AUTOZONE OFFERING MEMORANDUM - Colliers International
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OFFERING MEMORANDUM
AUTOZONE
1935 NORTH HOLLYWOOD BOULEVARD LAS VEGAS, NEVADA 89156
AutoZone was founded in 1979 and has been publicly held since 1991. AutoZone stock trades on the New York Stock
Exchange under the ticker symbol “AZO” and is included in the Standard & Poor’s 500 index. AutoZone is also recognized
on the list of Fortune 500 companies.
CONFIDENTIALITY AGREEMENT © 2018 Colliers International This Confidential Offering Memorandum (the “Memorandum”) is being delivered exclusively by Colliers International (the “Agent”) to a party who may be interested in the acquisition of TJ Plaza (the “Property”), described in this Memorandum. This is a private offering, made only by delivery of a copy of the Memorandum to the recipient (the “Recipient”). By accepting this Memorandum, the Recipient agrees to comply strictly with the terms and conditions of the Confidentiality Agreement previously executed and delivered to the Agent by the Recipient with respect to this Memorandum and all information contained herein, and to use this Memorandum only for the purpose of evaluating the offering made hereby. Property is being offered for auction in an “as-is, where-is” condition and Seller and Broker make no representations or warranties as to the accuracy of the information contained in this Offering Memorandum. The enclosed materials include highly confidential information and are being furnished solely for the purpose of review by prospective purchasers of the interest described herein. Neither the enclosed materials nor any information contained herein is to be used for any other purpose or made available to any other person without the express written consent of the Seller. Each recipient, as a prerequisite to receiving the enclosed, should be registered with Broker as a “Registered Potential Investor” or as “Buyer’s Agent” for an identified “Registered Potential Investor” through the execution of the Confidentiality Agreement. The use of this Offering Memorandum and the information provided herein is subject to the terms, provisions and limitations of the confidentiality agreement furnished by Broker prior to delivery of this Offering Memorandum. The enclosed materials are being provided solely to facilitate the prospective investor’s own due diligence for which it shall be fully and solely responsible. The materials contained herein are based on information and sources deemed to be reliable, but no representation or warranty, express or implied, is being made by Broker or Seller or any of their respective representatives, affiliates, officers, employees, shareholders, partners and directors, as to the accuracy or completeness of the information contained herein. Summaries contained herein of any legal or other documents are not intended to be comprehensive statements of the terms of such documents, but rather only outlines of some of the principal provisions contained therein. Neither the Broker nor the Seller shall have any liability whatsoever for the accuracy or completeness of the information contained herein or any other written or oral communications or information transmitted or made available or any action taken or decision made by the recipient with respect to Property. Interested parties are to make their own investigations, projections and conclusions without reliance upon the materials contained herein. Seller reserves the right, at its sole and absolute discretion, to withdraw Property from being marketed for auction at any time and for any reason. Seller expressly reserves the right, at its sole and absolute discretion, to reject any and all expressions of interest or offers regarding Property and/or to terminate discussions with any entity at any time, with or without notice. This offering is made subject to omissions, corrections of errors, change of price or other terms, with respect to sale or withdrawal from the market without notice. Broker is not authorized to make any representations or agreements on behalf of the Seller. Further, Seller reserves the right to negotiate and accept an offer prior to bid deadline. Seller shall have no legal commitment or obligation to any interested party reviewing the enclosed materials, performing additional investigations and/or making an offer to purchase Property unless and until a binding written agreement for the purchase of Property has been fully executed, delivered, and approved by Seller and any conditions to Seller and Purchaser’s obligations there under have been satisfied or waived. By taking possession of and reviewing the information contained herein, the recipient agrees that (a) the enclosed materials and their contents are of a highly confidential nature and will be held and treated in the strictest confidence and shall be returned to Broker or Seller promptly upon request; and (b) the recipient shall not contact employees of Property directly or indirectly regarding any aspect of the enclosed materials of Property without the prior written approval of the or Broker; and (c) no portion of the enclosed materials may be copied or otherwise reproduced without the prior written authorization of Seller or Broker or as otherwise provided in the Confidentiality and/or Registration Agreement executed and delivered by the recipient(s) to Broker. EXCLUSIVE LISTING AGENT Brian Fike Vice President +1 702 836 3744 brian.fike@colliers.com
EXECUTIVE SUMMARY
Colliers International is pleased to announce a (NNN) triple net
leased investment opportunity for an AutoZone auto parts store
in Las Vegas, Nevada. This site is just off the southwest corner of
East Lake Mead Boulevard and Hollywood Boulevard, both high
volume traffic corridors. Cross easements exist over the entire site
which includes both Dollar Tree, and Tire Works, providing access
from East Lake Mead Boulevard.
HIGHL IGH T S
• Absoulute Triple Net Lease (NNN)
• 15 Year Lease With 4 Years 10 Months Remaining
• Corporate Guaranty
• Zero Landlord Obligations
• 100% Fee Simple Interest
M A R K E T OV ERV IE W:
Positioned in the northeast submarket of Las Vegas, this AutoZone auto parts store is located on the west side of Hollywood Boulevard, just south of the
major east-west arterial, East Lake Mead Boulevard. This store generally serves a working class area that includes Nellis Air Force Base, Sunrise Manor,
and the far northeastern part of the Las Vegas Valley. Lake Mead Boulevard is a major traffic arterial that extends across the entire expanse of the Las
Vegas Valley and continues east to Lake Mead Recreation Area.
AU T O Z ON E – C OL L I E R S I N T E R N AT ION A L 3
FINANCIALS
BASE RE NT
$172,788.00 ASKING PRIC E $2,658,277
Cap Rate 6.50%
Building SF 7,370
NE T OPERATING INC OME Net Cash Flow $172,788
Year Built 2008
$172,788.00 Lot Size .68 acres/29,621 Sq. Ft.
LEASE SUMMARY
TOTA L RE T URN Lease Type
Tenant
Absolute Triple-Net (NNN)
Auto Zone
6.50% – $172,788.00 Lease Guarantor Auto Zone Development Corporation
Roof and Structure Tenant Responsible
Rent Commencement Date 2008
Lease Term 15 Years
ANNUA LI ZED OPERATING DATA Remaining Term 4 years 10 months
LEASE YEAR S ANNUA L RE NT CAP RATE Rental Increases 10% every 5 years
Renewal Options Four (4) Five ( 5) year terms
10 thru 15 $172,788 6.50%
AU T O Z ON E – C OL L I E R S I N T E R N AT ION A L 4
The Company was founded in 1979 and has been publicly held since 1991. AutoZone stock trades on the New York Stock Exchange under the ticker symbol “AZO” and is included in the Standard & Poor’s 500 index. AutoZone is also recognized on the list of Fortune 500 companies. AutoZone currently operates 5,915 auto parts locations, including 499 in Mexico, nine in Brazil and 26 Interamerican Motor Corporation (‘’IMC’’) branches. Each AutoZone store carries an extensive product line for cars, sport utility vehicles, vans and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories and non-automotive products. Many of their domestic AutoZone stores have commercial sales program that provide commercial credit and prompt delivery of parts and other products to local, regional and national repair garages, dealers, service stations and public sector accounts. The Company also has commercial programs in AutoZone stores in Mexico and Brazil. IMC branches carry an extensive line of original equipment quality import replacement parts. They also sell the ALLDATA brand automotive diagnostic and repair software through www.alldata.com and www.alldatadiy.com. Additionally, they sell automotive hard parts, maintenance items, accessories and non-automotive products through www.autozone. com, and accessories, performance and replacement parts through www.autoanything.com, and our commercial customers can make purchases through www.autozonepro.com and www.imcparts.net. Each of the Company’s AutoZoners is committed to the highest level of customer service - every store has AutoZoners equipped with the tools and knowledge necessary to provide the highest level of technical advice and diagnostic support to their customers. AutoZone’s website, www. AutoZone.com, can be used to order parts online or to look up parts in the customer’s local AutoZone store. The website is also a great resource for helpful maintenance and repair information. Through ALLDATA, the Company provides the most comprehensive electronic diagnostic and repair information available to professional mechanics either online, on CD or DVD. AU T O Z ON E – C OL L I E R S I N T E R N AT ION A L 5
N RD
CANYO
KYLE
KYLE SPRING SILVERSTONE IRON
CANYON MOUNTAIN MOUNTAIN
157 GATEWAY RANCH RANCH
GRAND TETON DRIVE
PARK HIGHLANDS
SEVERENCE LANE
PROVIDENCE ELKHORN ROAD
ALIANTE 15
215 93
ELKHORN
S LAMB BLVD
95
N TENAYA WAY
DEER SPRINGS WAY SPRINGS
LOSSE ROAD
W CENTENNIAL PARKWAY LAS VEGAS
MOTOR SPEEDWAY 604
N PECOS ROAD
215 EL DORADO
N JONES BLVD
N DECATUR BLVD
RR
W ANN ROAD ANN ROAD
FIC
ACI
N DURANGO DRIVE
PAINTED DESERT SHADOW
NP
LOS
SIMMONS STREET
CAMINO AL NORTE
IO
CREEK
UN
WASHBURN RD
PRADOS
RANCHO NELLIS AFB
N 5TH STREET
W LONE MOUNTAIN ROAD
DEL NORTE
RANCHO 15
ALTA MIRA CRAIG ROAD CRAIG ROAD
573
93 NELLIS AFB
CLIFF SHADOWS DR
W ALEXANDER ROAD
NORTH
N RAINBOW BLVD
D
BUFFALO DRIVE
BLV
DURANGO
599 LAS VEGAS CCSN
CHEYENNE
CAMPUS
AS V EG
AS
MARTIN LUTHER KING JR BLVD
IVE
RD.
HILLS NL
EE
W CHEYENNE AVENUE
LOS
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574
SUN CITY LAS VEGAS
HIGHLAND PALM DESERT E EVANS AVE SUNRISE
SHORES NORTH LAS VEGAS VISTA
FALLS VALLEY AIRPORT 147
autozone
SMOKE RANCH ROAD
BELMONT ST
E CAREY AVE
NELLIS BLVD
EAGLE 95 MEA
D BLVD
CREST 147 W LAKE MEAD BLVD E LAKE MEAD BLVD E LAKE
147
NR
ANC
N BRUCE ST
HO
VEGAS DRIVE E OWENS AVENUE
N EASTERN AVE
DR
TPC AT LAS VEGAS
PECOS ROAD
LAMB BLVD
N HOLLYWOOD BLVD
15
SUMMERLIN SUMMERLIN W WASHINGTON DRIVE MUNICIPAL E WASHINGTON AVE
CONSERVATION AREA
SUMMERLIN PARKWAY
RED ROCK NATIONAL
TPC AT
CANYONS ANGEL WESTCLIFF DRIVE 95 LAS VEGAS DESERT PINES
E BONANZA ROAD
DESE
PARK
515 STEWART AVENUE
RT FO
ALTA DRIVE
93
BADLANDS
OTHILLS DR
UNIVERSITY
MEDICAL CENTER E CHARLESTON BLVD
W CHARLESTON BLVD
159
TOWN CENT
CCSN
FR
VALLEY VIEW ROAD
E
CHARLESTON
PECCOLE
MO
CAMPUS
607 DESERT
NT
ST
RANCH CANYON 595
ER D R
GATE
E ST LOUIS AVE ROSE
IVE
W SAHARA AVE E SAHARA AVE
RED 215 589
N LOS FELIIZ ST
ROCK
RIP”
BUFFALO DRIVE
VEGAS VALLEY DRIVE
THE LAKES
E ST
LAS VEGAS 612
N JONES BLVD
ROYAL
AD
“TH
S HOLLYWOOD BLVD
L RO
CC
LINKS 147
STRIA
E DESERT INN ROAD
INDU
W DESERT INN ROAD SPRING MOUNTAIN RD
WYNN BOULEVARD LAKE
MALL LAS VEGAS
S RAINBOW BLVD
604 95 STALLION
BEAR’S FLAMINGO ROAD FLAMINGO ROAD MOUNTAIN
502 REFLECTION
PARADI
BEST DESERT
EAST
N DECATUR BLVD
BAY
HUALAPAI WAY
SPRINGS
SIENA SPRING SE UNLV HOSPITAL
RD
LAS VEGAS
LAK
VALLEY 582
E
LAS
MARYLAND PARKWAY
TROPICANA AVENUE
V EG A
SUNRISE TROPICANA AVENUE
593
S PKWY
COLONY
BO
SPANISH TRAIL
S SANDHILL ROAD
UL
DE
HACIENDA AVE
R
BRO
HW
VALLEY VIEW ROAD
ADBE
SPRING
15 THE
Y
VALLEY
FORT APACHE ROAD
N
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S DURANGO DRIVE
T B LVD
HOSPITAL
FALLS
PABCO
W RUSSELL ROAD
BALI MC CARRAN
ROAD
BUFFALO DRIVE
595 HAI INT’L AIRPORT ARKW
AY
TUSCANY E LAKE
MEAD P
WHITNEY
S PECOS ROAD
W SUNSET ROAD E SUNSET ROAD RANCH
SOUTHERN
HILLS HOSPITAL
TOWN SUNSET
N STEPHANIE STREET
215 SQUARE PARK E SUNSET ROAD
564
N ARROYO
ST. ROSE
W ARBY AVE WILDHORSE
VALLE
SAN MARTIN
W WARM SPRINGS ROAD
HOSPITAL
93
GREEN
GRAN
VERDE DR
WARM SPRINGS ROAD
EASTGATE RD
S EASTERN AVENUE
RACETRACK ROAD
DE BLVD
UPRR
CORONADO RICHARDSON DRIVE
NEVADA
TRAILS RANCH VALLEY 515
582
CENTER ST
AMERICAN PACIFIC DR
RHODES WINDMILL LANE
95 ST. ROSE
UNIO
WINDMILL LN
GIBSON Rd.
S RAINBOW BLVD
RANCH DOMINICAN
N
HOSPITAL
PACIF
BURKHO
LDER BL
VD
IC
SOUTH LAS VEGAS BLVD
SW
W WIGWAM AVE
LEGACY
RR
ATE
E VAN
DEAN MARTIN DR
R
607
HENDERSON
WAG
ST
S DECATUR BLVD
E PEBBLE ROAD ENEN
ST
S MAGIC WAY
BERMUDA RD
W PACIFIC AVE
160 BLUE DIAMOND ROAD 215
MARYLAND PARKWAY
N RIDGE PKWY
GREEN VALLEY PARKWAY
IZO BLACK
S FORT APACHE RD
R
SOUTHFORK
HO
MOUNTAIN
S JONES BLVD
GOMER ROAD W EQUESTRIAN DR
W SILVERADO RANCH BLVD
S BUFFALO DRIVE
APPALOOSA RD
DRAGON RIDGE
FOOTHILLS DR
MOUNTAINS EDGE PKWY
SOUTHERN 515 CCSN
HENDERSON CAMPUS
ST. ROSE DEL WEBB
HIGHLANDS DOMINICAN HOSPITAL
SIENA CAMPUS
MACDONALD RANCH
W CACTUS AVE W CACTUS AVE SILVERADO 146 SUN CITY
MISSION DR
GREENWAY RD
RANCH WEST
COLLEGE DR
SUNRIDGE
way CANYON 93
a rk
eP
SHINNECOCK HILLS AVE
SO
R os MACDONALD E PARADISE HILLS DR
St
UTH
MOUNTAIN’S HIGHLANDS
ERN
EDGE RAILROAD
HIG
AN
604
HL
DS SEVEN HILLS
SEVEN
HENDERSON PASS
PAR
HILL
EXECUTIVE RIO SECCO
KWA
S
Y
DR
AIRPORT
AU T O Z ON E – C OL L I E R S I N T E R N AT ION A L ANTHEM
6 93
VOLUNTEER BLVD
REVERE
DEL WEBB’S 95
15 ANTHEM
LAS VEGAS “STRIP”
D
AR
EV
UL
BO
AD
ME
HOL
KE
LYW
OOD
LA
BOU
LEV
ARD
AU T O Z ON E – C OL L I E R S I N T E R N AT ION A L 7
HOLLYWOOD BO
ULEVARD
LAKE MEAD BOULEVARD
AU T O Z ON E – C OL L I E R S I N T E R N AT ION A L 8
DEMOGRAPHICS
POPULATION 0 - 1 MILES 0 - 3 MILES 0 - 5 MILES Est Owner Occupied Property Values
2023 Projection 9,676 118,021 212,009
$1,000,000 or more
2018 Estimate 8,548 105,019 189,196
$750,000 to $999,999 5-Mile
2010 Census 6,499 77,587 145,627
$500,000 to $749,999
2000 Census 2,039 11,187 22,280
$400,000 to $499,999
Growth 2017 - 2023 5.21% 6.40% 6.01%
$300,000 to $399,999
Growth 2010 - 2018 6.34% 9.17% 8.69% 3-Mile
$200,000 to $299,999
Growth 2000 - 2010 12.46% 24.01% 16.20%
$150,000 to $199,999
$100,000 to $149,999
$80,000 to $99,999 1-Mile
$60,000 to $79,999
HOUSEHOLDS 0 - 1 MILES 0 - 3 MILES 0 - 5 MILES $40,000 to $59,999
0% 5% 10% 15% 20% 25%
2023 Projection 6,815 28,724 89,569
2018 Estimate 6,463 27,047 84,443
Es6mated Households By Income
2010 Census 6,047 24,990 77,798
60%
2000 Census 5,707 21,620 70,754
Growth 2017 - 2023 5.45% 6.20% 6.07% 50%
Growth 2010 - 2018 6.88% 8.23% 8.54%
40%
Growth 2000 - 2010 5.96% 15.59% 9.96%
30%
20%
2018 EST. POPULATION BY
SINGLE-CLASSIFICATION RACE 0 - 1 MILES 0 - 3 MILES 0 - 5 MILES
10%
Total 19,411 89,500 282,249 0%
$15,000 or $15,000 to $25,000 to $35,000 to $50,000 to $75,000 to $100,000 to $125,000 to $150,000 to $200,000 to $250,000 to $500,000 or
Less $24,999 $34,999 $49,999 $74,999 $99,999 $124,999 $149,999 $199,999 $249,999 $499,999 More
Caucasian Alone 50.16% 46.63% 44.31%
Black or African American Alone 11.20% 10.24% 11.51% 1-Mile 3-Mile 5-Mile
Amer. Indian and Alaska Native Alone 1.13% 0.88% 0.89%
Asian Alone 4.11% 5.35% 4.74% Compara
LAS VEGAS ECONOMIC TRENDS
(Las Vegas Convention and Visitors Authority)
Statistic 2012 2013 2014 2015 2016
Visitor Volume 39,727,022 39,668,221 41,126,512 42,312,216 42,936,109
Gaming Revenue $9.3bn $9.6bn $9.5bn $9.6bn $9.7bn
Las Vegas
Area Overview
Room Occupancy 84.4% 84.3% 86.8% 87.7% 89.1%
Average Daily Room Rates $108.08 $110.72 $116.73 $120.67 $125.96
Clark County, the most populous of
Conventions Held 21,615 22.027 22,103 21,306 21,864
Nevada’s 17 counties, is home to more
Convention Delegates 4,944,014 5,107,416 5,169,054 5,761,366 6,310,616
than two million residents, about 73%
Total En/Deplaned of the state’s population. The estimated
41,667,596 41,8557,009 42,878,346 45,389,074 47,435,640
Passengers
average household income is approximately
Room Inventory 150,524 150.103 150,126 149,612 149,339 $62,201. The city of Las Vegas sits at the
heart of Clark County and is internationally
renowned as the world capital of
VISITOR VOLUME VS. GAMING REVENUE entertainment. Las Vegas’ gaming, dining,
shopping and business conventions
are major attractions for national and
international visitors. Las Vegas has
approximately 149,339 hotel rooms.
Over 42.9 million
people visited Las Vegas in 2016,
an all-time high
AU T O Z ON E – C OL L I E R S I N T E R N AT ION A L 10Las Vegas
Employment Overview
As of 2016, Las Vegas unemployment stands at 6.2%, which is about 60 basis points lower than
it was in 2015 at 6.8%. Tourism is the highest economic sector for Las Vegas representing 30.8%
of the market, however professional and business services and retail trade make a significant
impact representing 13.7% and 11.7% of the market, respectively.
LAS VEGAS TOP EMPLOYERS
Firm Employees
Gaming, government, tourism and education are the leading areas of
Station Casinos Inc. 13,000-13,499
Nellis Air Force Base 12,000-12,499 employment in Las Vegas. Although in recent years, several new industries
Boyd Gaming Corp. 9,000-9,499
Las Vegas Sands Corp. 8,500-8,999 such as data centers, high tech manufacturing and healthcare services are
Wynn Las Vegas LLC 8,000-8,499
MGM Resorts International 8,000-8,499
helping to diversify the local economy.
Bellagio LLC 8,000-8,499
Aria Resort & Casino
Mandalay Bay Resort & Casino
7,000-7,499
7,000-7,499
300,000 new jobs Prestigious Companies
Wal-Mart Stores Inc. 6,000-6,499
Expected In The Next 20 Years With Major 8 Fortune 1000 Companies Headquartered
Gains In Technology, Healthcare & In Las Vegas
Caesars Entertainment Corp. 5,500-5,999 Infrastructure Sectors
The Valley Health System 5,000-5,499
University of Nevada-Las Vegas 5,000-5,499
Las Vegas Metropolitan Police Department 4,500-4,999 $2.5 Billion+ $4 Billion+
Mirage Casino-Hotel 4,500-4,999 In Manufacturing/Tech Facility In Public Infrastructure
The Venetian Casino Resort 4,000-4,499 Investment Underway Investment Underway
SUPERVALU Inc. 4,000-4,499
Cosmopolitan of Las Vegas 4,000-4,499
The Palazzo Casino Resort 3,500-3,999
University Medical Center of Southern Nevada 3,000-3,499
AU T O Z ON E – C OL L I E R S I N T E R N AT ION A L 11Las Vegas Highlights
20,000 Seats NHL Expansion The Las Vegas Raiders
T-Mobile Arena, a multi-use indoor arena T-Mobile Arena will host over 150 events The relocation of the Oakland Raiders
on the Las Vegas Strip opened in April 2016 per year and is the current home of the is anticipated to create a $600+ million
NHL Golden Knights economic impact add 450,000+ incremental
visitors and host 45+ events annually
Mandalay Bay LVCC Expansion $1 billion public
Convention Center Las Vegas Convention Center works project
recently underwent a 350,000 square foot is currently undergoing a $2.5 billion,
underway to modernize and expand
expansion and is now the 5th largest 600,000 square foot expansion to absorb
Las Vegas vehicular infrastructure
convention center in North America excess demand
Steady Growth
The University continues to grow with a
total student headcount of 28,600 (2015)
AU T O Z ON E – C OL L I E R S I N T E R N AT ION A L 12Las Vegas
#1 Trade Show Destination
for 22 consecutive years
-Trade Show News Network
3 out of the 5
Largest Convention Centers in
the U.S. are Located in Las Vegas
Convention Centers
While Las Vegas has historically been known as a gaming destination, the city’s diverse
non-gaming allure continues to strengthen and has far surpassed gambling demand.
66,500 jobs and generates One such demand driver is the unparalleled convention and meeting space capacity
more than $9.3 billion in available throughout the city. In 2016, Las Vegas held nearly 22,000 conventions and
hosted over 6.3 million convention delegates.
economic impact.
The Las Vegas M.I.C.E . Las Vegas also hosted four of the top 10 and ten of the top 22 largest
(meetings, incentives, conferences, and events) sector conventions/trade shows held in the U.S.
Las Vegas visitation numbers posted its 3rd
consecutive year of growth with a record
high of 42.9M visitors in 2016. A 10%
increase over its pre-recession peak.
There is also a 17.8 increase in International
visitation from 2013-2015. McCarran
International Airport benefits from the
increased visitation making it the No. 26
busiest airport in the world.
AU T O Z ON E – C OL L I E R S I N T E R N AT ION A L 13Developments in the Las Vegas valley
NFL - LAS VEGAS RAIDERS
$1.9 Billion estimated cost
Professional Sport
Las Vegas’ First NFL Team – On March 27th, 2017, the NFL owners approved the
Franchises
Raiders’ relocation to Las Vegas. The $1.9 billion stadium is expected to take As a means to continue the diversification
three years to build and will be located near the southern end of the Las Vegas of its economy, Nevada successfully
Strip (near Mandalay Bay). This new stadium will also host world-class events received its first professional sports
including college football games, big-name concerts, major UFC fights, March franchise in 2016 concurrent with the
Madness, soccer matches and political events. The Raiders are expected to completion of its T-Mobile Arena.
play in the 65,000-seat domed stadium by the 2020 season. The Southern Furthermore, in November 2016, Las
Nevada Tourism Infrastructure Committee (SNTIC) estimates that Las Vegas Vegas approved a hotel tax ordinance to
can expect $100 million worth of media exposure a year from the Raiders help fund the stadium for the NFL’s
which is excellent publicity across the Las Vegas community. Oakland Raiders relocation.
AU T O Z ON E – C OL L I E R S I N T E R N AT ION A L 14Developments in the Las Vegas valley
This popular destination is the 31st largest Metropolitan Statistical Area in the United States with over two million residents.
With its strong economic recovery, Las Vegas has about $15 billion in construction projects that are planned, proposed or
under construction. The following pages include a summary of these projects.
WYNN PARADISE PARK RESORTS WORLD
$1.5 Billion estimated cost $4 Billion estimated cost
LAS VEGAS PARK MGM &
Wynn Resorts announced “Wynn Broke ground May of 2015. Upon their
Paradise Park” as their latest project CONVENTION CENTER 2020 completion date, this $4 billion NOMAD LAS VEGAS
which has been estimated to cost $1.5 EXPANSION Asian-themed resort will include 3,000
$450 Million estimated cost
billion. This project will be built on the hotel rooms and will consist of 175,000
130-acre golf course located east of square feet of gaming. It’s estimated
$2.3 Billion estimated cost MGM Resorts International and Sydell
Wynn Las Vegas and Encore Resort that there will be 3,500 slot machines
and Casino. The idea is to transform and table games. Genting BHD, Group announced a partnership to
The Las Vegas Convention and Visitors rebrand Monte Carlo Resort & Casino
The Wynn Golf Club into an expansive Southeast Asia’s largest casino
Authority (“LVCVA”) has a planned with two distinct hotel experiences
new development which would include operator, is developing this property in
expansion and renovation project — Park MGM and NoMad Las Vegas.
a 20-acre lagoon which would host multiple phases. The first phase is
intended to make the Las Vegas Costing approximately $450 million to
watersports in the day and fireworks expected to be completed in 2019.
Convention Center the best meeting construct, the renovation and rebrand
at night, a 1,000-room hotel tower, Once fully finished, there will be four
and convention facility in the World. will touch every aspect of the
approximately 260,000 square-feet of towers totaling the room count to
The $2.3 billion project, named the Las property. Experiences include:
meeting space, new restaurants, new 6,583. Resorts World Las Vegas will
Vegas Global Business District, is the “a Las Vegas version of Sydell’s widely
retail, and a white sandy beach with a help the Las Vegas employment market
largest economic development acclaimed NoMad Hotel, and the
boardwalk. Construction will begin the by employing 13,000 direct and indirect
initiative the LVCVA has undertaken launch of a new luxury hotel named
end of 2017 or early 2018. It’s been jobs. It will also contribute greatly to
since the Las Vegas Convention Park MGM.” Construction is expected
estimated to open in 2020. the Las Vegas economy which is
Center was originally built in the late to commence in late 2016 and
projected to generate $155 million in
1950s. The expansion project is conclude in late 2018.
annual tax revenue.
expected to lead to an additional
480,000 new attendees as current
conventions grow and through
attracting an estimated 20 new trade
shows and conventions.
AU T O Z ON E – C OL L I E R S I N T E R N AT ION A L 15Developments in the Las Vegas valley
GOLDEN KNIGHTS HOCKEY TEAM
PRACTICE FACILITY
$30 Million estimated cost
In October of 2016, Downtown Summerlin held a groundbreaking event to kick off the construction of the Las
Vegas NHL’s practice facility. Costing $30 million to construct, this 146,000 square-foot facility is located
near Pavilion Center Drive and Griffith Peak Drive and will include two full sheets of ice that will service not
only Las Vegas’ first major professional NHL sports team (Vegas Golden Knights) but also local youth and
adult leagues. This practice facility opened in September of 2017. Additionally, the Vegas Golden Knights are
playing in the 2017-2018 season and will play more than 40 home games each season at the T-Mobile Arena.
HOME TO THE FIRST PROFESSIONAL SPORTS
FRANCHISE IN LAS VEGAS.
AU T O Z ON E – C OL L I E R S I N T E R N AT ION A L 16Developments in the Las Vegas valley
This popular destination is the 31st largest Metropolitan Statistical Area in the United States with over two million residents.
With its strong economic recovery, Las Vegas has about $15 billion in construction projects that are planned, proposed or
under construction. The following pages include a summary of these projects.
UNION VILLAGE LAS VEGAS
MEDICAL DISTRICT
$1.6 Billion estimated cost & UNLV MEDICAL
LAS VEGAS PROJECT NEON SCHOOL
Union Village is the first Integrated
Health Village in the world and is listed ALL NET ARENA $900 Million estimated cost
as the “largest healthcare building $3.6 Billion estimated cost
project in the United States,” $1.4 Billion estimated cost Project Neon is the largest public
according to Health Facilities Manage- works project in Nevada history. The Las Vegas Medical District was
ment. This +/-$1.6 billion project is The All Net Arena’s site is located on Costing $900 million to complete, this initially concieved in 2002 in order to
located at U.S. 95 and Galleria Drive in the north end of the Las Vegas Strip project will widen 3.7 miles of created a cohesive area for medical
Henderson, Nevada. Sitting on where the former Wet ‘n’ Wild site Interstate 15 between Sahara Avenue education and healthcare that was
228-acres, this mixed-use healthcare was once located (just south of the and the “Spaghetti Bowl” interchange central to the Las Vegas Valley. It is
complex is projected to create more SLS Resort). Construction is in downtown Las Vegas. This is known currently undergoing a $3.6 billion
than 17,000 direct, indirect and underway on this $1.4 billion project for being the busiest stretch of expansion which is inclusive of a UNLV
construction jobs. Once fully complete and will consist of +/-860,000 square highway in Nevada with 300,000 Medical School. This district is
in 2022, it is expected to attract feet once completed in 2019. vehicles per day (one-tenth of the expected to bring in $181 million in
15,000 to 30,000 people a day. Additionally, the All Net Arena will state population). Currently, this Government revenue, as well as 24,182
Henderson Hospital opened fall of include a 22,000 seat retractable corridor has approximately 25,000 jobs by 2030.
2016 and is located inside the Union roof, a Victory Plaza shopping/dining lane changes in an hour and it’s been
Village development. Costing $168 district, and a 44-story hotel with 500 predicted that traffic will double along
million to construct, this local specialty suites. this stretch by 2035. Project Neon has
acute-care hospital is part of the an estimated completion date of 2019.
Valley Health System.
AU T O Z ON E – C OL L I E R S I N T E R N AT ION A L 1769 countries
$2.7
billion in
annual revenue*
2.0
billion square feet
under management
15,400
professionals
and staff
$116
billion in
total transaction value
*All statistics are for 2017, are in U.S. dollars and
include affiliates.
EXCLUSIVE LISTING AGENT Copyright © 2018 Colliers International.
The information contained herein has been obtained from
Brian Fike sources deemed reliable. While every reasonable effort has
Vice President been made to ensure its accuracy, we cannot guarantee it. No
responsibility is assumed for any inaccuracies. Readers are
+1 702 836 3744 encouraged to consult their professional advisors prior to acting
brian.fike@colliers.com on any of the material contained in this report.
AU T O Z ON E – C OL L I E R S I N T E R N AT ION A L 18You can also read
