Marnell Properties’ changes revealed

By Buck Wargo

Friday, Dec. 24, 2010 | 3 a.m.

Brad Schnepf is stepping down as president of Marnell Properties, but he won’t be leaving the building.

Schnepf, outgoing president of Southern Nevada’s chapter of NAIOP, the Commercial Development Association, will be replaced by David Simard, who joined the real estate development company in June.

Although the resignation is effective Jan. 1, Schnepf will be working for Marnell even though he’s forming his own real estate company, Schnepf Enterprises.

He will serve as a real estate adviser to Marnell Cos., the parent of Marnell Consulting, Architecture and Properties. He’ll participate in strategic planning of the DesertXpress high-speed rail project linking Las Vegas to Southern California.

Schnepf said stepping down from the day-to-day operations gives him a chance to see where are opportunities in real estate development in Southern Nevada and the Southwest.

That will include joint ventures for companies that want to develop office and industrial buildings for their own use, Schnepf said.

“The market has changed, and I want to sit back and take a look at how do we reposition ourselves and identify the opportunities are,” Schnepf said. “This will give me the time and energy to focus on that, as opposed to running the day-to-day operations. I think there will be some opportunities emerge as the economy begins to improve.”

The DesertXpress will require work dealing with the acquisition of property, he said.

Marnell recently completed the Marnell Air Cargo Center that’s expected to be fully occupied by mid-January, but no other development are in the works, Schnepf said. Because vacancy rates remain elevated, Schnepf there will be opportunities with companies that require sizable square footage for their operations if they move from California and other states.

“One of the things we recognize is that if companies are coming from outside of the area, they will be in the market for a development partner,” he said.

Southern Nevada remains attractive because of its strategic location in the Southwest, land prices have become more affordable, an available workforce exists and taxes are lower, he said.

“I’m truly excited about the new approach,” Schnepf said. “We recognized the market has changed, and we needed to change with it.”

In other news

• City Center Realty Partners of San Francisco and investment adviser Angelo Gordon & Co. have acquired the 270,000-square-foot Bank of America Plaza in downtown Las Vegas for $64 million. The 17-story building was sold by Behringer Harvard REIT I Inc. It’s 92 percent leased to local and national law firms. The building was built in 1975 and renovated in 2001, but improvements are planned to the building’s common areas and parking structure. Kevin Shannon and Louay Alsadek and Christina Roush of CB Richard Ellis brokered the sale.

• The Nevada chapter of the Society of Industrial and Office Realtors named Dean Willmore of Commerce/Cushman & Wakefield as broker of the year. Harsch Investment Properties was named developer of the year. Other awards went to Brad Peterson and Randy Broadhead of CB Richard Ellis as top producers, and Daniel Doherty of Colliers International for most cooperative transactions.

• The Greater Las Vegas Association of Realtors said it donated $64,000 in cash and in-kind contributions to local charities in 2010. The group divided its $46,000 in cash contributions among charities such as Habitat for Humanity of Las Vegas; Variety: the Children’s Charity; and Safe Nest and Shade Tree shelters for women and children. Through various sponsorships, food, clothing and toiletry drives, $18,000 of in-kind contributions went to Peggy’s Attic; Whitney Elementary School; Opportunity Village and others.

• Pinnacle Family of Companies’ Nevada has been named property management company of the year in the Nevada State Apartment Association’s 2010 Jewel Awards.

• Trigild, a San Diego-based distressed property management, receivership and loan recovery specialist, has expanded its staff and named James Wilmot II as property operations manager. He will be based in Las Vegas.

• The Nevada Association of Realtors has named Joanne Levy of Levy Realty in Las Vegas the Joe Nolan Award winner, recognizing spirit, passion and professionalism in severing Realtors. Ernie Freggiaro of H&L Realty in Las Vegas and Keith Lynam of Windermere Prestige Properties received the Realtor active in politics award for government affairs advocacy and activities. Brad Spiries of RE/MÅX Realty Affiliates in Gardnerville won the Realtor achievement award for outstanding service to local and state associations. Fafie Moore of Realty Executives won the Nevada distinguished Realtor award for ongoing consistent service to the group and the profession.

• Utah-based Silver leaf Financial has acquired two first-position loans secured by commercial properties in Henderson and Florida. The combined unpaid principal balance for the notes totals $24.7 million. The Henderson property is the Stephanie Promenade Shopping Center, a 60,000-square-foot retail center.