RENO, NEV. — Inspired Healthcare Capital (IHC) has acquired Summit Estates Senior Living, a 124-unit assisted living and memory care community in Reno. The price and seller were not disclosed. IHC is a Scottsdale, Arizona-based private real estate investment firm that focuses on the seniors housing sector. This was IHC’s first acquisition in 2022, after closing on nine senior housing transactions in 2021.
LAS VEGAS — Avison Young’s Sauter Multifamily Group has brokered the sale of two apartment communities in Las Vegas. The assets traded for $129.7 million, or $183,192 per unit. The sale includes Viridian Apartments, which was built in 1981 and features 456 apartments at 4255 W. Viking Road, and Topaz Apartments, which was built in 1985 and offers 252 units at 4020 Arville St. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of Avison Young handled the transaction.
By Shawn Jaenson, Senior Vice President, Industrial Specialist, Kidder Mathews The Northern Nevada industrial market is composed of 98.7 million square feet of industrial real estate spread across six submarkets. Northern Nevada’s centralized location allows for a one-day truck service to more than 60 million customers. Couple that with the fact that Nevada has no corporate tax, personal tax, inventory tax, franchise tax, or special intangible tax and the city is one of the most desirable industrial locations in the Western U.S. What was once thought of as unattainable in Northern Nevada has become the norm as nearly every record or statistic has been shattered and the market continues to show no signs of slowing. The overall market vacancy rate plummeted in 2021 to 1.7 percent, with a direct vacancy rate of 1.6 percent — a more than 200 percent decrease from the start of the year when overall vacancy rates were 5.3 percent and direct vacancy rates were 4.9 percent. Due to the unprecedented demand, new product in Northern Nevada has never been more crucial as new construction struggles to keep pace with market demand. In 2021, Northern Nevada had a positive net absorption of just over 7 million square feet, which …
RENO, NEV. — Marcus & Millichap has arranged the sale of The ERGS Portfolio, an eight-property apartment portfolio in Reno. The 1,077 units traded for $302.5 million, or $280,872 per unit. Kenneth Blomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap’s Reno office represented the undisclosed seller and procured the undisclosed buyer in the deal. Built between 1958 and 2021, the portfolio includes: North Peak Apartments, 352 units Silver Lake Apartments, 352 units Sierra Sage Apartments, 232 units Vale Apartments, 40 units Vale Townhomes, 16 units Peavine Peaks, 30 units Oak Manor, 47 units Angel Street Apartments, eight units
LAS VEGAS — Oak View Group has unveiled plans for a $3 billion entertainment district spanning 25 acres south of the Las Vegas Strip. The project will be located at the intersection of Interstates 15 and 215, and is set to include an 850,000-square-foot arena, casino, hotel and an additional entertainment venue. The arena will host upwards of 20,000 seats and will offer amenities such as suites and premium hospitality clubs. Oak View Group is actively seeking a partner to operate the hotel and casino portion of the development, and has held talks with a number of potential participants, according to reports by Bloomberg. The arena portion does not yet have a tenant. “We are proud Oak View Group has chosen Nevada for its next and largest project,” says Nevada Governor Steve Sisolak. “This newly proposed entertainment district in Las Vegas will help continue the state’s economic momentum and create thousands of jobs and greater prosperity for Nevadans.” Groundbreaking on the project, which is designed by architecture firms Gensler and Populous, is scheduled for 2023. Marc Badain, former president of the NFL’s Las Vegas Raiders, will also partner with Oak View Group on the development. “South of the Las Vegas strip represents …
CARSON CITY, NEV. — CommCap Advisors has arranged a $10.2 million loan for Hampton Inn & Suites, located at 10 Hospitality Way in Carson City. The borrower is Gemini Hotel Group. Situated on two acres, the hotel features 49,821 square feet of rentable space. Andy Crawford of CommCap Advisors facilitated the 10-year loan, which features a 25-year amortization schedule, for the borrower. The use of the funds was not disclosed.
RENO, NEV. — JLL Income Property Trust, an institutionally managed daily NAV REIT, has purchased South Reno Medical Center, a medical office property in Reno, for $14.6 million. Redeveloped in 2016, the more than 32,000-square-foot property is 100 percent leased to two orthopedic groups, with a weighted average lease term of just under 10 years. The name of the seller was not released.
By Robert Skinner, Broker-Salesperson, Sierra Nevada Properties Commercial Group Back in the day, Reno had lots of land, we did not need high density development and there was little reason to build vertically. Because of the efforts of state and community leaders, as well as economic development agencies like Economic Development Agency of Western Nevada (EDAWN) and the Northern Nevada Development Authority (NNDA), many companies relocated and expanded here. With the increase in jobs came the need for more housing. The multifamily rental vacancy rate in the Reno/Sparks area is currently below 2 percent, with fewer than 50 listings for townhouses and condominiums on the Northern Nevada Multiple Listing Service (MLS). The region has absorbed 750 acres per year since 2011, according to a recent study by Woods and Poole that utilized data from the Truckee Meadows Regional Planning Agency. The study further predicts the region will run out of developable residential land by 2038. The supply shortages are increasing the price of parcels, while landowners may not sell as they hold out for higher prices. This will accelerate the shrinkage of developable residential land. To meet demand, city planners are calling for higher density and vertical multifamily development. This means we …
LAS VEGAS — CBRE has arranged the sale of Regency Plaza, a retail property located at 320 N. Nellis Blvd. in Las Vegas. Rock Ridge Regency Plaza LLC acquired the asset from Regency Developments LLC for $4.4 million. Roy Fritz, Michael Hsu, Dylan Heroy and Kellie Ortiz-Thompson of CBRE represented the seller in the transaction. Built in 1999 and renovated in 2017, five tenants fully occupy the 28,281-square-foot property on long-term leases.
By Patrick Riggs, Senior Advisor, Office, Dickson Commercial Group The leasing market in Reno/Sparks is back on track following a strong end to 2021. The fourth quarter of 2021 concluded with an impressive 145,558 square feet of positive net absorption. This was the third straight quarter of positive net growth. Panasonic Energy stole the headlines in the quarter four with its 95,000-square-foot lease of 645 E. Plumb Lane in Reno’s central submarket. However, demand in the smaller office spaces under 5,000 square feet continues to be the driving force in this rebound. Local and regional companies with more flexibility to maneuver the pandemic were rewarded in 2020 and 2021 by capitalizing on aggressive landlord concessions. We are starting to see these concessions being rolled back as demand continues and vacancy nears pre-pandemic levels. The 2021 Reno sales market bounced back from 2020 with increases across the board in overall volume, price per square foot and number of sales. Both volume and the number of sales nearly doubled year over year. Average sales pricing is coming in at $300 per square foot, while new build-to-suit construction is over $400 per square foot with no slowdown in sight. Owner-users and office investors have been …