Nevada

Northern Nevada Retail Market Sees New Tenants, Significant Development

by Jeff Shaw May 5, 2023

— By Tad Loran, Vice President, Retail Specialist, Avison Young | Western Alliance Commercial — The Northern Nevada retail market has been performing well. New tenants are entering the marketplace and the area experienced positive absorption. Rental rates have increased for the year, but there has been a decrease in commercial sales due to higher interest rates. The retail vacancy rate is currently at 4.7 percent, while asking rental rates are at $1.70 per square foot on a monthly basis. Many submarkets have shown improvement, including South Virginia, Meadowood, South Reno and the North Valleys. Tenants that have recently entered or are expanding in Northern Nevada include Colombia Sportswear, Voodoo Brewing Company, Jamba Juice, the Human Bean, Starbucks, Cracker Barrel, Mountain Mike Pizza, Pet Station, Take 5 Oil Change, AutoZone and Five Below. Tenants with closures include Bed Bath & Beyond, Sizzler Steakhouse, Food Source Grocery Store, Campo, California Pizza Kitchen, Long John Silver’s, Rounds Bakery and Claim Jumper. Unemployment in Nevada fell to 3.4 percent in December 2022. This low unemployment rate has led some prospective new businesses to either delay or cancel expansion plans in this region. From a development perspective, Reno has many new projects in the …

May 5, 2023

Development Industrial Nevada Western

Alton Industries Buys 19-Acre Plot in Henderson, Nevada for New Headquarters

by Jeff Shaw May 3, 2023

HENDERSON, NEV. — Alton Industries has purchased a 19-acre parcel of land in Henderson for $13.6 million. The global manufacturer plans to build a 200,000-square-foot facility to use as its West Coast headquarters on the land. The site was a land assemblage totaling three parcels on Whitney Mesa Drive near Sunset Boulevard and Mountain Vista Street. Chris Lexis, Joe Leavitt and Scott Donaghe of Avison Young represented the sellers, Roseman University of Health Sciences and the City of Henderson.

May 3, 2023

Acquisitions Industrial Nevada Western

BKM, TerraCore Capital Buy Decatur Business Center in Las Vegas for $25.9M

by Jeff Shaw May 2, 2023

LAS VEGAS — A joint venture between BKM and TerraCore Capital has acquired Decatur Business Center, an 88,205-square-foot light industrial building in Las Vegas, for $25.9 million. The building is located at 5475 S. Decatur Blvd. It features warehouse, office and showroom space in a two-story, concrete tilt-up facility. Decatur Business Center is fully leased to five high-credit tenants across a range of industries. The sellers were Terry York Properties and Heller Cos. BKM represented itself in the off-market transaction.

May 2, 2023

Development Industrial Nevada Western

Lincoln Property Co. Breaks Ground on 1.6 MSF Windsor Commerce Park in Las Vegas

by Jeff Shaw April 28, 2023

LAS VEGAS — Lincoln Property Co. has broken ground on Windsor Commerce Park, a nearly 1.6 million-square-foot industrial project in Las Vegas. The eight-building, 86-acre, Class A industrial park is LPC’s first ground-up industrial endeavor in Nevada. It is scheduled for completion during the third quarter of 2024. Kevin Higgins, Garrett Toft, Jake Higgins and Kelsey Higgins from CBRE are the project’s exclusive leasing brokers.

April 28, 2023

Development Multifamily Nevada Seniors Housing Western

Blueprint Brokers Sale of 130-Unit Seniors Housing Development Site in Minden, Nevada

by Jeff Shaw April 28, 2023

MINDEN, NEV. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a development site in Minden, approximately 50 miles south of Reno. The five-acre parcel is fully entitled for construction of a seniors housing community totaling up to 130 units. The site is strategically located adjacent to Carson Tahoe Minden Medical Center, which Carson Tahoe Regional Health — the region’s largest healthcare provider — operates. The buyer was a West Coast-based seniors housing developer that is affiliated with a seniors housing operator. Information on the seller and price were not disclosed.

April 28, 2023

Industrial Market Reports Nevada Western Western Market Reports

Industrial Market Stays Elevated in Northern Nevada

by Jeff Shaw April 28, 2023

— By Baker Krukow, Senior Advisor, Industrial, Dickson Commercial Group — The Reno-Sparks industrial market is expected to remain active in 2023. It has a hefty pipeline of proposed industrial projects, steady increases in rental rates and a direct vacancy rate below 2 percent. The lack of available product has remained a challenge for tenants looking to occupy space, while landlords have been able to benefit from competing offers. The result of these tight market conditions will continue to push industrial development throughout the year. There was roughly 5.4 million square feet of new industrial product delivered in 2022, with 76 percent of those projects being speculative developments. A vast majority of those spec projects were pre-leased prior to completion. Looking at 2023 new construction, developers are dealing with severe winter weather delays. As a result, several projects have had to push back their completion timelines. Amongst some of the anticipated industrial projects under construction are Dermody Properties’ LogistiCenter at I-80 West Phase II, which will contain two state-of-the-art distribution buildings totaling 429,000 square feet. In the Sparks submarket, Panattoni Development has broken ground on the Pyramid Pointe Commerce Center, a 195,000-square-foot, Class A flex/bulk building, which will demise to …

April 28, 2023

Acquisitions Multifamily Nevada Western

Camino Verde Group Acquires Sherwood Apartments in Las Vegas

by Jeff Shaw April 26, 2023

LAS VEGAS — Camino Verde Group has purchased the 10-unit Sherwood Apartments in Midtown Las Vegas. The community is situated just east of Las Vegas Boulevard. There are major redevelopments within walking distance of the complex. They include the construction of the Fontainebleau and the MSG Sphere, as well as renovations at Circus Circus.

April 26, 2023

Market Reports Nevada Office Western Western Market Reports

Local Business is Reno’s Primary Office Driver

by Jeff Shaw April 21, 2023

— By Melissa Molyneaux, Executive Vice President, Colliers — The Northern Nevada market has seen continued positive net absorption, slowed investment sales and a sizeable increase in available sublease space in recent months. Local tenants with smaller footprints have been the driving force behind leasing activity and the market’s positive net absorption, with most new leases signed in 2022 being 5,000 square feet and less. Meanwhile, national and corporate tenants reevaluating their space needs have brought much of the available sublease space to the market in significantly larger blocks. Uncertainty surrounding interest rates has slowed investment sales, although pricing remains healthy. With investors putting a pause on new acquisitions, owner-user purchase activity may increase as tenants seize new occupancy opportunities. New construction starts have been minimal, although redevelopment/renovation projects remain prevalent. Two new developments that have broken ground include the Kimpton, a premier Class A high rise in downtown Reno, and Renown South Meadows, a specialty care center with about 40,000 square feet available for third-party providers. Each development represents continued demand from client-facing occupiers and healthcare providers in the region. In 2022, there were 30 companies that either expanded in or relocated to Northern Nevada, according to the Economic Development Authority of Western …

April 21, 2023

Development Industrial Nevada Western

Prism Realty to Develop 143,640 SF North Valleys Industrial Center in Reno, Nevada

by Jeff Shaw April 19, 2023

RENO, NEV. — Prism Realty has announced plans to develop North Valleys Industrial Center, a 143,640-square-foot property in Reno. The Class A building will be located at 9630 N. Virginia St. Prism plans to break ground this summer and complete the project in the second quarter of 2024. The development will offer availability for a single full-building user or can be split to a minimum of 45,000 square feet to accommodate tenants seeking mid-bay space. Plenium Builders will serve as general contractor on the project. DCG’s Joel Fountain, Nick Knecht and Baker Krukow will represent Prism Realty on all leasing activity.

April 19, 2023

Development Industrial Nevada Western

LDK Ventures Plans 85-Acre Pioneer Logistics Center in Sparks, Nevada

by Jeff Shaw April 14, 2023

SPARKS, NEV. — LDK Ventures has announced plans to develop Pioneer Logistics Center in Sparks. The company purchased the 85-acre property from Lennar in November 2022. The project will be situated in an infill area of the Pioneer Meadows master-plan community. It will feature 1.3 million square feet of industrial warehouse facilities at full build-out. Construction is scheduled to begin in 2024.

April 14, 2023

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