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Press Release
Businesses need stable landlords, CALV's commercial real estate experts say
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According to local experts from the Commercial Alliance Las Vegas (CALV), NAI Las Vegas and Harsch Investment Properties, this can be a costly lesson to learn for those who don’t heed this advice.
Hayim Mizrachi, the managing director of NAI Las Vegas and a director of the CALV, said his firm recently began listing industrial buildings in Henderson and Green Valley owned by Harsch Investment Properties. With more than 8 million square feet of industrial, office and retail space in Southern Nevada housing more than 1,000 tenants, the 61-year-old national company is the largest commercial landlord in the Las Vegas area.
“There is no more stable landlord in this valley than Harsch,” Mizrachi said. “It’s a huge deal for our firm to now be representing a key part of their portfolio.”
Mizrachi and NAI broker Jarrad Katz, who is charged with leasing 1.3 million square feet of industrial space owned by Harsch in Green Valley and Henderson (or more than 16 percent of its local holdings), have seen what can happen when local businesses and brokers work with landlords who aren’t so solid.
Katz, who is also a CALV board member, said “there are plenty of horror stories out there.” Obvious examples include several local developers who have gone bankrupt or out of business, leaving unfinished projects, concerned tenants and unpaid bills in their wake. With the local commercial real estate market facing record high vacancy rates, some landlords have buried controversial clauses in the leases they offer to tenants. Others have failed to live up to their obligations to pay for tenant improvements.
Mizrachi said this is an unfortunate sign of today’s tough times that was rare during boom times in the local economy.
“Back then, the market corrected a lot of mistakes,” he said. “These days, tenants need to work more than ever with an expert, and they need to really read the fine print in their lease.”
Harsch executives said NAI earned the right to handle more of the company’s local portfolio starting Jan. 1 after Katz successfully leased about 50,000 square feet of previously vacant space at Harsch’s Quail Industrial Project in just a few months of 2011, bringing the property to 100 percent occupancy.
Likewise, Harsch’s Post Commerce Center has increased from 78 percent to 93 percent occupancy since Katz received the listing.
“Jarrad’s diligence increased our occupancy to 100 percent at our Quail project. His consistent follow-up and being the kind of agent others want to work with have contributed to the success of the property,” said John Ramous, vice president of regional operations for Harsch. “We’re excited to continue our relationship by partnering with him in our Henderson and Green Valley portfolios.”
Katz, CCIM, is a UNLV graduate. He has been a commercial real estate professional for more than seven years. He specializes in the sale of investment properties and leasing of industrial and office projects in Southern Nevada.
“I’m excited to be able to expand my scope with Harsch on such quality projects and look forward to a prosperous partnership with continued success,” he said. “Working with a landlord like Harsch is what every broker wants. They take great care of their tenants and the brokers in town. They pay their bills, and they’re not going anywhere.”
About Harsch Investment Properties
Harsch Investment Properties is a privately held real estate company that acquires, manages and develops properties for its own portfolio. Founded in 1950, the company owns and operates 20 million square feet of office, multi-tenant industrial and retail properties in five western states. Headquartered in Portland, Oregon, Harsch has regional offices in Portland, Seattle, San Francisco Bay Area, Sacramento, Las Vegas, and San Diego. More company information can be found by visiting http://www.harsch.com.
About the Commercial Alliance Las Vegas
The Commercial Alliance Las Vegas (CALV) is the commercial real estate division of the Greater Las Vegas Association of REALTORS®. Using its Catylist commercial real estate database, developed by and for local commercial real estate professionals, it organizes and empowers the industry in Southern Nevada through education, networking, promoting professionalism and shaping public policy. Membership in CALV is open to REALTORS® and non-REALTORS® alike. For more information, visit www.calv.org.
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Hayim Mizrachi, the managing director of NAI Las Vegas and a director of the CALV, said his firm recently began listing industrial buildings in Henderson and Green Valley owned by Harsch Investment Properties. With more than 8 million square feet of industrial, office and retail space in Southern Nevada housing more than 1,000 tenants, the 61-year-old national company is the largest commercial landlord in the Las Vegas area.
“There is no more stable landlord in this valley than Harsch,” Mizrachi said. “It’s a huge deal for our firm to now be representing a key part of their portfolio.”
Mizrachi and NAI broker Jarrad Katz, who is charged with leasing 1.3 million square feet of industrial space owned by Harsch in Green Valley and Henderson (or more than 16 percent of its local holdings), have seen what can happen when local businesses and brokers work with landlords who aren’t so solid.
Katz, who is also a CALV board member, said “there are plenty of horror stories out there.” Obvious examples include several local developers who have gone bankrupt or out of business, leaving unfinished projects, concerned tenants and unpaid bills in their wake. With the local commercial real estate market facing record high vacancy rates, some landlords have buried controversial clauses in the leases they offer to tenants. Others have failed to live up to their obligations to pay for tenant improvements.
Mizrachi said this is an unfortunate sign of today’s tough times that was rare during boom times in the local economy.
“Back then, the market corrected a lot of mistakes,” he said. “These days, tenants need to work more than ever with an expert, and they need to really read the fine print in their lease.”
Harsch executives said NAI earned the right to handle more of the company’s local portfolio starting Jan. 1 after Katz successfully leased about 50,000 square feet of previously vacant space at Harsch’s Quail Industrial Project in just a few months of 2011, bringing the property to 100 percent occupancy.
Likewise, Harsch’s Post Commerce Center has increased from 78 percent to 93 percent occupancy since Katz received the listing.
“Jarrad’s diligence increased our occupancy to 100 percent at our Quail project. His consistent follow-up and being the kind of agent others want to work with have contributed to the success of the property,” said John Ramous, vice president of regional operations for Harsch. “We’re excited to continue our relationship by partnering with him in our Henderson and Green Valley portfolios.”
Katz, CCIM, is a UNLV graduate. He has been a commercial real estate professional for more than seven years. He specializes in the sale of investment properties and leasing of industrial and office projects in Southern Nevada.
“I’m excited to be able to expand my scope with Harsch on such quality projects and look forward to a prosperous partnership with continued success,” he said. “Working with a landlord like Harsch is what every broker wants. They take great care of their tenants and the brokers in town. They pay their bills, and they’re not going anywhere.”
About Harsch Investment Properties
Harsch Investment Properties is a privately held real estate company that acquires, manages and develops properties for its own portfolio. Founded in 1950, the company owns and operates 20 million square feet of office, multi-tenant industrial and retail properties in five western states. Headquartered in Portland, Oregon, Harsch has regional offices in Portland, Seattle, San Francisco Bay Area, Sacramento, Las Vegas, and San Diego. More company information can be found by visiting http://www.harsch.com.
About the Commercial Alliance Las Vegas
The Commercial Alliance Las Vegas (CALV) is the commercial real estate division of the Greater Las Vegas Association of REALTORS®. Using its Catylist commercial real estate database, developed by and for local commercial real estate professionals, it organizes and empowers the industry in Southern Nevada through education, networking, promoting professionalism and shaping public policy. Membership in CALV is open to REALTORS® and non-REALTORS® alike. For more information, visit www.calv.org.
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