Marketing Roy Fritz Programs Soozi Jones Walker, CCIM, SIOR Scholarship 2016 COPPER SPONSORS Chapter Address Southern Nevada CCIM P.O. Box 97653 Las Vegas, NV 89193-7653 www.snccim.org Management Company Alternative Management 1880 E. Warm Springs Rd., Ste. 100 Las Vegas, NV 89119 Phone: (702) 798-5156 Fax: (702) 798-8653 Katrina Bruce katrina@amnevada.com CCIM Institute 430 N. Michigan Ave., Ste. 800 Chicago, IL 60611 Phone: (312) 321-4460 Fax: (312) 321-4530 www.ccim.com 2 PERSPECTIVE | JULY-AUGUST 2016 PRESIDENT’S MESSAGE BY JARRAD KATZ, CCIM, SIOR 2016 SOUTHERN NEVADA CCIM CHAPTER PRESIDENT Challenge Yourself to Reach Three Top Goals Even with the Summer Heat, Our Chapter Steams Full Ahead hat is Leadership to you? Your leadership board recently attended Chapter Officer Leadership Training in Chicago, and we have a challenge for you. Ask yourself some questions: Are you achieving your goals? Do you know what your goals are? Are they short term? Long term? Tangible? Intangible? We would encourage each and everyone one of you to ask yourself these questions, and then write down your three top goals that you would like to achieve by the end of 2016. Ask yourself how you will achieve these goals. What are the obstacles and what are the THANK YOU JULY LUNCHEON PRESENTERS: (FROM LEFT TO RIGHT) Moderator Adam Gregory, CCIM, Senior Vice President CommCap Advisors; Panelists Gregory Barrington, solutions? Challenge yourself to create Senior Vice President, Nevada State Bank; Kyle Nagy, Director, CommCap Advisors; Trent and follow a plan to achieve these three Brown, Director, Wells Fargo and Southern Nevada CCIM 2016 Chapter President, Jarrad Katz, CCIM, SIOR. goals by year end, and then start your plan for 2017 with expanded long term up by a panel of distinguished attorneys, was incredgoals. Have fun with this and if you keep a positive ibly educational, and was valuable in preparing our attitude, we are confident that each and every one of industry experts to avoid law suits by learning from the you will find success in achieving whatever it is that experiences of our panel. In July we were fortunate to you want. learn from some of the industry’s top lenders on the COMMUNITY SERVICE different programs that are available to our clients. A Our chapter will be volunteering again at Three special thank you goes out to our programs committee Square on September 13th from 9:00 a.m. to 12:00 for continuing to work hard to bring relevant and noon in the Kids Café for CCIM Community Caring in beneficial programming to our members. Motion. Last time we had 24 volunteers who worked hand-in-hand to package more than 3,000 meals in EVENTS three hours. I am looking forward to seeing many of Our Sponsor and Designee Appreciation event at you there again, and I am honored to be a part of such TOPGOLF on July 14th was an evening to remember. a giving organization. It was an opportunity to thank our sponsors for their continued support and have some fun with our PROGRAMS colleagues along the way. Our June luncheon “Off the Record,” which was made CONT’D ON PAGE 12 ABOUT THE CCIM PERSPECTIVE SOUTHERN NEVADA CCIM CHAPTER MISSION STATEMENT “Position the Chapter as the premier commercial real estate organization for Southern Nevada by enhancing the value of the CCIM designation and increasing the number of designees and candidates through professionalism and educational excellence.” The CCIM Perspective is a bimonthly publication, (excluding November), of the Southern Nevada CCIM Chapter. To submit an article, please contact Eric Tischler, Editor at erictisch@yahoo.com or 702-688-3056. The CCIM Perspective may contain controversial or unsubstantiated information by the authors. The contents herein are not necessarily the views of the Southern Nevada CCIM Chapter. The Southern Nevada CCIM Chapter cannot be held responsible for opinions, views or facts expressed. PERSPECTIVE | JULY-AUGUST 2016 3 LEGISLATIVE UPDATE BY RICHARD LYBBERT, CCIM LEGISLATIVE AFFAIRS DIRECTOR My Opinion on “Politicians” Politics Affects You, Get Involved and Do Some of the “Affecting” f you are disgusted with politics, you are not alone. In fact, I would say that you are in the vast majority. So, what should you do? Hide away and ignore it until it goes away? It doesn’t go away. You must realize that politics affects you. It doesn’t matter if it’s local, state or federal. You are going to be affected. Therefore, you should try to do some of the “affecting.” Get involved with local organizations that share a common interest with you. The Greater Las Vegas Association of Realtors (GLVAR) is a perfect example of an organization that is watching all aspects of real estate 4 PERSPECTIVE | JULY-AUGUST 2016 and real estate related professions. They pay attention to, and attempt to affect local, state and national legislation that would help or hinder your business. CCIM is very involved in local and national politics, as well. However, you need to involve yourself in the process. You can volunteer on many levels and have more to do with the process than you can imagine. Give your opinion. Act on your opinion. You know what they say, “broken pencils are pointless.” Don’t be a silent broken pencil. Sharpen that wit even if it is only a half-wit. No one will hear what you think. They will hear what you say. It is the time to get involved and make your voice heard. Ignore what Jay Leno said, “If God wanted us to vote, he would have given us candidates.” I believe that opens the door to a few political quotes: “The problem with political jokes is they get elected.” –Henry Cate, VII “We hang the petty thieves and appoint the great ones to public office.” –Aesop “When I was a boy I was told that anybody could become President; I’m beginning to believe it.” –Clarence Darrow “Instead of giving a politician the keys to the city, it might be better to change the locks.” –Doug Larson CONT’D ON PAGE 11 LEGAL BRIEFS BY BEN AUTEN, ESQ. MARQUIS AURBACH COFFING Legal Opinion Letters in Real Estate Transactions: What’s the Deal? sed commonly in a variety of business transactions, including the purchase and sale of real estate, legal opinion letters can be confusing to most, even to those attorneys responsible for their preparation and issuance. Despite the risk involved for attorneys and their clients, the necessity of legal opinion letters in the current business climate makes them inevitable in many deals. As a result, attorneys and their clients should expect lenders to continue to require these opinions in order to close critical transactions. What is a Legal Opinion Letter? The letter itself is best described as a written statement of an attorney’s professional (and to that end, licensed) opinion with respect to legal issues and/or matters covered by that letter. Keep in mind that the letter is not a guarantee, but rather a reasoned opinion on certain subjects, e.g., due organization of a Nevada limited-liability company or enforceability of a deed of trust (under Nevada law or other applicable jurisdiction), prepared based on a review of a variety of relevant documents. Despite the overarching nature of the letter, it requires competence and diligence by the issuing attorney in order to effectively prepare it. The aforementioned documents can be opinions of other legal counsel, entity officer certificates, representa- tions or written statements of the client or other third parties, and formation documents, such as articles of organization or operating agreement (in the case of a limitedliability company). Depending on the scope of opinions required within the actual letter, an issuing attorney will often include a series of assumptions, exceptions, and qualifications in order to narrow the ultimate scope of the opinion(s); in doing so, that attorney is limiting their firm’s risk as the “author” of those opinions as well as that of the respective client. Generally, a law firm will issue several opinions within the larger context of the letter as part of a single business or real estate CONT’D ON PAGE 10 PERSPECTIVE | JULY-AUGUST 2016 5 SPONSOR NEWS Cathy Jones, CCIM, CPA, SIOR Achieves SIOR Designation from Society of Industrial and Office REALTORS® outhern Nevada CCIM Chapter Past-President Cathy A. Jones, CCIM, CPA, SIOR of Sun Commercial Real Estate, Inc. has achieved the SIOR office designation awarded by the Society of Industrial and Office REALTORS®. SIOR is a Washington, DC-based international professional organization of more than 3,000 commercial real estate professionals, 2,800 of whom have earned the coveted SIOR designation. To achieve the SIOR designation, Ms. Jones, SIOR completed at least five years of creditable experience in the highly specialized field of office real estate; met stringent education requirements; and demonstrated professional ability, competency, 6 PERSPECTIVE | JULY-AUGUST 2016 ethical conduct, and personal integrity. Cathy Jones has 30+ years’ experience in finance and commercial real estate, with an emphasis in investment sales, financial oversight of real estate and investment holdings, receivership services, property management, leasing, real estate market analysis, contract negotiations, financing, corporate cash management, and business development. Formed by Ms. Jones in 2006, Sun Commercial Real Estate, Inc. currently operates two offices, one in Las Vegas, Nevada and one in Scottsdale, Arizona and is the number one woman owned brokerage in the greater Las Vegas marketplace. Cathy Jones, CCIM, CPA, SIOR PERSPECTIVE | JULY-AUGUST 2016 7 SOUTHERN NEVADA CCIM DEALMAKERS! Robin Civish, CCIM LEASES: Robin Civish, CCIM of ROI Commercial Real Estate, represented the landlord, QDT Number 2, LLC in a lease of a 5,206 square foot retail / medical property located at 10911 S. Eastern Ave., Henderson, NV with a value of $1,126,716.00. Liz Clare, CCIM Liz Clare, CCIM of Avison Young, represented LB-UBS 2007-C6 Annex REO in a lease of a 5,400 square foot retail property located at 7680 S. Las Vegas Blvd., Ste. 201, Las Vegas, NV with a value of $2,041,200.00. Jarrad Katz, CCIM, SIOR of MDL Group, represented the tenant, Charles Schwab, in a lease of an 11,074 square foot office property located at 2360 Corporate Cir., Ste. 400, Henderson, NV for an undisclosed value. Jarrad Katz, CCIM, SIOR of MDL Group, represented the tenant, Guardian Elite Medical Services, LLC, in a lease of a 4,276 square foot office / warehouse property located at 2830 Ferne Dr., Las Vegas, NV for an undisclosed value. Marlene Fujita Winkel, CCIM 8 Stacy Scheer, CCIM of Colliers International, represented the landlord, Healthcare Realty Trust, Inc. in a lease of an 18,147 square foot medical / surgery PERSPECTIVE | JULY-AUGUST 2016 center located at 1330 S. Valley View Dr., Las Vegas, NV with a value of $4,556,879.00. Cathy Jones, CCIM, CPA, SIOR Brian Sorrentino, CCIM & Jennifer Ott, CCIM of ROI Commercial Real Estate, represented Redneck Riviera in a lease of a 4,150 square foot retail property located at 3635 S. Las Vegas Blvd., Las Vegas, NV with a value of $5,348,571.60. Brian Sorrentino, CCIM & Jennifer Ott, CCIM of ROI Commercial Real Estate, represented Vegas Discount Nutrition in a lease of a 1,841 square foot retail property located at 3200 S. Las Vegas Blvd., Las Vegas, NV with a value of $1,582,875.12. Jarrad Katz, CCIM, SIOR Brian Sorrentino, CCIM & Jennifer Ott, CCIM of ROI Commercial Real Estate, represented Cyclebar in a lease of a 2,800 square foot retail property located at in The District at Green Valley Ranch, Henderson, NV with a value of $1,099,466.08. SALES: Marlene Fujita Winkel, CCIM of CBRE, represented Howard Hughes Corporate Center, LLC in a sale of a 142,700 square foot office property located at 10000 & 10450 W. Charleston Blvd., Las Vegas, NV with a value of $35,600,000.00. Devin Lee, CCIM CONT’D ON PAGE 9 DEALMAKERS! Continued Andrew Levy, CCIM Marlene Fujita Winkel, CCIM of CBRE, represented M&S United Property Management, LLC in a sale of a 14,101 square foot office property located at 6431 W. Sahara Ave., Las Vegas, NV with a value of $1,825,000.00. Andrew Levy, CCIM of ERA Consolidated Brokers, represented Ventura Garibay and the Marshall Family Ltd. Partnership in a sale of a 6,349 square foot retail property located at 1212 S. Main St., Las Vegas, NV with a value of $580,000.00. Marlene Fujita Winkel, CCIM of CBRE, represented T&S Limited Property Management, LLC in a sale of a 9,344 square foot office property located at 6465 W. Sahara Ave., Las Vegas, NV with a value of $1,200,000.00. Andrew Levy, CCIM of ERA Consolidated Brokers, represented the buyer in a sale of a 6,100 square foot warehouse property located at 24 W. California St., Las Vegas, NV with a value of $515,000.00. Cathy Jones, CCIM, CPA, SIOR of Sun Commercial Real Estate, represented the seller in a sale of a 25,806 square foot office property located at 7312 & 7324 W. Cheyenne Ave., Las Vegas, NV with a value of $3,300,000.00. David Lipp, CCIM Jennifer Ott, CCIM Stacy Scheer, CCIM David Lipp, CCIM of Newmark Grubb Knight Frank, represented ECE I, LLC in a sale of 3.8 acres of land located at the northeast corner of N. Durango Dr. and Farm Rd., Las Vegas, NV with a value of $1,400,000.00. Devin Lee, CCIM of NAI Vegas, represented Las Vegas Partners, LLC, in a sale of a 42-unit multifamily property located at 517 N. 28th St., Las Vegas, NV with a value of $3,900,000.00. Stacy Scheer, CCIM of Colliers International, represented the seller, Weiland Island, LLC in a sale of a 5,500 square foot medical / surgery center located at 3860 S. Hualapai Wy., Las Vegas, NV with a value of $2,500,000.00. Andrew Levy, CCIM of ERA Consolidated Brokers, represented both the seller and buyer in a sale of a 5,000 square foot retail / warehouse property located at 1412 S. Main St., Las Vegas, NV with a value of $650,000.00. Al Twainy, CCIM of Colliers International, represented Aliante Plaza, LLC in a sale of a 60,757 square foot retail property located at 2760 W. Deer Springs Rd., 6885 & 6905 Aliante Pkwy., North Las Vegas, NV with a value of $19,000,000.00. *Publications are limited to designees who are Chapter and Institute members in good standing. Announcements are for publication in The Perspective, but submissions may also appear on the website. All parties are aware that space is limited and are accepted at a minimum value of $500,000.00 and published by largest dollar volume within each submission section. Please contact Eric J. Larkin, CCIM for the submission form at elarkin@naivegas.com or 702-534-1713. Brian Sorrentino, CCIM Al Twainy, CCIM PERSPECTIVE | JULY-AUGUST 2016 9 LEGAL BRIEFS transaction. That letter is typically referred to as a “third-party opinion letter.” The parties involved in closing a transaction, particularly, large institutional lenders, regularly require third-party opinion letters as a condition to closing, making their preparation and issuance integral to a significant number of transactions, including the purchase and sale of real estate. What is the Purpose of a Legal Opinion Letter? The purpose of a letter can vary, as required by the subject transaction, but typically serves to ensure (to a reasonable degree of certainty) that a party to an agreement can perform as contemplated. As the dollar value of the transaction increases, so does the likelihood that a third-party opinion letter or letters covering a broad array of legal issues will be necessary. For example, the letter may address (i) whether the financial well-being of a party will be materially affected by a pending civil action or the like, or (ii) whether the terms and 10 PERSPECTIVE | JULY-AUGUST 2016 CONT’D FROM PAGE 5 provisions of the subject transaction agreement are enforceable as drafted. In Nevada commercial real estate transactions, a common form of third-party opinion letter is often referred to as a “due organization, authorization, execution and delivery opinion,” which is required by borrower’s lender’s legal counsel. Irrespective of the actual form of opinion, the overall purpose is to authenticate to a reasonable degree of certainty that the letter’s subject (often, the borrower or possibly, a guarantor) is duly organized, validly exists and in good standing under the laws of the State of Nevada. Further, the subject is authorized to close the transaction and that the execution and delivery of the transactional agreement(s) will not create a breach of any other agreement to which the subject is bound. Why is a Legal Opinion Letter’s Substance Typically Negotiated by Attorneys? The inherent risk involved often leads both the issuing firm and its client to consider ways to significantly narrow the letter’s scope, while the requesting party (e.g., Wells Fargo, N.A. or Freddie Mac) emphasizes the need to obtain a letter as broad and all-encompassing in terms of scope as possible. A lender, its counsel or any party requesting a third-party legal opinion will often require substantive opinions in the letter that, in the opinion of borrower’s counsel, are irrelevant, unnecessary or unreasonable. Consequently, the letter and its substance can be heavily negotiated and frequently is not determined until near closing, if not the day of closing of the underlying transaction. Navigating those concerns, pitfalls and timing mechanics, as the issuing law firm is a significant part of the challenge and role of legal counsel in a financed commercial real estate transaction. Ben Auten is a full-time transactional attorney with the Las Vegas law firm of Marquis Aurbach Coffing P.C. He can be reached at (702) 207-6076 or bauten@maclaw.com. LEGISLATIVE UPDATE “Any man who thinks he can be happy and prosperous by letting the government take care of him had better take a much closer look at the American Indian.” –Henry Ford CONT’D FROM PAGE 4 However, it seems ridiculous to me that you can’t get a driver’s license, credit card or bank account without an official photo identification, but you don’t –Richard Lybbert, CCIM need it to register to vote in many states. It has also become far too easy to raise taxes or create new ones (as “In my many years I have come to a conclusion that one useless man is a is evidenced by the recently enacted shame, two is a law firm and three or more Nevada State Commerce Tax). is a congress.” –John Adams When it comes to taxes, our Nevada State Motto should be: “At least The people don’t serve the governwe’re not California.” I’m basically in ment, the government serves the agreement with Winston Churchill people. Too many current day when he said that “There is no such politicians feel that it is about them. thing as a good tax.” I hope they And, the longer they “serve,” the never find life on any other planet more they feel untouchable. I think that the best way to incorporate term because, sure as can be, our government will start sending them limits is to properly utilize the power money. Abraham Lincoln gave this of the American Voter. I also believe profound statement in relation to a that to vote is a privilege and a right. CONT’D ON PAGE 13 "When it comes to taxes, our Nevada State Motto should be: 'At least we’re not California.'" If you haven’t guessed by now, I feel like I am beyond preaching. I’m going right into pleading. I’ve said it before, the main attributes to look for in a candidate are: be in favor of smaller government; reduce taxes; cut spending; and tell the truth. Oh well, three out of four would be better than status quo. It is obvious that these problems with government aren’t new. In fact, the constitution was based upon the premise that government, by its nature, must be controlled by the citizens – not the contrary. Our founding fathers realized that the government is “of,” “by,” and “for” the people. PERSPECTIVE | JULY-AUGUST 2016 11 PRESIDENT’S MESSAGE CONT’D FROM PAGE 3 Don’t miss our 24th Annual Putt-Putt event which will be held on September 15th at 4:00 p.m. at Angel Park Golf Club. We hope to see all of you there. Once again, mark your calendars for the 20th Annual Wine Soiree and Silent Auction which has been confirmed for October 13th at 5:30 p.m. at Cili Restaurant at Bali Hai Golf Course. We are collecting auction items. If you have any connections for donations please contact Jennifer Ott, CCIM at JOtt@roicre.com to coordinate. Don’t miss the Commercial Alliance Educational Symposium The event will be held on September 28th from 7:30 a.m. to 4:00 p.m. at the Gold Coast Hotel. In the morning session, you will experience a strategic planning session from the same instructor who worked with your leadership at Chapter Officer Leadership Training. In the afternoon you will have your choice of two classes “Law and Legislative Update” or “Crowdfunding for Real Estate.” This is an excellent opportunity to earn CE credits for taking relevant commercial classes. 12 PERSPECTIVE | JULY-AUGUST 2016 LEGISLATIVE UPDATE government that would over-do its ideal function: “You cannot help the poor by destroying the rich. You cannot strengthen the weak by weakening the strong. You cannot bring about prosperity by discouraging thrift. You cannot lift the wage earner up by pulling the wage payer down. You cannot further the brotherhood of man by inciting class hatred. You cannot build character and courage by taking away people’s initiative and independence. You cannot help people permanently by doing for them, what they could and should do for themselves.” The time is now to take a stand against an oppressive government and take back our most basic freedoms and liberties. We can’t just hope things turn out well. We need to take action to reign in government and make it a more manageable entity that is more sensitive to the real needs of the majority of citizens. Give opportunity to the individual to CONT’D FROM PAGE 11 excel and don’t hinder that opportunity. Get out of the way of real entrepreneurialism. The takers will never give. And the givers will usually give more. We need to help each other to all have success. One of my favorite quotes (and I may have used it before) is as follows: “First they came for the Communists but I was not a Communist so I did not speak out.Then they came for the Socialists and the Trade Unionists but I was not one of them, so I did not speak out.Then they came for the Jews but I was not Jewish so I did not speak out.And when they came for me, there was not one left to speak out for me.” –Martin Niemoller I’m not sure when or how at this point. But I know it will happen given the intense desire for freedom and liberty shared by the majority of Americans. Spread your patriotism. Demonstrate your pride in the best country in the world. Richard Lybbert, CCIM is a commercial services broker/salesman for Coldwell Banker Premier Realty. He can be reached at (702) 373-1000 or richardlybbert@gmail.com. I am an eternally optimistic individual. I truly believe that we can and will correct most of our country’s problems. PERSPECTIVE | JULY-AUGUST 2016 13 14 PERSPECTIVE | JULY-AUGUST 2016 PERSPECTIVE | JULY-AUGUST 2016 15 “THE COMMERCIAL REAL ESTATE VOICE FOR SOUTHERN NEVADA” Southern Nevada CCIM Chapter P.O. Box 97653 Las Vegas, NV 89193 Ready to Start the Journey Towards Your CCIM Designation? Please call your Candidate Guidance Chair, Robin Civish, CCIM with any questions. 702-550-4977 | robin@roicre.com 16 PERSPECTIVE | JULY-AUGUST 2016