Press Releases and Media Room http://wordpress.org/?v=2.8.4 en hourly 1 http://www.marnellproperties.com/newsite/press_room/Marnell-Properties-Press-Release-Farmer-Boy-Foods-Joins-McCarran-Marketplace@2012.html Tue, 1 May 2012 01:00:00 +0000 Rina Foster http://www.marnellproperties.com/newsite/press_room/Marnell-Properties-Press-Release-Farmer-Boy-Foods-Joins-McCarran-Marketplace@2012.html
]]> http://www.marnellproperties.com/newsite/press_room/Marnell-Properties-Press-Release-Nevada-Business-Industry-Focus-July-2011@2011.html Fri, 1 Jul 2011 01:00:00 +0000 Rina Foster http://www.marnellproperties.com/newsite/press_room/Marnell-Properties-Press-Release-Nevada-Business-Industry-Focus-July-2011@2011.html
What role do commercial real estate professionals play in economic development?
Sallie Doebler: One of the things that NAIOP is re-divisioning itself to do in Nevada is to act as a resource. Quite often, it's the developers and the brokers who are the first point of contact for anybody looking to relocate, add or even expand in the state. We're really positioning ourselves to be a piece of that puzzle and we're recognizing what we can do to be a part of the success story and really provide ourselves as a source of information. John Guedry: There are several advantages Nevada has to offer over some of our neighboring states. Real estate pricing is a big one right now because of the affordability factor that exists today that didn't three or four years ago. It's more affordable in many cases for their commercial real estate needs, whether they're buying, growing or leasing space. It makes it easier for us as an industry to work with organizations like NAIOP, to feed information to them that can be fed to that single entity. It's a more targeted and simpler approach to going after businesses and to sell a business on coming here when you've got one individual entity that can go out to neighboring markets or those neighboring markets can come to get information or resources for relocation. There's internal competition going on all the time. You're much more effective when everybody's working together towards a common goal. It's no different than multiple agencies with the same objective. They're competing. We're trying to stop competing with ourselves internally and start competing with those neighboring states that we have advantages over. Real estate is one of those advantages that we have to offer over most of our neighbors and we should leverage that. Perry Muscelli: I've been involved in brokering hundreds of company relocation transactions and hundreds of decisions where they didn't decide to come here. I saw what they were thinking and what mattered to them. We have a tendency, in the real estate business, to think it's about real estate. More often than not it's about the cost of employment. It's about the laws in the state and the liability; the cost of doing business here. Real estate is constantly being measured as a very small part of the cost of operating as an employer. When it comes to their decisions in why they come here, we ought to be careful and not think it's all about creating a great real estate environment just because we're in that business. It's really about making it a very friendly place to employ people. That goes directly to what we need to turn our whole economy around, we need to get people employed.

Have Nevada's economic development agencies done a good job?
Michael Dermody: It's easy in these difficult times to point out who's not doing a good job. But, these are the same organizations, when we were in good times, we gave credit to. We're mistaken to try to point the blame at people that are suffering just like we are. The solution is restructuring, the way the governor's looking at it. That's a positive. You have to adjust to what the economy is. I think that's what we're going to see now. It's easier to take a pot shot later on in the fight, when you forget about all the growth we've had under their stewardship. Mike Montandon: Any organization in boom times grows a little fat or cumbersome. Our economic downturn has given us an opportunity to say "Okay, we've done some things well, what can be fixed and what can be structured differently?" We really have two things we can do in economic development. We can either create an attractor, a shared piece of infrastructure or, we can capitalize on the ones we already have. It's a very rare organization that can go in and create a new piece of infrastructure. If we can take the ones we've already got and capitalize on them, we've got an opportunity to build it better, right now. Dermody: In this economy all of our companies are taking different departments, consolidating them and readjusting them to react to this present economy. That's what we're going to do in the state, under Governor Sandoval's direction; that's healthy. To sit back and say this department has been malfunctioning for 20 years, when we've had good growth is missing the boat. It's the proactive realignment that best benefits the state and this governor's going to do it. It's exciting. Muscelli: The problem I see with Nevada Development Authority (NDA) in Southern Nevada is that to live to fight another day they have to put 80 percent of their time into raising funds. A lot of people that use their resources here have seen that and they just can't put the focus on what needs to be done. They know what to do; they just don't have the resources. One thing the state can do is to figure out a way to rise above the constant fundraising effort they have to have just to live to fight another day. Doebler: At the end of the day, we're all looking for the same end result. We're looking for more jobs, more development and people to fill those buildings. That's what we all do and we can start working together to help accomplish that.

Has this economy hit bottom and if so, when will it begin moving back up?
David Simard: We are at the bottom. We might see an uptick in certain classes, but for the most part we're pretty much at the bottom of the draw and we're going to keep flowing at this rate. A lot of people are looking to lock in long-term deals both in retail and office space. Montandon: We'll be bouncing along this spot for a while. It won't get much worse, but it will bounce along for a while. Guedry: The bigger point is, how long is it going to take? I'm less concerned about how much deeper does this go as I am about how much longer does this go. Sam Gladstein: Typically you see these V shape charts. We're in a U shape chart. Our own company analysts aren't predicting a turnaround until about 2015. That is, a major turnaround, where you really see it up. But, even one percent growth would be fantastic. I see things pretty flat for the next few years. Dermody: Predicting is very difficult, especially when it's about the future. Having said that, they'll be sectors that will grow and that are growing now. We saw that in Urban Outfitters deciding to come to Northern Nevada. That is part of the internet fulfillment which is a different sector, but is growing pretty fast. There's a certain cautious optimism in the marketplace that falls along this and things are looking a little bit better. Bobbi Miracle: The expansion of business is just starting to happen. Owners can start gearing up to expand their businesses in certain locations. We're seeing people move across the street and take double the amount of space with the expectations that they're going to grow or that they can add on a couple more people that they might need to go after a different market. We're going to start seeing some people really take off at a quicker pace than they might have been able to if the market was still flying like we were before. They're starting to restructure their businesses. Not as many new people are coming to Las Vegas, but some of our businesses that have sustained themselves through this time are going to start growing and really gobble up the other people.

Are we still seeing companies downsize?
Simard: We see it from the companies that are locked in higher lease rates. I've seen a lot of interest and a lot of foot traffic of people kicking tires to look at expanding on new leases. The guys that are locked in at $2.50 or $2.60 per square foot in office are the ones looking to downsize. As far as the guys that are market rate down, I'm not seeing any downsizing on that end. Muscelli: That's right. It's the older leases. It's the leases where people calibrated their business volume based on the go-go years and now they're sitting there. It's not just about the rate, it's the fact that they have a lot of debts and don't need that much space. So when they get a chance to get out of their lease they take a new lease for less space and then they can pay half the rent as well. Simard: Ironically, the tenants that we're talking about are actually taking more space than what they need because they now foresee that these lease rates are probably not going to get any lower.

Do businesses still expect lots of concessions because of the economy?
Montandon: We're seeing both sides. There are tenants who are coming and saying it's a buyers market and we're going to get a lot of those. On the other side, there are tenants who are in space right now who are busy hunkered down doing business and aren't totally aware of how cheap space really is. When we go to them and say they can lease more space for less than they're currently paying, they're shocked. We're giving them more than they expect in some areas. There are still tenants pushing for more, but there are also a few tenants out there surprised by how much they can get. Miracle: There are landlords though, from the other side, that have said they don't need to depreciate the value of their projects to such a level and drop those rates. There's also a lot of landlords that have leased out enough space because they were realistic when the market did drop or were able to fill up enough space that now they can sit back and say, "We appreciate that, however, we want tenants that want to stay with us in the long-term hold, we're not going to drop to such a ridiculous level." I'm finding a lot of landlords that have the wherewithal to hold their property and sit back and say, "Hey now, we need to all stay in a realistic environment." Muscelli: New owners right now are going to be able to profitably rent their properties for significantly less than the other guy that's holding on to his own. So how does he compete? There's going to be a lot of people with very low bases owning fine properties in Las Vegas. Guedry: There are certain pockets of the market that are obviously doing better than others. There has been a flight to quality in the real estate market just like every sector. People that have high quality product are doing quite well. We're seeing a movement of tenants to nicer properties, even if it doesn't mean a reduction in rent, but an upgrade to what they had before. Dated properties at a Class B or C category that may have done reasonably well in the past are going to struggle mightily over the next couple of years. Miracle: It's apparent what shouldn't have been built in the market. The properties that were positioned in the correct location will always remain somewhat stabilized.

Why are lenders telling a different story than borrowers?
Muscelli: The lenders want the most conservative, owner occupied products. They do not want to do anything speculative. Montandon: It's the regulators, not the lenders. Guedry: There's truth to both sides. There are bankers that have taken the hunker-down mentality and there are regulators that expect that of the bankers. The biggest problem isn't whether or not there is capital available for new projects because there's a very limited need for new product in this market. There is need for restructuring existing debt on existing product. That's where the struggle exists today and that's the frustration that most property owners have with the lending sector. They don't feel like they're being listened to. There needs to be an adjustment of thinking. Lenders need to quit thinking, "I'm purely a lender on this," and start thinking that, whether they like it or not, they're a partner. Ultimately, what needs to happen is those lenders need to sit down with the borrower and come up with a reasonable plan where both sides are feeling the pain. I don't know what it's going to take for that to happen; I'm seeing some of it starting to occur. Gladstein: In some of the larger construction projects, the banks are still gun shy and they're not willing to lend any more than a 50 percent loan-to-value, which requires the developer to go to other markets. They have a tendency of realizing they made a mistake for a lot of years and then go completely in the other direction. They've got to find the middle ground that gets them back to lending in a reasonable fashion.

What can we expect in regards to commercial foreclosures?
Dermody: Commercial real estate has held up surprisingly strong in the foreclosure area compared to what it was predicted to do two years ago. Even though you may be underwater, if you have cash flow then you'll be able to have an asset that has a value. Muscelli: These special services that have a conflict of interest in a lot of these situations are getting paid fees to take over properties and that is an impossible situation. Simard: There is a lot of conflict of interest there. There are some assets that should have been put back on the market a long time ago and they haven't been. There will be another wave or two of assets coming back simply because they should be back on the market. Because of how some of those deals were structured, it's taking a bit longer that it should to return them to the market. Guedry: I think there is actually going to be more foreclosures coming for those off-balance sheet, conduit lenders where the special servicers are controlling a lot of the decision making and they have incentive not to move the property. The on-balance sheet lenders, specifically the commercial bank industry, have a different challenge. They've got regulators looking over their shoulders and they've got accounting rules they're required to follow. Assets are sitting on their balance sheet and they're justifying holding on to them for a little longer because they have to write it down a little further. As soon as demand starts to come back, you'll see a motivation to sell and all the problem loans that they've not wanted to take back as real estate owned will start working through the system. Unfortunately, I think there are many more properties going through this cycle and there are problems in the cycle holding it up. Unless regulations change, I don't see that changing. Muscelli: The appraisal community is finally catching up with reality and that's precipitating a lot of this too.


Click Here To Download a PDF Version of this Article ]]> http://www.marnellproperties.com/newsite/press_room/Marnell-Properties-Press-Release-Marnell-and-Schnepf-Emerging-Opportunities@2010.html Thu, 16 Dec 2010 01:00:00 +0000 Rina Foster http://www.marnellproperties.com/newsite/press_room/Marnell-Properties-Press-Release-Marnell-and-Schnepf-Emerging-Opportunities@2010.html
Schnepf joined Marnell Properties in 2001 and over the last 10 years he has lead Marnell Properties to what is now a leading commercial real estate development firm in Las Vegas. During that period Marnell Properties has developed and constructed more than 1.3 million square feet of distinctive commercial, retail and office space in the Las Vegas market. Schnepf will remain involved with the Marnell brand as Executive Real Estate Advisor to Marnell Companies, the parent company for Marnell Consulting, Architecture and Properties. Included in this new role, Schnepf will participate in the strategic planning with real estate issues associated with the highly anticipated DesertXpress project.

"It has been a very productive and enjoyable decade with Marnell Properties, however the time is right for me to better utilize the experience and knowledge gained during the past 10 years to strategically address the new types of challenges we see today," said Schnepf. He added, "With the formation of Schnepf Enterprises I'm able to partner with great organizations, like Marnell Companies, to evaluate opportunities and bring forward-thinking ideas, projects and alliances to a variety companies. I can definitely say the opportunities and experiences afforded to me by working closely with Tony Marnell have truly been an honor and will serve me well in all future endeavors."

Schnepf will be succeeded by David Simard, as President, who joined Marnell Properties in June. Simard has been assuming the day-to-day business operations for Marnell Properties for the past several months. "To arrive at this day, David and I have been working closely since he joined Marnell Properties. I've seen him embrace our customers and our team and I'm confident he will continue to lead and strengthen our brand," said Schnepf.

"I'm honored to be given the opportunity of leading Marnell Properties into the future," said Simard. "I have a great deal of respect for Brad and have been fortunate to work with him. There are few executives, at any company, that combine his experience and his skills as a leader. I'm excited to see his future and to continue to work with him in his new capacity."

In his new role as President of Marnell Properties, Simard will lead the real estate development, acquisition and sales, entitlement and management of the corporate real estate portfolio.




About Marnell Properties

Marnell Properties is a real estate development company that focuses on acquisition, development and management of commercial, revenue-producing real estate holdings and long-term portfolios. The company specializes in acquiring sites in high-impact areas and bringing to the commercial real estate market quality, location and lifestyle in all its development projects. A division of Marnell Companies, a leading consulting, architectural, design and construction firm, Marnell Properties is located at 222 Via Marnell Way, Las Vegas, Nevada 89119. For more information, visit www.marnellproperties.com.

Contact:
Rina Foster
702.401.6570
rfoster@themresort.com
]]> http://www.marnellproperties.com/newsite/press_room/Marnell-Properties-Press-Release-In-Business-Las-Vegas-Oct-2010@2010.html Fri, 15 Oct 2010 01:00:00 +0000 Rina Foster http://www.marnellproperties.com/newsite/press_room/Marnell-Properties-Press-Release-In-Business-Las-Vegas-Oct-2010@2010.html The compnay gave the public its first look Oct. 8 at the Marnell Air Cargo Center, a 200,928-square-foot freight and dis [...]]]> The compnay gave the public its first look Oct. 8 at the Marnell Air Cargo Center, a 200,928-square-foot freight and distribution center near ...
... Click Here To Download and View a Full Version of this Article



About Marnell Properties

Marnell Properties is a real estate development company that focuses on acquisition, development and management of commercial, revenue-producing real estate holdings and long-term portfolios. The company specializes in acquiring sites in high-impact areas and bringing to the commercial real estate market quality, location and lifestyle in all its development projects. A division of Marnell Companies, a leading consulting, architectural, design and construction firm, Marnell Properties is located at 222 Via Marnell Way, Las Vegas, Nevada 89119. For more information, visit www.marnellproperties.com.


]]> http://www.marnellproperties.com/newsite/press_room/Marnell-Properties-Press-Release-Las-Vegas-Sun-Oct-2010@2010.html Sat, 9 Oct 2010 01:00:00 +0000 Rina Foster http://www.marnellproperties.com/newsite/press_room/Marnell-Properties-Press-Release-Las-Vegas-Sun-Oct-2010@2010.html The company gave the public its first look today at the Marnell Air Cargo Center, a 200,928-squar [...]]]> The company gave the public its first look today at the Marnell Air Cargo Center, a 200,928-square-foot freight and distribution center near Surrey Street and Russell Road, just east of McCarran International Airport's Terminal 3 construction site.
At final build-out, the facility is expected to handle 100,000 tons of freight a year. FedEx, the United Postal Service, Worldwide, ATS, Southwest Airlines, Allegiant Air and US Air already are tenants of the facility. Marnell officials have about 60,000 square feet left to lease.
The Air Cargo Center is part of the Marnell Airport Center master plan, a 19-acre development at McCarran that includes freight and distribution processing as well as office space.
David Simard, senior vice president of Marnell Properties, said planning for the cargo facility began in 2005 and construction began in 2008.
The long, narrow facility has state-of-the-art bioscanning facilities on doors opening to the airport apron. Each suite in the building includes bays that open to the airport apron where up to seven large aircraft can park.
The land-side frontage of the cargo center is custom built to the specifications of the tenant. Some, like UPS, have custom doors specifically sized for the company's trucks while others have back-in loading docks or oversized bay doors.
"We build the front end to whatever the customer needs," Simard said. "The floor plan inside each bay also is at the discretion of the customer. We have one- or two-story offices and some companies even have refrigeration units for companies that transport things like fresh fish."
Full bays occupy 7,176 square feet and Marnell also offers half bays of 3,588 square feet.
The new cargo center replaces a smaller facility that was positioned in what is now the Terminal 3 construction site.
The Marnell facility has the top four air cargo customers in Las Vegas, according to the 2010 In Business Las Vegas Book of Lists. Top cargo haulers include FedEx, United Parcel Service, Southwest Airlines and US Airways.
According to McCarran International statistics, the airport has handled 126.6 million pounds of cargo through the first eight months of 2010.




About Marnell Properties

Marnell Properties is a real estate development company that focuses on acquisition, development and management of commercial, revenue-producing real estate holdings and long-term portfolios. The company specializes in acquiring sites in high-impact areas and bringing to the commercial real estate market quality, location and lifestyle in all its development projects. A division of Marnell Companies, a leading consulting, architectural, design and construction firm, Marnell Properties is located at 222 Via Marnell Way, Las Vegas, Nevada 89119. For more information, visit www.marnellproperties.com.


Click Here To Download a PDF Version of this Article ]]> http://www.marnellproperties.com/newsite/press_room/Marnell-Properties-Press-Release-Nevada-Business-Magazine-Oct-2010@2010.html Fri, 1 Oct 2010 01:00:00 +0000 Rina Foster http://www.marnellproperties.com/newsite/press_room/Marnell-Properties-Press-Release-Nevada-Business-Magazine-Oct-2010@2010.html What inspired you to get into your industry?
I wanted to make a positive and lasting impression within the urban landscape.

How do you encourage growth and development within your company?
[...]]]> What inspired you to get into your industry?
I wanted to make a positive and lasting impression within the urban landscape.

How do you encourage growth and development within your company?
I encourage growth within the company by setting ...
... Click Here To Download and View a Full Version of this Article




About Marnell Properties

Marnell Properties is a real estate development company that focuses on acquisition, development and management of commercial, revenue-producing real estate holdings and long-term portfolios. The company specializes in acquiring sites in high-impact areas and bringing to the commercial real estate market quality, location and lifestyle in all its development projects. A division of Marnell Companies, a leading consulting, architectural, design and construction firm, Marnell Properties is located at 222 Via Marnell Way, Las Vegas, Nevada 89119. For more information, visit www.marnellproperties.com.


]]> http://www.marnellproperties.com/newsite/press_room/Marnell-Properties-Press-Release-Marnell-Air-Cargo-Center-To-Open-October-2010@2010.html Thu, 9 Sep 2010 01:00:00 +0000 Rina Foster http://www.marnellproperties.com/newsite/press_room/Marnell-Properties-Press-Release-Marnell-Air-Cargo-Center-To-Open-October-2010@2010.html
"This new facility offers a level of customization that in itself is quite unique," said David Simard, Senior Vice President of Marnell Properties. "The air cargo industry is one of high-technology - different tenants need very specific layouts, custom floors and a variety of other components to get the maximum efficiency from their space. We're tailoring each suite to fill those needs."

The Marnell Air Cargo Center sits on approximately 19 acres next to the airport's Terminal 3 project, a 14-gate facility scheduled to open in 2012. The cargo center will be home to on-tarmac air cargo operations for notable tenants such as FedEx, United Postal Service and Southwest Airlines among others. Officials at McCarran anticipate processing 100,000 tons of cargo annually once operations begin in October. In 2009, McCarran processed approximately 193 million pounds of freight.

Since 2005, Marnell Properties has been working with McCarran on its expansion plans. The company has already completed the first of three buildings comprising the Marnell Airport Center, a master-planned office development complex on approximately 14 acres of land adjacent to the airport. The Center currently houses the Clark County Department of Aviation. In addition, Marnell Properties has also completed the majority of the McCarran Marketplace, a 75-acre retail marketplace housing tenants such as Walmart, Lowe's, PetSmart and Office Depot.

"Marnell Properties' proposal was consistent with McCarran's expansion project," said Clark County Director of Aviation Randall H. Walker. "The company has a long-standing history in the city and is known for its expertise in design, construction, leasing and management. They know how to take projects from A to Z."

About Marnell Properties
Marnell Properties is a real estate development company that focuses on acquisition, development and management of commercial, revenue-producing real estate holdings and long-term portfolios. The company specializes in acquiring sites in high-impact areas and bringing to the commercial real estate market quality, location and lifestyle in all its development projects. A division of Marnell Companies, a leading consulting, architectural, design and construction firm, Marnell Properties is located at 222 Via Marnell Way, Las Vegas, Nevada 89119. For more information, visit www.marnellproperties.com.

Contact:
Rina Foster
702.401.6570
rfoster@themresort.com
]]> http://www.marnellproperties.com/newsite/press_room/Marnell-Properties-Press-Release-Las-Vegas-Business-Press-Aug-2010@2010.html Mon, 30 Aug 2010 01:00:00 +0000 Rina Foster http://www.marnellproperties.com/newsite/press_room/Marnell-Properties-Press-Release-Las-Vegas-Business-Press-Aug-2010@2010.html
Vacancy rates reached a record 16.2 percent at the end of June, which is the greates [...]]]>
Vacancy rates reached a record 16.2 percent at the end of June, which is the greatest amount of empty space in more than a decade, Las Vegas-based business advisory firm Applied Analysis reported.

"It's the highest amount of empty industrial space we have seen since we began tracking it in the late 1990s," Applied Analysis principal Brian Gordon said. "Much of it can be tied to the falloff in construction, which is a major industrial space user. Construction employment has dropped 58 percent since its peak in June 2006.


BILL HUGHES | LAS VEGAS BUSINESS PRESS
Donna Alderson, senior vice president in the industrial division of CB Richard Ellis, represented lessor Golden Triangle Industrial Park LLC, in a deal with Amonix, a solar panel maker, which signed a $3.9 million, five-year, eight-month lease for 214,030 square feet of industrial space.



COURTESY MARNELL PROPERTIES
New industrial development was scant during the second quarter, except for custom-built projects like the Marnell Airport Cargo Center.





"There will likely be an excess supply of industrial space for years, suppressing prices to levels not seen in more than five years."

More than 3.5 million square feet of existing space has been returned to the market in the last 12 months, Applied Analysis said. The valley's total inventory reached a new all-time high of 103.4 million square feet, as a result. Surplus space hurts valley rents. Average asking rents were 56 cents per square foot in the second quarter, down 26 percent from a year ago, Colliers International said.

Landlords have responded to dampened demand with rent cuts and concessions. Thirty-seven percent of existing industrial space had an asking rent reduction in the second quarter, Colliers International said. The gap between actual rents and asking prices was 11 cents during the first half of 2010.

But low prices have triggered new activity from bargain hunters.

"Pricing is so low that many clients are also expanding without incurring additional cost," Colliers International Senior Vice President Mike DeLew said. "Rents have dropped to the point where it's now attracting regional and national firms that were interested in being here but were priced out of the market."

Cheap prices and low taxes helped attract Amonix, a Seal Beach, Calif.-based solar panel maker, which recently signed a $3.9 million, five-year, eight-month lease for 214,030 square feet of industrial space inside Golden Triangle Industrial Park at 4975 E. Pecos Road in North Las Vegas. CB Richard Ellis' Donna Alderson represented the lessor, Golden Triangle Industrial Park LLC. The reported average equals 27 cents per square foot. The facility will be partly financed through a $6 million tax credit from the American Recovery and Reinvestment Act.

"We had lost our regional competitiveness in the industrial market because of the repaid escalation in land and building costs that occurred during the real estate boom," CB Richard Ellis Senior Vice President Donna Alderson said. "Today, however, we are competitive with Southern California and Phoenix. It's part of the reason that Amonix ended up here.

"It's indicative of things to come," she added. "We are seeing increased interest from companies due to affordable pricing and housing."

Companies headquartered outside of Nevada took 68 percent of all the square footage occupied during the first six months of 2010, Colliers International reported. Regional and national companies like Amonix seek warehouse space over light distribution space almost 3-to-1. The majority of the industrial space that's seeing activity is pre-existing. There is little to no new construction, unless it's a customized tenant building.

Marnell Properties, for example, is constructing a $29 million air cargo complex for McCarran International Airport at Surrey Street and Patrick Lane. The two-building, 200,028-square-foot complex broke ground in November; it's scheduled to finish early next year.

Marnell Properties has a 20-year ground lease to develop the 19.15-acre site on the airport's behalf. The parties will split the money generated by the project.

But the Marnell Airport Cargo Complex is the exception rather than the rule.

"One of the biggest challenges facing vacancy and lease rates in 2010 is the overwhelming amount of vacancy and completed lease transactions that are not reported," Grubb & Ellis research manager Dave Dworkin said. "Current vacancy statistics may not include distressed properties going through the foreclosure process or sublease space, which may be available for lease with a tenant still paying rent or completely vacant."

PROJECTS

Ninyo & Moore performed a geotechnical evaluation for the 10,000-square-foot Corn Creek Visitor Center at the 1.5 million acre Desert National Wildlife Refuge in Clark County. The project, designed by Lucchesi Galati Architects, includes a visitor center, shade structures, and boardwalks along a trail system. The center will finish in 2011.

Contact reporter Tony Illia at tonyillia@aol.com or 702-303-5699.






About Marnell Properties

Marnell Properties is a real estate development company that focuses on acquisition, development and management of commercial, revenue-producing real estate holdings and long-term portfolios. The company specializes in acquiring sites in high-impact areas and bringing to the commercial real estate market quality, location and lifestyle in all its development projects. A division of Marnell Companies, a leading consulting, architectural, design and construction firm, Marnell Properties is located at 222 Via Marnell Way, Las Vegas, Nevada 89119. For more information, visit www.marnellproperties.com.


Click Here To Download a PDF Version of this Article ]]> http://www.marnellproperties.com/newsite/press_room/Marnell-Properties-Press-Release-New-Senior-Vice-President@2010.html Tue, 29 Jun 2010 01:00:00 +0000 Rina Foster http://www.marnellproperties.com/newsite/press_room/Marnell-Properties-Press-Release-New-Senior-Vice-President@2010.html
"We're excited to welcome David to our team," said Br [...]]]>
"We're excited to welcome David to our team," said Brad Schnepf, President of Marnell Properties. "His enthusiasm, leadership ability, renowned success and extensive knowledge of the industry will serve to strengthen Marnell Properties, our current and future developments and the services we provide to our customers."

In his new role, Simard will be responsible for real estate development, acquisition and sales, entitlement and management of the corporate real estate portfolio. Under Simard's direction is the development of approximately 200,000+ square feet of commercial development including the highly-anticipated Marnell Air Cargo Center at McCarran International Airport, scheduled for completion later this year along with a 40-acre Class "A" professional business park, Marnell Corporate Center. Build-out of the Center will consist of approximately 736,000 square feet of high-end mid-rise office space including amenities such as restaurants and a business hotel.

Simard brings to Marnell Properties 18 years of experience specializing in real estate acquisition and development. As previous President of a private diversified holding company with interests in manufacturing and real estate, Simard was responsible for supervising industrial, commercial and residential projects and sourcing new acquisition disposition opportunities for the real estate entities. He was integral in constructing quality projects throughout Southern California and led his team through the sale of more than 550,000 square feet of industrial real estate property for more than $545 million.

Simard received a Juris Doctorate from Michigan State University College of Law and holds two Bachelor of Arts degrees from the University of Windsor.

About Marnell Properties
Marnell Properties is a real estate development company that focuses on acquisition, development and management of commercial, revenue-producing real estate holdings and long-term portfolios. The company specializes in acquiring sites in high-impact areas and bringing to the commercial real estate market quality, location and lifestyle in all its development projects. A division of Marnell Companies, a leading consulting, architectural, design and construction firm, Marnell Properties is located at 222 Via Marnell Way, Las Vegas, Nevada 89119. For more information, visit www.marnellproperties.com.

Contact:
Rina Foster
702.401.6570
rfoster@themresort.com
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