What area is your expertise? We primarily focus on office properties located in the Reno/Tahoe region of Northern Nevada, as well as some outlying areas. The Northern Nevada office market is defined as Reno/Sparks as far north as Spanish Springs and as far south as Mt. Rose Highway, HW 431. Our expertise mainly lies within the seven submarkets in the Reno/Sparks market: South Meadows (89521), Meadowood (89511), Central Reno (89509), Airport (89502), and Downtown Reno (89501). We also track West Reno (89523) and Sparks (89431, 89436) What trends do you see presently in office development in your area? We have seen a tremendous slowdown in new office development over the past 2 years. The booming economy of yesteryear produced an abundance of office space that has outpaced the economic demands of the market. Direct results of this overbuilding are the inflated vacancy rates and a standstill for new development. Most of the office development occurring comes in the form of existing building redevelopment and renovation. Much of this activity is occurring in Downtown Reno where the downtown Reno redevelopment district provides incentives for redevelopment through flexible zoning and tax incentives, therefore allowing developers to achieve a highest and best use …
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LOS ANGELES — New York-based The Related Companies has acquired a 308-unit senior-living building, which is located at 740 S. Olive St. in Los Angeles, for $56.5 million. Related plans to continue to operate the property as affordable housing for low-income seniors and to invest $9 million in a renovation/upgrade program for the building. Originally built in 1922 and rebuilt in 1979, the property offers 33 studios and 276 one-bedroom/one-bath units with monthly rents ranging from $980 to $1,083. Property amenities include security-card access, a spacious lobby with a furnished waiting area, lounge/dining area, a meeting room, a leasing office, a landscaped rooftop deck with shuffle board court, an open-air courtyard, laundry facilities and gated subterranean parking. Kitty Wallace of Sperry Van Ness represented both parties in the transaction. The seller was not disclosed.
INDIO, CALIF. — The Indio Teen Center, a $7 million, 12,500-square-foot facility, has opened in Indio. Situated on approximately 4 acres along Avenue 46, the center features a lobby reception area, an Internet café/library with a small kitchen, a game room, a TV lounge, a recording studio, a leadership classroom/conference room, two multi-purpose rooms, a basketball court, an activity field and a barbecue pit. The second phase of the intergenerational campus is the 16,200-square-foot Indio Senior Center, which is currently under construction. With completion slated for mid-2009, the senior center will feature a dining room, a kitchen, a multi-purpose room, an arts and crafts rooms, an activity room, a game room, an exercise room, a computer room, a library/reading room, meeting rooms and administrative offices. WWCOT Architects provided design services for both projects.
VISTA, CALIF. — Sheila Alimadadian of NAI Capital’s Newport Beach, Calif., office represented Brooks Family Trust in the investment purchase of a retail center located at 912-926 Escondido Ave. in Vista. The 9,040-square-foot property sold for more than $2.7 million. Tenants occupying the portion of the center that sold include Yum Yum Donuts, Cricket Wireless, a travel agency, a nail salon, a gift shop and a Mexican restaurant. Peter Fisher of Coldwell Banker represented the seller, Paolo and Lucia Le Medico, in the transaction.
HENDERSON, NEV. — SR Construction has completed the 24,528-square-foot Upper Campus Expansion project at The Henderson International School, which is located at 1165 Sandy Ridge Ave. in Henderson. The project includes a cafeteria/administrative building and a high school classroom building. The cafeteria/administrative building features a full-service kitchen, a dining room, a student store and eight administrative offices. The classroom building features eight classrooms, two science labs with a prep room, a media room, a gathering area and gallery that features 12-foot by 26-foot viewing area. Carpenters Sellers Associates provided architectural services for the project.
GALLUP, N.M. — Supportive Housing Coalition of New Mexico has developed Chuska Apartments, a green and affordable multifamily property in Gallup. Supported by Enterprise Rural and Native American Initiative, the property offers 30 fully subsidized, energy-efficient apartment homes. The units are available for families who earn 60 percent or less of the area median income. Community amenities include a community building, a playground, a community garden and a rock garden. The $8 million project was funded by low income housing tax credits and grants provided by Enterprise Green Communities, the Enterprise Support Housing initiative, city of Gallup, the state of New Mexico, the Annenberg Foundation, the New Mexico Mortgage Finance Authority and the U.S. Department of Housing and Urban Development. Santa Fe, N.M.-based Autotroph provided architectural services for the project.
SACRAMENTO, CALIF. — Hendricks & Partners has brokered the disposition and acquisition of Casa de Angelo, a 100-unit multifamily property in Sacramento. Located at 3151 Notre Dame, the property sold for $6.22 million. Steven Nelson and Al Inouye of Hendricks & Partners’ Sacramento office represented the undisclosed buyer in the transaction. The seller was also not disclosed.
LOS ANGELES — Earle Hyman of Marcus & Millichap’s Encino, Calif., office represented both parties in the sale and acquisition of The Chariton House Apartments in Los Angeles. The 21-unit apartment community sold for $2.8 million. Details of the seller and buyer were not released.
SAN DIEGO — Goodwill Industries of San Diego County has purchased a 10,000-square-foot industrial warehouse building in San Diego. Located at 2640-44 Market St., the property sold for $1.34 million. The building is situated on two 7,000-square-foot parcels and offers six offices, mezzanine storage space and 18-foot ceilings. Bryan Cunningham of Flocke & Avoyer represented the buyer; Tim Mills of Cushman & Wakefield represented the seller, Edward Suleiman, in the transaction.
The Pacific Northwest’s regional economy remains strong even after being impacted by the national and global economic trends. Unemployment is up to 5.3 percent in the region. Housing sales have also slowed, however, sales prices have increased slightly. Most retailers’ sales have increased although across-the-board sales have been flat, since auto and furniture sales are down, due to rising fuel prices and fewer home sales, respectively. Questionable shopping center projects are now being placed on hold or have become staged developments, while well located, designed and tenanted centers are going forward. Well-placed neighborhood centers continue to be planned and developed, though some neighborhood centers have been impacted by Wal-Mart Supercenters and Winco Foods, causing nearby grocers to close or reposition. This has resulted in large vacancies in a few neighborhood centers. Regional and community centers have also seen a few more vacancies, which has caused some retailers previously suffering from poor sales to close stores, while others are taking a more cautious approach to expansion. National retail apparel chains have slowed, bypassing most community center opportunities. Regional malls continue adding lifestyle components. At Southcenter in Tukwila, Washington, a second lifestyle component could be added to the north side of the …