HENDERSON, NEV. — Denver-based Fairfield Asset Advisors has arranged the sale of a medical office building located at 10561 Jeffreys St. in Henderson. An undisclosed buyer acquired the property for $20.7 million. The seller was a physician group. Built in 2008, the property features 48,000 square feet of medical office space. The anchor tenant is an orthopedic surgery center operated by USPI and Dignity Health.
SPARKS, NEV. — NAI Alliance has brokered the sale of Marina Marketplace, a shopping center located in Sparks. An undisclosed buyer purchased the property for $4.4 million. Mark Keyzer negotiated the transaction. The 15,984-square-foot property is occupied by 11 tenants, including Peg’s Glorified Ham ‘N Eggs as the anchor. The name of the seller was not released.
RENO, NEV. — Panattoni Development Co. has completed the disposition of buildings A1 and B of the North Valleys Commerce Center (NVCC) in Reno. PRISM-IQ Nevada LLC and GOF Nevada LLC purchased the properties for $81.1 million. Panattoni made the sale through CP Logistics NVCC and CP Logistics NVCC Building A-1, two joint ventures between Panattoni and a public retirement fund. Building A1, totaling 352,957 square feet, and Building B, totaling 707,660 square feet, are located on 56 acres at 9460 N. Virginia St. in Reno. Trademark Global, Exxel Outdoors, Microflex Corp. and SupplyHouse.com are tenants at the properties. Completed in 2018, the buildings are cross-docked distribution facilities with a 36-foot clear height and low-cost LED lighting. JLL and Kidder Mathews represented the sellers in the deal.
SPARKS AND MCCARRAN, NEV. — NAI Alliance has brokered the sales of two industrial assets in Nevada. In the first transaction, Tolles Development Co. purchased a 202,760-square-foot industrial portfolio located at 1210-1280 Icehouse Drive, 575-585 Reator Way and 1355 Industrial Way in Sparks. Dan Oster and Chase Houston of NAI Alliance represented the buyer in the deal. In the second transaction, Rounds Bakery acquired a 11,961-square-foot light industrial property located at 96-114 Megabyte Drive in McCarran. Greg Shutt of Colliers international represented the buyer; while Oster and Houston represented the seller, PSG Resources LLC, in the deal.
Reno’s proximity to the Bay Area is supporting an economy beyond the gaming industry. The area’s lower cost of living is also attractive for Bay Area transplants attempting to further stretch their income. Tesla is the most notable utilizer of the metro’s favorable location and business-friendly environment. The company pulled 112 permits last year to build out internal areas of the factory. The introduction of Tesla’s electric semitruck necessitates a further expansion of production in the coming years. On the supply side, development is ramping up quickly as builders finally move away from primary markets to relieve housing pressure in tertiary metros. Inventory will expand by more than 4 percent this year, representing the largest increase on record. The South Reno submarket contains a majority of the completions slated this year. More than 1,400 units are underway in the submarket, including nearly 1,000 scheduled for delivery in 2019. Builders are also active in the Sparks submarket, where 600 units are underway and scheduled for completion. The introduction of new units has pushed up the percentage of properties offering leasing incentives to 16 percent. Still-tight conditions are limiting the average incentive to just nine days of free rent. An influx of …
LAS VEGAS — Colliers International – Las Vegas has brokered the purchase of a retail property located at 6825 W. Russell Road in Las Vegas. Daniel and Cathy Pereyra purchased the property from an undisclosed seller for $5.3 million. The property features 23,596 square feet of retail space. Dan Gluhaich of Colliers represented the buyer in the transaction.
Industrial sales and leasing in the Reno-Sparks area remains one of the best performing sectors in the marketplace, just as it did in 2017. With a record vacancy percentage below 4 percent, combined with new buildings being occupied upon completion, the strong demand for new and existing industrial product is a welcome normality from previous years. The North Valley’s submarket has been the dominant center point for speculative development. It is currently the fastest-growing submarket in Reno, as nearly 50 percent of the transactions containing more than 50,000 square feet were concentrated in this submarket. This is primarily attributed to the abundance of skilled labor in the area and proximity to Interstate 80. Developers continue their hunt for buildable land in the area, though the availability of readily developable parcels is dwindling. Driven by consumer shifts toward internet goods, along with burgeoning advanced manufacturing, capital from institutional and regional investors alike have entered Reno’s industrial market. This has led to the industrial market posting the largest volume and most competitive assets. Last year’s investment volume was up 90 percent year over year, with a 14 percent increase in the total number of sales. The most recent eye-opener was Blockchains’ acquisition …
I have had the pleasure of selling commercial office space in Northern Nevada for nearly 15 years. During this time, I saw the peak of the market from 2003 to 2008 wherein construction was at an all-time high, lease rates were reaching unseen heights and absorption was setting records. Then we all got to experience the Great Recession from 2008 through 2012. This saw nearly half of the buildings that were constructed during the previous peak become empty. Vacancy rates hit 20 percent, lease rates dropped to levels well below where they were in 2003, and construction came to a screeching halt. Then, magically, at the beginning of 2013 the economy took a turn and the Northern Nevada office market began its recovery. This was expedited in 2014 with Tesla making its announcement of the Gigafactory in the Tahoe Reno Industrial Center and the Tesla Effect created a national buzz that hasn’t slowed. Unfortunately, this has created a new problem. The Reno office market sits at 10.1 percent vacancy, down from 20.7 percent during the recession, as net absorption has been positive year over year since 2012. The absorption has been primarily in second-generation space as there has been relatively …
LAS VEGAS — Northcap Multifamily has brokered the sale of Cypress Springs Apartments, located at 3651 N. Rancho Drive in Las Vegas. Oceanside Cypress Springs sold the property to an undisclosed buyer for $15 million. Built in 1994, the asset features 144 multifamily units. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of Northcap Multifamily represented the seller in the transaction.
LAS VEGAS — MCA Realty has purchased a five-building industrial property located at 4610-4650 Arville St. in Las Vegas. A private seller sold the asset for an undisclosed price in an off-market transaction. The value-add asset features 83,750 square feet of industrial space. MCA Realty plans to replace the roofs, repaint the building’s exterior, improve the landscaping and signage, and update the interior units as leases end. At the time of sale the property was 100 percent occupied. Rob Lujan, Jason Simon and Xavier Wasiak of JLL represented the buyer in the deal.