by the airport - loopnet · 2019. 10. 22. · by the airport offers exceptional visibility and a...
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BY THE AIRPORT
The Office F O R S A L E - A I R P O R T C O R R I D O R
P R I C E S S T A R T I N G A T $ 1 8 5 . 0 0 P S F *
GREY SHELL AND FIRST GENERATION SPEC SUITE, FEE SIMPLE CONDO OFFICE BUILDINGS
*Introductory Phase I Pricing at $185.00 PSF on Grey Shell Delivery
320 E . Warm Spr ings Road, Las Vegas , Nevada 89119
UNITS RANGING FROM ±2,434 SF TO ±6,000 SF
±9,055 SF
P H A S E I
COLLIERS INTERNATIONAL – OWNER-USER OFFICE CONDOS | 2©2019 Colliers International. Information herein has been obtained from sources deemed reliable, however its accuracy cannot be guaranteed. The user is required to conduct their own due diligence and verification. Note: One or more Colliers International agents is an owner/licensee.
COMMON RESTROOMS
NEW ROOF
DRYWALLED SUITES
POURED CONCRETESINGLE STORY, FEE SIMPLE BUILDINGS
VIDEO SURVEILLANCE REMOTE GUARD SERVICE
ILLUMINATED BUILDING SIGNAGE FOR BUYER
SECURED
BY THE AIRPORT
The Office FOR SALE – $185.00 PSF*
*Introductory Phase I Pricing at $185.00 PSF on Grey Shell Delivery
COLLIERS INTERNATIONAL – OWNER-USER OFFICE CONDOS | 3©2019 Colliers International. Information herein has been obtained from sources deemed reliable, however its accuracy cannot be guaranteed. The user is required to conduct their own due diligence and verification. Note: One or more Colliers International agents is an owner/licensee.
THE OFFICE BY THE AIRPORT IS SITUATED IN THE HEART OF THE HIGHLY DESIRABLE AIRPORT SUBMARKET WITH DIRECT ACCESS TO THE MCCARRAN AIRPORT CONNECTOR VIA BERMUDA SPRINGS ROAD.
This newly remodeled project is just a few minutes’ drive time to the main
terminals at McCarran International Airport, the World Famous Las Vegas
Strip Resort Corridor, Interstate 15 & 215, five area hospitals, the retail shops
at The Las Vegas South Premium Outlets, Town Square and an abundance of
restaurants and dining options for your clients and staff to consider.
The Office by the Airport is comprised of two (2) grey shell buildings totaling
±11,600 SF. Phase I consists of two (2) buildings: ±5,535 SF and ±6,065
SF with sizing flexibility. The buildings have direct frontage on East Warm
Springs Road, with a traffic count of over 28,000+ cars per day. The Office
by the Airport offers exceptional visibility and a convenient centralized valley
location. The total parking ratio is planned for 4.13/1000 SF, with dedicated
covered parking spaces available for an additional cost for each building.
Well-appointed common area restrooms save owners space and significant
cost of installing restrooms in-suite.
BY THE AIRPORT
The Office $185 PSF*
PHA SE I AVAIL ABLE NOW – 320 E . Warm Spr ings Road, Las Vegas , Nevada 89119
INTRODUCTORY PHASE I PRICING*Introductory Phase I Pricing at $185.00 PSF on Grey Shell Delivery
COLLIERS INTERNATIONAL – OWNER-USER OFFICE CONDOS | 4©2019 Colliers International. Information herein has been obtained from sources deemed reliable, however its accuracy cannot be guaranteed. The user is required to conduct their own due diligence and verification. Note: One or more Colliers International agents is an owner/licensee.
• Condos delivered with poured concrete floor and drywall
• Dedicated power panels in place
• Existing HVAC package units in place
• Capped plumbing fixtures in each suite for breakroom
• Nicely appointed, secured access common area restrooms
• Newly recoated roof (March 2018) with 10 year warranty
VIDEO SURVEILL ANCE REMOTE GUARD SERVICE – For the added protection of all Owners and their visitors*, The Office by the Airport features a state of the art Video
Surveillance Remote Guard Service, which is included in the association dues. This system features multiple 360-degree high definition video cameras installed on the building exterior monitoring
the entire property. The cameras will record footage 24/7 and will be monitored by live remote guards between 10:00PM-6:00AM, 365 days/year. The cameras will also feature a two-way talk-
down device allowing remote guards to verbally address individuals creating any security concerns or loitering on the property after hours. Although generally unnecessary, the remote guards can
also alert and dispatch local law enforcement to the property if needed.
BY THE AIRPORT
The Office *Disclaimer: The Office by Airport Owners’ Association and its agents are not responsible for the security or protection of persons at the property, as further detailed in the Amended & Restated CC&Rs dated April 24, 2018.
NOTEABLE GREY SHELL CONDITIONS OF PROPERTY AT PURCHASE:
COLLIERS INTERNATIONAL – OWNER-USER OFFICE CONDOS | 5©2019 Colliers International. Information herein has been obtained from sources deemed reliable, however its accuracy cannot be guaranteed. The user is required to conduct their own due diligence and verification. Note: One or more Colliers International agents is an owner/licensee.
E. WARM SPRINGS ROAD
PHASE I PHASE II PHASE III
The Las Vegas Strip
McCarran International Airport
• Grey shell condo office units ranging from ±2,434 to ±6,000 SF
• Brand new Turn-Key Spec Suite at ±2,993 SF
• Newly Renovated “Retro” designed buildings
• Control your occupancy cost by having a stable monthly payment
• Property maintained by an Owner’s Association (est. monthly dues at $0.20 PSF)
• Prime location in the Airport Submarket
• Single story, fee simple buildings
• Newly recoated roof (March 2018) with 10 year warranty
• Total parking ratio: 4.13/1,000; Covered parking ratio: 1.38/1,000
• Covered reserved parking available at an additional cost
• High visibility location, with all buildings fronting E. Warm Springs Road
• Daily cars per day in excess of 28,000 and climbing
• Convenient access to I-15 and the 215 Beltway (2 interchanges close by)
• Retail amenities nearby include The Las Vegas South Premium Outlet Mall and Town Square
• An abundance of restaurants & services in the immediate area
PROPERT Y HIGHLIGHTS
BY THE AIRPORTThe Office
±29,600 CARS PER DAY
PHA
SE I AV
AILA
BLE N
OW
TOWN SQUARE
±235,000 CARS PER DAY
COLLIERS INTERNATIONAL – OWNER-USER OFFICE CONDOS | 6©2019 Colliers International. Information herein has been obtained from sources deemed reliable, however its accuracy cannot be guaranteed. The user is required to conduct their own due diligence and verification. Note: One or more Colliers International agents is an owner/licensee.
E. WARM SPRINGS RD.
THE OFFICE BY THE AIRPORTsite plan
COVERED PARKING COVERED PARKING
BUILDING 320 BUILDING 330 BUILDING 340
COVERED PARKING COVERED PARKING
BUILDING CONNECTOR
PHASE II PHASE III PHASE I
SUITE 3 ±3,631 SF
SOLD
SUITE 4 ±2,434 SF
PHA SE I AVAIL ABLE NOW – 320 E . Warm Spr ings Road, Las Vegas , Nevada 89119
BY THE AIRPORTThe Office
SIZING FLEXIBILITY TO COMBINE SUITES
EXECUTIVE OFFICE
14’-9” x 14’-3”
OFFICE13’-6” x 10’
OFFICE13’-6” x 10’
OFFICE12’ x 12’-6”
CONFERENCE19’-9” x 12’-6”
OPEN OFFICE51’ x 25’-6”
RECEPTION18’-6” x 12’-6”
BREAKROOM14’-9” x 9’
COPY STORAGE10’ x 10’-9”
OFFICE9’-6” x 10’
SUITE 2 - SPEC SUITE ±2,993 SF
ESTIMATED COMPLETION: JANUARY 2020
COMMON AREA RESTROOMS
COLLIERS INTERNATIONAL – OWNER-USER OFFICE CONDOS | 7©2019 Colliers International. Information herein has been obtained from sources deemed reliable, however its accuracy cannot be guaranteed. The user is required to conduct their own due diligence and verification. Note: One or more Colliers International agents is an owner/licensee.
PHA SE I AVAIL ABLE NOW – 320 E . Warm Spr ings Road, Las Vegas , Nevada 89119
BY THE AIRPORTThe Office
EXECUTIVE OFFICE
14’-9” x 14’-3”
OFFICE13’-6” x 10’
OFFICE13’-6” x 10’
OFFICE12’ x 12’-6”
CONFERENCE19’-9” x 12’-6”
OPEN OFFICE51’ x 25’-6”
RECEPTION18’-6” x 12’-6”
BREAKROOM14’-9” x 9’
COPY STORAGE10’ x 10’-9”
OFFICE9’-6” x 10’
• 5 Private Offices
• Reception Area
• Conference Room
• Break Room
• Copy/Storage Room
• Large Open Bullpen
UNIT 2: BRAND NEW TURN-KEY SPEC SUITE
±2,993 SF
Note: Under construction. Estimated completion - January 2020.
ASKING PRICE: $748,250 ($250 PSF)
COLLIERS INTERNATIONAL – OWNER-USER OFFICE CONDOS | 8©2019 Colliers International. Information herein has been obtained from sources deemed reliable, however its accuracy cannot be guaranteed. The user is required to conduct their own due diligence and verification. Note: One or more Colliers International agents is an owner/licensee.
BY THE AIRPORTThe Office
HUGHES AIRPORT CENTER
WARM SPRINGS MARKETPLACE
15
WARM SPRINGS ROAD
BER
MU
DA
RO
AD
EAST
ERN
AV
ENU
E
SUNSET ROAD
PEC
OS
RO
AD
215
TOWN SQUARE
LAS VEGAS PREMIUM
OUTLET SOUTH
MCCARRAN AIRPORTCAR RENTAL FACILITY
WO
RLD
FA
MO
US
LAS
VE
GA
S “S
TRIP
” The Airport submarket is home to many corporate users such as:
MCCARRAN MARKETPLACE
Current Submarket Vacancy 12%Vacancy Rate For Small And Medium Suites 7.36%
±235,000 CARS PER DAY
±187,000 CARS PER DAY
LAS
VEG
AS
BO
ULE
VA
RD
±29,600 CARS PER DAY
SUBJECT
ALLEGIANT STADIUM
COLLIERS INTERNATIONAL – OWNER-USER OFFICE CONDOS | 9©2019 Colliers International. Information herein has been obtained from sources deemed reliable, however its accuracy cannot be guaranteed. The user is required to conduct their own due diligence and verification. Note: One or more Colliers International agents is an owner/licensee.
PHA SE I AVAIL ABLE NOW – 320 E . Warm Spr ings Road, Las Vegas , Nevada 89119
BY THE AIRPORTThe Office BUY VS. LEASE COMPARISON
COLLIERS INTERNATIONAL – OWNER-USER OFFICE CONDOS | 8©2019 Colliers International. Information herein has been obtained from sources deemed reliable, however its accuracy cannot be guaranteed. The user is required to conduct their own due diligence and verification. Note: One or more Colliers International agents is an owner/licensee.
PHA SE I AVAIL ABLE NOW – 320 E . Warm Spr ings Road, Las Vegas , Nevada 89119
BY THE AIRPORTThe Office BUY VS. LEASE COMPARISONSquare Footage 2,557
$185 $450,290 Monthly Lease Rate/SF $1.65$60 $146,040 (NNN)
$596,330
$16,818
Building Shell Price / SF Improvements / SF Total Building CostConstruction CostsClosing CostsTotal Project Cost $645,401Start Up Costs Start Up Costs
Cash Down Payment 10.0% $64,601 Security Deposit 1 mosApprasial and Phase I ESA IncludedTotal Cash Required $64,601 Total Cash Required
Monthly Occupancy Cost Monthly Occupancy Cost
Mortgage Payment $3,242 Lease PaymentOccupancy Cost / SF $1.33 Occupancy Cost / SF
Annual 3% Rental Increases
Net Monthly Occupancy Cost $3,242 Net Monthly Occupancy Cost
Forecasted Ownership Benefits Forecasted Cost of Leasing
Cash Savings after 10 Years$
$92,880 Cash Savings after 10 YearsEquity After 10 Years $310,843 Equity After 10 YearsLess: Upfront Cash Required $64,601 Less: Upfront Cash RequiredTotal Ownership Benefits $310,843 Total Leasing Cost
Scott WillitsPinnacle BankVice President(602) [email protected]
Buy versus Lease Comparison
LEASEOWN
Assumptions: Based on unit size of 2,557 square feet. Mortgage payment calculated at 5.75% over 300 months. Property Appreciation assumed at2.0% annually. "Cash Savings after 10 years" is Net the difference between Monthly Occupancy Costs to Own and Net Monthly Occupancy Cost toLease. Lease rate assumed at 3.0% annual increase. "Upfront Cash Required" on a Lease assumes that Security Deposit would be returned in fullupon move out. Additional benefit of ownership is annual depreciation expense of the building, which will offset annual tax burden. Please consultwith your CPA and/or Legal Counsel for more formal guidance.
$4,016
$4,016
$4,016
$4,016$1.65
$4,016
$0$0$0$0
LEASE
Assumptions: Based on unit size of 2,557 square feet. Mortgage payment calculated at 5.75% over 300 months. Property Appreciation assumed at2.0% annually. "Cash Savings after 10 years" is Net the difference between Monthly Occupancy Costs to Own and Net Monthly Occupancy Cost toLease. Lease rate assumed at 3.0% annual increase. "Upfront Cash Required" on a Lease assumes that Security Deposit would be returned in fullupon move out. Additional benefit of ownership is annual depreciation expense of the building, which will offset annual tax burden. Please consultwith your CPA and/or Legal Counsel for more formal guidance.
Assumptions: Based on unit size of 2,434 square feet. Building shell cost are $185 per square foot and building improvements are estimated at $60 per square foot. The $32,253 construction cost expense includes 6 months interest reserve, 10% construction contingency and construction voucher control monitoring. The $16,818 closing cost expense includes loan fees, construction fees, appraisal, environmental phase one, Title fees and estimated miscellaneous cost. The 10% injection will be based on 10% of the total project cost. Mortgage payment is calculated at a blended SBA 504 loan rate of 4.32% over 300 months.
Square Footage 2,557
Building Shell Price / SF $199 $508,843 Monthly Lease Rate / SF $1.65 $4,219Improvements / SF $50 $127,850Total Building Cost $636,693Closing Costs $21,000Total Project Cost $658,000
Start Up Costs Start Up Costs
Cash Down Payment 10.0% $65,800 Prepaid Lease 2 mos $8,438Apprasial and Phase I $6,000 Security Deposit 1 mos $4,219Total Cash Required $71,800 Total Cash Required $12,657
Monthly Occupancy Cost Monthly Occupancy Cost
Mortgage Payment $3,867 Lease Payment $4,219Occupancy Cost / SF $18.15 Occupancy Cost / SF $19.80
Adjusted Monthly Occupancy Cost Adjusted Monthly Occupancy Cost
Occupancy Cost / SF $18.15 Occupancy Cost / SF $19.80Less: Depreciation -$0.69 Less: Depreciation $0.00Net Occupancy Cost / SF $17.46 Net Occupancy Cost / SF $19.80
Net Monthly Occupancy Cost $3,721 Net Monthly Occupancy Cost $4,219
Forecasted Ownership Benefits Forecastsed Cost of Leasing
Cash Savings after 10 Years $59,795 Cash Savings after 10 Years $0Repayment / Equity After 10 years $206,999 Repayment / Equity After 10 years $0Less: Total Cash Required -$71,800 Less: Total Cash Required -$12,657Total Ownership Benefits $194,994 Total Leasing Cost -$12,657
Tim RomanoPinnacle Bank Small Business LendingSVP / [email protected]
Buy versus Lease Comparison
LEASEOWN
Assumptions: Depreciation is calculated at 80% of Total Project Costs over 300 months. Mortgage payment calculated at 6.25% over 300 months. Cash savings is the difference between Net Monthly Occupancy costs to Own and the Net Monthly Occupancy Cost to Lease. There is 0% assumed property appreciation. Please consult with your CPA and / or or Legal Counsel for more formal guidance.
Brian SchumacherSenior Vice President, SBA Lending Group
Office: 702.471.2059Cell: 702.683.9370
www.meadowsbank.bank
$32,253
Brian SchumacherSenior Vice President SBA Leading Group
Office:+1 702 471 2059Cell:+1 702 683 9370
www.meadowsbank.bank
$64,540
$64,540
$64,540$339,183
COLLIERS INTERNATIONAL – OWNER-USER OFFICE CONDOS | 10©2019 Colliers International. Information herein has been obtained from sources deemed reliable, however its accuracy cannot be guaranteed. The user is required to conduct their own due diligence and verification. Note: One or more Colliers International agents is an owner/licensee.
Grant Traub,Senior Vice President +1 702 836 [email protected] # NV-S.0039295
Chris ConnellVice President +1 702 836 [email protected] # NV-S.0075502
©2019 Colliers International. Information herein has been obtained from sources deemed reliable, however its accuracy cannot be guaranteed. The user is required to conduct their own due diligence and verification. Note: One or more Colliers International agents is an owner/licensee.
BY THE AIRPORT
The Office