Nevada

Reno Remains in Demand for Multifamily Investors

by Jeff Shaw March 21, 2022

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 …

March 21, 2022

Acquisitions Nevada Retail Western

CBRE Brokers Sale of 28,281 SF Regency Plaza Retail Center in Las Vegas

by Amy Works March 18, 2022

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.

March 18, 2022

Market Reports Nevada Office Western Western Market Reports

Reno Office Leasing, Development Bounce Back

by Jeff Shaw March 14, 2022

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 …

March 14, 2022

Acquisitions Industrial Nevada Western

JMAC Industries Divests of 80,677 SF Industrial Building in Las Vegas

by Amy Works March 11, 2022

LAS VEGAS — JMAC Industries LP has completed the disposition of an industrial property located in the southwest submarket of Las Vegas. MCA Realty acquired the asset for $16.9 million. Located at 7201 Post Road, the property features 80,677 square feet of industrial space. Dan Doherty, Paul Sweetland, Chris Lane and Jerry Doty of Doherty Industrial Group of Colliers International represented the seller in the deal.

March 11, 2022

Acquisitions Multifamily Nevada Western

Griffin Capital Sells South Beach Apartments in Las Vegas for $97.5M

by Amy Works March 10, 2022

LAS VEGAS — Griffin Capital has completed the disposition of South Beach Apartments, a 220-unit multifamily community in the Las Vegas submarket of Summerlin/Spring Valley. Logan Capital Advisors acquired the asset for $97.5 million, or $443,180 per unit. Taylor Sims, Carl Sims and Brady Cleary of Cushman & Wakefield’s Multifamily Advisory Group in Las Vegas represented the seller in the deal. Located at 8920 W. Russel Road, South Beach Apartments features a mix of one- and two-bedroom floor plans, with loft and den options, ranging from 680 square feet to 1,380 square feet. Onsite amenities include saltwater pools, a beach volleyball court, soccer field, half basketball court, yoga studio, Pilates studio, indoor and outdoor fitness centers, a dog wash and a 16-foot TV by the pool. The community was built in 2017.

March 10, 2022

Development Industrial Nevada Western

Beedie to Develop 261,751 SF Pioneer Business Center Industrial Project in Las Vegas

by Amy Works March 8, 2022

LAS VEGAS — Beedie has released its plans to develop Pioneer Business Center, a two-building industrial condominium development in Las Vegas. Located at 6370 and 6340 S. Pioneer Way, Pioneer Business Center will feature two concrete tilt-up structures offering a total of 261,751 square feet of industrial space. Building 1 will offer units ranging from 7,791 square feet to 13,060 square feet, 28-foot clear heights and a pre-built structural steel mezzanine for additional office space or warehouse storage in select units. Building 2 will offer 13,186-square-foot to 20,571-square-foot units and 32-foot clear heights. Both buildings will feature best-in-class specifications, including dock and grade loading, LED warehouse lighting, three-phase power and ESFR sprinkler systems. Additionally, the development will provide users with room for ample truck maneuvering and designated onsite parking. The company has selected Kevin Higgins, Garrett Toft, Sean Zaher, Jake Higgins and Kelsey Higgins of CBRE to market and sell the development.

March 8, 2022

Development Multifamily Nevada Seniors Housing Western

SR Construction Completes Silverado Red Rock Memory Care Community in Las Vegas

by Amy Works March 7, 2022

LAS VEGAS — SR Construction has completed work on Silverado Red Rock, a memory care community in Las Vegas. This single-story, 36,381-square-foot property features 60 resident rooms and 72 resident beds. The community will welcome its first residents on March 14. This is the second community that SR has built for Silverado.

March 7, 2022

Industrial Market Reports Nevada Western Western Market Reports

Southern Nevada’s Economic Recovery Continues Toward Pre-COVID Levels

by Jeff Shaw March 4, 2022

By John Stater, Research Manager, Colliers Southern Nevada gained 15,400 industrial jobs between August 2020 and August 2021, according to the Nevada Department of Employment, Training and Rehabilitation. The logistics and wholesale sectors added jobs on a year-over-year basis, while the natural resources and construction sectors lost jobs. Unemployment in the Las Vegas-Paradise MSA was 8.3 percent in August 2021. Over the past 12 months, total employment in Southern Nevada increased by 55,600 jobs, a 6.1 percent increase. Southern Nevada lost 241,900 jobs between February and April 2020 and had regained 71 percent of those lost jobs by August 2021. Southern Nevada is in its third major wave of post-Great Recession industrial development, with 6.6 million square feet of product now under construction. The fourth quarter of 2021 could see 2.3 million square feet of product added to inventory. Projects scheduled for completion in the fourth quarter of 2021 are currently 58 percent pre-leased. Projects completed this quarter were 98.8 percent pre-leased when completed. Net absorption this quarter was a record 4.45 million square feet. This brought net absorption up to 9.79 million square feet year-to-date, higher than the previous record for annual net absorption recorded in 2017. Warehouse/distribution net absorption …

March 4, 2022

Acquisitions Industrial Nevada Western

M&J Enterprises Acquires 17,300 SF Industrial Building in Henderson, Nevada

by Amy Works March 3, 2022

HENDERSON, NEV. — M&J Enterprises Construction has purchased an industrial property located at 7501 Eastgate Road in Henderson. Eastgate LLC sold the asset for $3.7 million. Greg Pancirov and Paul Hoyt of RealComm Advisors represented the buyer and seller in the transaction.

March 3, 2022

Development Industrial Nevada Retail Western

Alston Construction Plans 298,389 SF Industrial Facility for Ashley Furniture in Spring Valley, Nevada

by Amy Works February 28, 2022

SPRING VALLEY, NEV. — Alston Construction, as general contractor, has unveiled plans for a 298,389-square-foot industrial facility located at W. Sunset Road and Raphael Riviera Way in Spring Valley, for Ashley Furniture Industries. The project will include tilt-up construction, full-site improvements, paving, concrete and landscaping. The warehouse will offer a retail showroom component and a distribution center. Construction is slated to begin in June 2022, with completion scheduled for July 2023. Hodgdon Group will serve as developer and Robert Jacob will serve as architect.

February 28, 2022

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