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Market ReportsMultifamilyNevadaWesternWestern Market Reports

Reno Multifamily Market Soars to New Heights in Past Decade

by Jeff Shaw

— By Aiman Noursoultanova, Senior Vice President, CBRE — Reno has become an increasingly attractive market over the past decade for multifamily investors due to its continued strong performance, fueled by a desirable business and regulatory climate. Rents have doubled since 2013, while vacancy has continued to remain healthy despite robust construction activity. Multifamily investors took notice once noteworthy companies like Apple, Google, Microsoft and Tesla began to increase their investments in the region.  Strong Population, Job Growth Fuel Investment  Reno’s population grew by 15.3 percent in the past decade. The area is projected to see 51.6 percent population growth by 2060, the 40th highest of all 384 U.S. metro areas, according to Washington D.C.-based economic and demographic data firm Woods & Poole Economics. As a testament to the area’s growth, the Reno-Tahoe International Airport recently announced a $500 million development and expansion project to accommodate airport traffic. The area’s rise in population is attributed primarily to job growth and a desirable quality of life. This started with Tesla’s initial Gigafactory investment in the region, then continued with Apple’s 1.1-million-square-foot data center campus. Google also purchased 1,210 acres and plans for a future data center development. Meanwhile, Tesla announced a $3.6 …

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Leasing ActivityNevadaOfficeWestern

Deloitte Leases 14,000 SF Space at UnCommons in Las Vegas

by Jeff Shaw

LAS VEGAS — Deloitte has leased a 14,000-square-foot office space in Phase II of UnCommons in Las Vegas.  The firm’s space will be on the third floor of the development’s fourth office building, which will be completed this summer. Deloitte will take occupancy in late 2023.  Matter Real Estate Group owns the building.

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Market ReportsNevadaRetailWesternWestern Market Reports

Northern Nevada Retail Market Sees New Tenants, Significant Development

by Jeff Shaw

— 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 …

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DevelopmentIndustrialNevadaWestern

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

by Jeff Shaw

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.

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AcquisitionsIndustrialNevadaWestern

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

by Jeff Shaw

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.

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DevelopmentIndustrialNevadaWestern

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

by Jeff Shaw

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.

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DevelopmentMultifamilyNevadaSeniors HousingWestern

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

by Jeff Shaw

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.

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IndustrialMarket ReportsNevadaWesternWestern Market Reports

Industrial Market Stays Elevated in Northern Nevada

by Jeff Shaw

— 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 …

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AcquisitionsMultifamilyNevadaWestern

Camino Verde Group Acquires Sherwood Apartments in Las Vegas

by Jeff Shaw

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. 

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Market ReportsNevadaOfficeWesternWestern Market Reports

Local Business is Reno’s Primary Office Driver

by Jeff Shaw

— 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 …

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