Nevada

Reno Office Market Capitalizes on Relocations from Places Like California

by Jeff Shaw May 18, 2020

By Scott Shanks, principal, Dickson Commercial Group The Reno/Sparks office market is in a unique position: caught in the throes of a rapidly expanding commercial marketplace and aided by an ever-increasing population base. The most vibrant commercial real estate sectors in our area are industrial and multifamily, and they have been for decades. The office market is also seeing new companies, new developers and new buildings. For the first time in many years, we will see a true speculative office development begin construction this summer. McKenzie Properties will be going vertical with its Skypointe development. Tolles Development Company is in the middle of completing its Rancharrah project, which contains 64,000 square feet of retail space and 36,000 square feet of office space. Last, but certainly not least, Reno Land Inc. and its partner Lyon Living have started the first phase of their Park Lane development, a 46-acre, master-planned development that will include office, retail and multifamily. This new development shows the Reno/Sparks area is on the move, and fast. The area provides for a quality of life that is difficult to find when combining Lake Tahoe, the Sierra Nevada mountains and the Truckee River, which bifurcates the city. In comparison …

May 18, 2020

Acquisitions Nevada Office Western

SVN | Gold Dust Commercial Arranges $9.1M Sale of Office Building in Reno, Nevada

by Amy Works May 15, 2020

RENO, NEV. — SVN | Gold Dust Commercial Associates has arranged the sale of an office property located at 790 Sandhill Road in Reno. An out-of-state buyer acquired the building for $9.1 million. The U.S. General Services Administration occupies the 17,908-square-foot property on a long-term lease. Casey Prostinak of SVN | Gold Dust represented the undisclosed seller in the deal.

May 15, 2020

LogistiCenter-Speedway-North-Las-Vegas-NV

Development Industrial Leasing Activity Nevada Western

Dermody Properties Completes 251,800 SF Distribution Center in North Las Vegas

by Amy Works May 8, 2020

NORTH LAS VEGAS — Reno, Nev.-based Dermody Properties has completed the development of LogistiCenter at Speedway, a distribution center located at 6565 Nascar St. in North Las Vegas. Situated on 14 acres, LogistiCenter at Speedway features 251,800 square feet of distribution space and immediate access to Interstate 15 via the Speedway Boulevard off-ramp. Dialog Direct, a marketing company offering direct mail, print and fulfillment services, has leased 75,800 square feet at the facility. The remaining 176,600-square-foot space features a 32-foot clear height, 38 dock-high doors, six drive-in doors, a 135-foot truck court, an ESFR fire protection system and tilt-up concrete panel construction. The space is divisible from 31,800 square feet to 112,000 square feet.

May 8, 2020

Development Industrial Nevada Western

LM Construction, Brass Cap Development Deliver 40,000 SF SanTico Industrial Complex in Las Vegas

by Amy Works May 8, 2020

LAS VEGAS — LM Construction and Brass Cap Development have completed SanTico, an industrial property located at 6425 Santa Margarita St. in Southwest Las Vegas. Situated on 2.5 acres, the facility features 40,000 square feet of industrial mid-bay space that can be divisible into two 20,000-square-foot spaces. LM Construction provided design, planning and construction for the project. Michael DeLew and Greg Pancirov of Realcomm Advisors are handling the leasing and sale of SanTico.

May 8, 2020

Industrial Market Reports Nevada Western Western Market Reports

Reno’s Industrial Market Remains In Demand

by Jeff Shaw May 6, 2020

Reno’s industrial real estate market has kept a jaw-dropping pace over the winter months. The fourth quarter of 2019 saw record-setting gross absorption numbers for any quarter at 3.34 million square feet with 10 transactions above 100,000 square feet. This amount of activity so late in 2019 typically suggests a slow start to the new year. However, activity seems to have picked up steam, as many users are considering new growth in Reno/Sparks. As a whole, 2019 was a fruitful year for industrial real estate. The market continues to draw attention for its West Coast distribution fundamentals and pro-business environment from tenants, developers and investors. Developers constructed 3.5 million square feet of industrial product, split almost equally between speculative and build-to-suit construction. About 17 million square feet of our 90-million-square-foot market changed hands at market-low cap rates to industrial investment groups. This included many groups that were new to the market, as well as several existing groups doubling down in Northern Nevada. Inventory remains the primary concern for tenants and developers as we come into 2020. With some minor caveats, new construction is getting absorbed as quickly as it is brought to the market. Given the strong start to 2020, …

May 6, 2020

Acquisitions Healthcare Nevada Office Western

Colliers Brokers $2.6M Sale of Medical Office Property in Las Vegas

by Amy Works May 6, 2020

LAS VEGAS — Colliers International | Las Vegas has arranged the sale of a medical office space located within Smith Surgery Center at 8871 W. Sahara Ave. in Las Vegas. Mia Aesthetics LV Realty acquired the asset from Smith Building LLC for $2.6 million. The asset offers 7,569 square feet of medical office space. Stacy Shapiro and Alexia Crowley of Colliers represented the seller in the deal.

May 6, 2020

Acquisitions Multifamily Nevada Western

Camino Verde Acquires 28-Unit Apartment Community in Las Vegas

by Amy Works April 29, 2020

LAS VEGAS — Camino Verde Group has purchased a 28-unit multifamily property located at 2556 S. Van Patten St. in Las Vegas’ Historic Commercial Center District. Terms of the transaction, including acquisition price and the name of the seller, were not released. Camino Verde plans to rebrand the property as Camino 2556 and implement a $300,000 interior and exterior improvement plan. Built in 1963, Camino 2556 features 28 units in a mix of one-, two- and three-bedroom layouts with oversized kitchens and closets. The property’s four garden-style buildings are adjacent to Camino 2575, another Camino Verde Group-owned property.

April 29, 2020

298-Kingsbury-Grade-160-Pineridge-Dr-Stateline-NV

Acquisitions Industrial Mixed-Use Nevada Office Retail Western

Dickson Commercial Arranges $2.7M Sale of Mixed-Use, Multi-Tenant Asset in Nevada

by Amy Works April 20, 2020

STATELINE, NEV. — Dickson Commercial has negotiated the sale of a two-building property located at 298 Kingsbury Grade and 160 Pineridge Drive in Stateline. Kingsbury General Improvement District acquired the assets from JM Ranches for $2.7 million. The two multi-tenant properties offer a total of 15,788 square feet of office, industrial and retail space. Travis Hansen of Dickson Commercial Group represented the seller in the transaction.

April 20, 2020

Acquisitions Nevada Retail Western

Sun Commercial Brokers $3.5M Sale of Retail Building in North Las Vegas

by Amy Works March 23, 2020

NORTH LAS VEGAS, NEV. — Sun Commercial Real Estate has arranged the sale of a retail asset located in North Las Vegas. Passco Management Services sold the property to an undisclosed buyer for $3.5 million. Located at 1820 E. Lake Mead Blvd., the building features 28,129 square feet of retail space. Roy Fitz and Dylan Heroy of Sun Commercial Real Estate represented the seller in the transaction.

March 23, 2020

Acquisitions Healthcare Nevada Office Western

Capovilla Management Sells McFarlane Medical Center in Las Vegas for $10.4M

by Amy Works March 20, 2020

LAS VEGAS — Capovilla Management has completed the sale of McFarlane Medical Center in Las Vegas. An undisclosed buyer acquired the property for $10.4 million. Located at 8352 W. Warm Springs Road, the property features 39,279 square feet of medical office and office space. Lisa Hauger and Timothy Erickson of Sun Commercial Real Estate represented the seller in the deal.

March 20, 2020

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