Wednesday, December 18, 2013

NAI Alliance Represents Both Sides in Sale of 61,000sf Building in Reno

Another good win continuing the momentum heading into 2014 as the NAI Alliance Industrial Properties Group of Dave Simonsen, Senior Vice President, SIOR, CCIM, J. Michael Hoeck, Senior Vice President, SIOR, Michael Nevis, Senior Vice President, CCIM, and Steve Kucera, Industrial Specialist recently completed the sale of the 61,152 square foot manufacturing facility at 400 Western Road in Reno, Nevada. The stand alone facility is situated over 5.0 acres of land.

NAI Alliance’s Dan Oster, Senior Vice President, SIOR represented the new owners of the building, ECO Windows. ECO Windows is relocating to the new, larger facility from their current location in Sparks, NV. 

The industrial market has seen a great deal of activity in the last two quarters of 2013.  Cautiously optimistic on the recovery, as we like to say, but very encouraging activity as we close 2013 and look forward to 2014.

NAI Alliance Office Team Secures Exclusive Listing for One East Liberty Street

Scott Shanks SIOR, along with his partner Dominic Brunetti, CCIM have secured the exclusive lease listing for One East Liberty Street in downtown Reno, NV. The six-story downtown professional office building is 96,832 square feet. The lease price is $1.65 up to $1.90 per square foot.

The owners of One East Liberty have renovation plans for the 96,832 square foot building currently in progress. The owners have commenced on a $1.8 Million renovation project to modernize the building over the course of the 6-month project. The $750,000 Phase I ‘Green” renovation started in mid-August and was completed in early-October helping the building achieve 97% energy efficiency.

The in-progress Phase II plans call for lobby expansion, new building finishes, elevator enhancements, and new landscaping that is expected to be completed by December 2013. 

With construction beginning in January 2014, Phase III includes an addition of a new 1,800 square foot retail building facing Virginia Street for a coffee and quick food establishment. Phase III will also feature a large landscaped outdoor seating/plaza area for tenants of One East Liberty and other downtown patrons.

Wednesday, December 11, 2013

NAI Alliance Industrial Properties Group Secures 60,000 SF Lease in the Reno Aircenter

The industrial market in Northern Nevada continues to see a positive uptick in 2013.

The NAI Alliance Industrial Properties Group of J. Michael Hoeck, Senior Vice President, SIOR, Dave Simonsen, Senior Vice President, SIOR, CCIM, Michael Nevis, Senior Vice President, CCIM, and Steve Kucera Industrial Specialist has recently secured a 10-year, 60,000 square foot lease for Winzer Corporation at 4795 Longley Lane in Reno, NV.

The space is part of the 13MM square foot portfolio IndCor operates in Reno.

Winzer Corporation has been in Northern Nevada since 2004. Winzer opened a regional distribution center in Sparks, NV to expedite services to their west coast franchises and their customers.

The move to a new 60,000 square foot location provides additional space to accommodate their growth. The facility will also feature enhanced automation and fulfillment solutions as well as storefront capabilities.

Friday, December 6, 2013

NAI Alliance Secures Exclusive Lease for Dunkin' Donuts - Sites Being Sought

Dunkin' Donuts is coming to Northern Nevada and they're looking to move quickly. Mark Keyzers, Senior Vice President of the NAI Alliance Retail Properties Group recently completed the exclusive lease agreement with Dunkin’ Donuts.

Dunkin’ Donuts is currently seeking sites for the nine new store locations from existing land and property owners throughout Northern Nevada. With this agreement between HT2 Franchising and Dunkin’ Donuts, all franchise opportunities are sold out in Reno.

For more information on locations and planning, please contact Mark Keyzers, the exclusive leasing agent, at (775) 336-4663 for details and requirements.

Wednesday, November 27, 2013

NAI Alliance Industrial Group Receives National Recognition at SIOR Conference

The NAI Alliance Industrial Properties Group was recognized by Panattoni Development for significant transaction volume at the Society of Industrial and Office Realtors® (SIOR) Fall World Conference in Chicago, IL held October 24-26.

Among nationwide lease transactions by SIOR professionals for Panattoni, the NAI Alliance Industrial Team ranked second overall with the 337,500 square foot lease to Trex Company at 2375 East Newlands Drive in Fernley, NV. NAI Alliance also brokered the sale of this property, which placed them third nationwide on a square footage basis for a property sale.

SIOR designees in the NAI Alliance Industrial Properties Group are J. Michael Hoeck, Senior Vice President, Principal and Dave Simonsen, Senior Vice President, Principal.

Wednesday, November 20, 2013

NAI Alliance Releases Q3 2013 Office Market Report

The office market in Q3 2013 in Northern Nevada was exceptional.  Signs in the quarter were that not only are new businesses moving to the area, many local businesses are expanding in Northern Nevada.  While there are no promises that this will continue, there are activity indicators that we are moving ever-closer to at least a hint of normalcy as the rebound conitnues.

Below are a few of the key points regarding the Northern Nevada office market in Q3:
  • In Q3, there was 105,000 square feet of space absorbed by local economic growth
    • This number almost quadrupled absorbtion quarter over quarter
    • This number nearly tripled absorbtion in all of 2012
  • The overall vacancy rate is down to 13.9%· 
  • The South Meadows submarket led with 46,000 net square feet   
  • The downtown submarket absorbed nearly 30,000 net square feet
Scott Shanks, SVP/Principal, SIOR and Dominic Brunetti, SVP/Principal, CCIM prepared the report on the office market in Northern Nevada.  

To read the entire report, click here.

Tuesday, November 5, 2013

NAI Alliance Office Group Secures Lease for Pacific Business Centers in Downtown Reno

A new entry into downtown Reno.  Palo Alto-based Pacific Business Centers (PBC) has secured a 13,000 square foot lease with One East Liberty, LLC, for their recently announced expansion into Northern Nevada. This new expansion will be Pacific Business Centers’ 17th location, and first in Nevada.

The NAI Alliance Office Properties Group, Scott Shanks, Senior Vice President, SIOR, and Dominic Brunetti, Senior Vice President, CCIM, represented the landlord, One East Liberty, LLC in the transaction. 

PBC is one of the undisputed market leaders for on-demand office space in Northern California. PBC tends to cater to local businesses such as attorneys, consultants, start-ups, and small to medium size professional firms. 

PBC will be occupying the entire 6th floor, 13,000 square feet, of One East Liberty. The signature tenant remains U.S. Bank. Tenant improvements and space renovations on the 6th floor have been completed and the official opening for PBC is November 1st. 

PBC had been performing due diligence on the Northern Nevada market for over five (5) years before finally making the decision. 

Click here to read the entire press release.

Thursday, October 31, 2013

Q3 2013 Retail Market Report Now Available

Recovery is continuing, however, history says we need to persevere and be prepared for a long run.  A very slight increase in vacancy (.02%) in Q3 2013 is still nearly a full percentage point lower than Q2 2012.   

The anchor space vacancy is currently at 13.52%. In-Line shops have increased in vacancy to 23.46% this quarter from 23.42% last quarter. Total net absorption for this quarter was a negative 7,162 square feet, while the gross absorption was 68,391 square feet.

New tenant locations and new investments are happening.  Positive news for tenants is that there are good rates on good spaces available.

Many of the underlying statistics are improving. Housing value and consumer spending are trending higher, housing sales are increasing, while unemployment has dropped significantly. These numbers allude to an improving local economy.

Things are picking up, but we must be patient in the retail sector. 

To read the entire report click here.

Tuesday, October 8, 2013

Q3 Industrial Market Report Now Available

The third quarter of 2013 in the industrial market was exceptional here in Northern Nevada. The absorption of industrial space in the Reno-Sparks market in the third quarter — 1.8 million square feet — was more than five times greater than absorption in the same quarter last year. 

Bargains have nearly disappeared as the vacancy rate in industrial properties stands at 10.5 percent.  That's nearly a 2% drop in vacancy rates.  There were 9 transactions of more than 95,000 square feet.

So while we don't want to get too carried away, 2013 has continued to reward our cautious optimism in the industrial market.  The fourth quarter is a bit more concerning with governmental activity creating some skepticism on when and where to grow.  But right now, we will continue our optimism for Northern Nevada and the rebound we're seeing.  Good for the economy.  Good for jobs.  Good for Northern Nevada.
Click here to download the entire report.

You can also view an article published by the Reno Gazette Journal on the news by clicking here.

Wednesday, September 4, 2013

NAI Alliance Office Q2 2013 Market Report Available

There has been a good deal of buzz regarding Industrial and Retail Commercial Real Estate space in Northern Nevada. Now it's time to shed some light on the Office Market.  Net absorbtion was positive, but a little slower than Q1.  There are a number of transactions we know about on the horizon, so we're anticipating a good report in Q3.  Again the phrase cautious optimism in a slow, but continually upward trending, recovery.

Of interest in the report is the American Care Act (ACA) enrollment beginning October 1.  Small businesses in the service industries are in agreement that hiring full-time employees is a risk only a few are willing to take.

Here are some of the highlights of the report: 
  • The decelerated, yet positive, net absorbtion does not accurately depict the activity levels in the market.
  • Much of the activity can be attributed to local expansion within service industries
  • Downtown continues to see signs of health at 14.42% vacancy
  • The Meadowood submarket continues to be the stronghold at 12% vacancy
  • There were a total of 34 transactions in Q2
You can read the entire report by clicking here.

Tuesday, September 3, 2013

Myers Industries Moves Back to Sparks Facility - More Jobs to Northern Nevada

On the heels of the announcement of Aragh Group moving to McCarran, NV in the largest user transaction of the year to date, Myers Industries Lawn & Garden recently announced that they are returning to Sparks, NV.

Myers Industries owned the facility at 550 Spice Island - a property that had been brokered by the NAI Alliance Industrial Properties group of J. Michael Hoeck, SIOR, Dave Simonsen, SIOR, CCIM, and Michael Nevis, CCIM.

Myers initially moved out of the building in 2009, but as part of an asset reallocation, decided to move back to the area to get a better stronghold on their western states distribution, particularly in the Pacific Northwest.

Northern Nevada continues to be an attractive option for advanced manufacturing organizations. Skilled workforce, business friendly climate, and proximity and access to the Western United States are just a few of the reasons companies are moving in.

The combination of jobs being created in the next 6 months between Ardagh and Myers totals over 160. A summer of great news with more on the horizon. Fantastic work by the NAI Alliance Industrial Properties Group, EDAWN, and the Governor's Office of Economic Development in helping ensure that the future continues to be trending in a positive manner here in Northern Nevada.

Wednesday, August 28, 2013

NAI Alliance Industrial Team Represents Tenant - Ardagh Group - in Largest User Transaction Thus Far in 2013

Luxembourg-based Ardagh Group recently secured the $11.5 Million purchase of property at 900 Waltham Way, McCarran, NV in the Tahoe Reno Industrial Center. Dave Simonsen, CCIM, SIOR; J. Michael Hoeck, SIOR; and Michael Nevis, CCIM of the NAI Industrial Properties Team represented Ardagh Group in this transaction. 

The purchase includes the acquisition of an existing 330,000 square foot Class A manufacturing facility and two 18 acre parcels on the east and west side of the building for future expansion. Ardagh Group had looked at 37 facilities in three (3) states before deciding on the new location in Northern Nevada. 

The move will bring approximately 140 technical jobs to Northern Nevada throughout the next five years, including 72 jobs within the first six months. In addition to job stimulus for the area, Ardagh will have a total capital investment of close to $80 Million - $20 Million dedicated to building retrofitting and an additional $60 Million for equipment and installation. They’re expecting to produce nearly 3 Million cans per day from the state-of-the-art, advanced manufacturing facility beginning in January 2014. 

Ardagh Group is a global leader in glass and metal packaging solutions for most of the world’s leading food, beverage and consumer brands. Ardagh Group generates $5.5 billion in worldwide sales and produces 32 billion containers annually for such customers as Coca-Cola, ConAgra, InBev and Bumble Bee Foods. The company has operations in 25 countries and employs 18,000 people in more than a hundred facilities. 

The company’s U.S. metal packaging operations are based in Carnegie, Pa. In addition to the new facility in McCarran, NV, the company has facilities in Bloomsburg, PA, Weirton, WV, Conklin, NY, Terminal Island, CA, and the recently announced expansion in Roanoke, VA.

Thursday, August 22, 2013

Industrial Deals Painting a Bright Picture in Northern nevada

Ahead of today's new company announcement by EDAWN, the Northern Nevada Industrial Commercial Real Estate Market has been buzzing for the past few months.  

Published by the Reno Gazette Journal this week was an article focusing on the Industrial market and the millions, yes millions, of square feet that has been occupied this summer.  Dave Simonsen, Senior Vice President, Principal of the NAI Alliance Industrial Properties Group provided much of the commentary for the piece.

The main point is that, currently, companies are looking to expand.  More importantly, they are looking at Northern Nevada as a very attractive option.  A total of 38 transactions were closed in the second quarter of 2013 alone, bringing the vacancy rate down to 12.9%.  Diversified Distribution Services, UTI/Starbucks, Arrow Electronics, and Jacobsen Companies are just a handful of the companies expanding in Northern Nevada.

Today, EDAWN will be announcing a company bringing close to 140 jobs to Northern Nevada, and will follow up on Monday with an announcement of a new company who will inject another 150 jobs to the market.  

Good things are in the air for jobs and new business in Northern Nevada.  Now if somehow we could get out of fire season....

You can view the entire article by the RGJ by clicking here.

Thursday, August 1, 2013

NAI Alliance Q2 2013 Retail Market Report Now Available

The Northern Nevada economic climate is showing signs of improvement, perhaps indicating that the retail vacancy rates may have peaked. The current overall vacancy level in Reno/Sparks declined to 17.54% from the previous quarter of 18.25% and from the previous year of 18.52%. 

The anchor space vacancy is currently at 13.52%. In-Line shops have increased in vacancy to 23.42% this quarter from 23.10% last quarter. Total net absorption for this quarter was 104,226 square feet,
while the gross absorption was 201,501 square feet. 

Click here to read the entire Q2 2013 Retail Market Report from NAI Alliance

Friday, July 19, 2013

The Nevada Legislature in 140 Words - a Social Media Observation

John Sande IV, an attorney and member of Fennemore Craig Jones Vargas’ government relations and transactional practice groups, recently wrote an article on the use of social media in the Nevada Legislature.  Mainly, can policy be debated on Twitter in 140 characters or less?

We all know that many legislators take to social media during campaigning.  It's free, and possibly the best way to continually drip messaging, gain followers (support) and amplify a campaign.  However, now, it goes a step further.  Special interest groups now communicate immediately with legislators and can almost simultaneously speak to their supporters in an effort to engage them to join the conversation.

The #NVLeg has become a popular trending discussion piece between legislators, SIGs, and us perhaps not in the know, but want to be.  In the recent SJR 15 debate, folks took to Twitter to provide commentary during the legislative hearing.  However, some of that information was erroneous.  Egg on face for some people wanting to get the news out fast.

I guess the moral of the story is when it comes to the legislative and political issues, be careful where you get your information before you start RT’ing and sharing what you see. Many people want to jump quick to “scoop” the story in the social media crazy environment. It’s no different than in entertainment, sports, business, etc. 

However, as we know, once you put your stamp on it, whether an RT or a share, you’ve validated it for all your followers and friends for better or worse. And there’s no going back.  #NVLeg

Click here to download the PDF of the article in its entirety - published in the Northern Nevada Business Weekly July 15, 2013.

Monday, July 15, 2013

NAI Alliance Q2 Industrial Market Report Now Available

The past three months have felt like a throwback to the pre-recession busy days of old. Phones are ringing again, tours are taking place and deals are getting done. At the end of last quarter, we were poised to expect a good second quarter and we got it. Over the past 5 years we have been discounting good news with bad news. In 2009 and 2010 the scales were
tilted strongly negative. In 2011 and 2012 the scales were balanced with much of our quarterly market report describing good news being offset by bad news.

Thirty eight transactions were completed in the second quarter of 2013 with a gross absorption total of 1,234,86 square feet (sf). This is higher than prior quarters wherein we were struggling to reach one million sf. The 38 transactions are 12% above the prior three year quarterly average and the 1.23 million sf of gross absorption is 17% greater than the average of 1,055,889 sf. Average deal size was 33,375 sf which was again 11% larger than the three year average.

.....Click here to read the entire report.

Tuesday, July 9, 2013

NAI Global Economic Briefing - Thursday July 11

Please join Dr. Peter Linneman, NAI’s Chief Economist & Jay Olshonsky, NAI Global President July 11, 2013, 12:00 PM – 1:00 PM Eastern for an enlightening briefing on the global economic environment.

Where are we in the recovery? Which markets still hold investment opportunities?  Dr. Linneman will address several topics during this Web conference including:
  • Real Rent Analysis: Which markets are below historical averages?
  • A comparison between this cycle and the 1990s
  • More reasons the Euro will fail
  • How we are repeating Japan’s mistakes
  • An update of capital markets
  • Social Security implications as the boomers retire
 Registration is required for the event.  Please click here for registration instructions and information

Friday, June 7, 2013

Looking Beyond the Price Per Foot in Commercial Realty

Article published in the NNBW "How To Analyze, Buy Commercial Real Estate" special June 3, 2013. Contributed by the NAI Alliance Investment Services Group.

Successfully investing in commercial real estate has never been easy and today’s sophistication and tight margins make this as true as ever. This is true from both the investor and broker standpoint. Many potential investors have typically done quick search, perhaps through a commercial real estate search engine, to find properties that fit their spatial and/or return requirements, drive the properties and search a few comparables, and then try to get the best value based off of the information they were able to gather. 

Is this really the best way to identify CRE opportunities? There are a number of approaches to determining value. A good broker can quickly acquire the same data using the aforementioned methods. In residential real estate, this can be a pretty reliable indicator of value and will typically satisfy the client. However, in commercial real estate, an experienced broker knows that this simplistic approach has its shortcomings as it oftentimes is akin to comparing apples to giraffes. Price per square foot isn’t the only barometer mark for achieving the best value, it’s just one component. 

Savvy brokers know that the most important benefit they can provide a prospective investor is their knowledge of market conditions, their understanding of the client’s needs, and ultimately the ability to marry the two together to achieve the best possible deal. Specific to comps, a per square foot number on a land deal might get us in the ballpark but a per square foot on a leased asset may tell us virtually nothing as market strength, quality of tenant, lease type and length, age and quality of the asset, debt considerations and the seller’s cap rate all play predominantly in assessing an accurate value.

Capitalization rates are one of the primary metrics you hear about when comparing income producing properties. Quite simply, a capitalization rate represents a property’s annual net income divided by the purchase price. It is called a cap rate because the inverse of the percentage is how many years it will take to full capitalize the property based off of the first year’s net income. For example, an investor buys a property at a 10% cap rate, it will take (1/.10) 10 years to capitalize, or pay off, the property. The cap rate is a function of how much return an investor expects for their perceived risk associated with the property. By being active members in the commercial real estate market, good brokers not only know what cap rates have been paid on all current transactions but they are able to qualify the cap rates with an analysis of the physical asset and the asset’s existing and future income stream. This combined with a clear understanding of the client’s goals allow for the establishment of a proper cap rate target for a particular property. 

A quality broker understands all of these aspects and is able to confidently and effectively convey to a client how a particular opportunity is priced against the competition and thus how it may perform in the market over time. Engaging a professional, experienced brokerage firm from the beginning is will best insure identifying the opportunity that best fits the investment goals of a particular buyer. 

In our initial meetings with clients, it is paramount that we go over every aspect of their current and future real estate needs and goals in order to formulate a strategy. Understanding an investor’s profile is one of the key factors in determining what type of properties will be considered. Some example investor profiles are; owner/user, high net individuals, moderate sized investment companies, and institutions. Institutional investors are organizations that control large sums of money for diversified investment in securities, real property and a range of other investment vehicles. Institutional investors include banks, insurance companies, retirement or pension funds, private equity firms, hedge funds, investment advisors and mutual funds, just to name a few. 

In the end, as commercial real estate brokers, we understand that today’s investors don’t select their broker solely by what we do but also because of why they do it. And in Northern Nevada, this is key. Commercial real estate brokerage these days is much more than just answering calls made off of listing signs but now requires a passion for the community and its growth, a real time knowledge of the market at all levels and a genuine and deep understanding of a client’s goals., In doing this, a quality broker can provide the services, options, and preparedness that the client demands. That’s the win-win all clients deserve. 

Tuesday, May 28, 2013

New Local Owners for 1 East Liberty, NAI Alliance Brokers Deal and Maintains Exclusive Lease Listing

Area local, Blake Smith and his investment group have purchased 1 East Liberty (the US Bank Building) and intend to spend $1.6 million to renovate, expand and modernize the 92,000+ sq. ft. building with work planned to begin within the next two weeks. The NAI Alliance Office Properties Group of Scott Shanks, SIOR, Dominic Brunetti, CCIM, and Chase Whittemore, MS, helped broker the sale to Smith and will continue to have the Exclusive Lease Listing for the building.

This is great news in the continued story of downtown revitalization, growth, and continued optimism in Northern Nevada.

You can view the entire release by clicking here.  To read the story published by the RGJ, click here.

KOLO TV also reported the story.

Thursday, May 23, 2013

Office Property Transactions Continue to Pick Up Steam

The NAI Alliance Office Properties Group of Dominic Brunetti, CCIM, Scott Shanks, SIOR and Chase Whittemore, MS have recently closed three new deals. The office market is continuing to show signs of gradual improvement, particularly in the Downtown, South Meadows, and Meadowood submarkets. Here are a few of the most recent transactions by NAI Alliance:
  • California Broadband Cooperative leased nearly 600 square feet of space at 200 S. Virginia. Chase Whittemore, MS, represented the landlord Basin Street Properties. The California Broadband Cooperative’s Digital 395 Middle Mile project proposes to build a new 553-mile, 10 Gbps middle-mile fiber network that would follow U.S. Route 395 between southern and northern California. 
  • Dominic Brunetti, SVP/Principal, closed the sale of an office building at 401 Flint Street. Mr. Brunetti represented the buyer in the transaction. The property at 401 Flint Street is 3,716 square feet in two buildings. 
  • And finally, Immunize Nevada leased 1,600 square feet of office space at 427 Ridge Street. In this transaction, Chase Whittemore, MS, represented both the tenant and the landlord. 
Our immediate future looks bright. Over the past 5 years, our local economy has never been more attractive than it is today. Another shining prospect is private equity investments. As cap rates reach historical lows in major metro markets, real estate investors will search tertiary markets for higher returns.

Overall, Northern Nevada, there are things to smile about. 

Wednesday, May 8, 2013

NAI Alliance Releases Q1 2013 Office Market Report

Driven by California’s outrageous Prop 30, which retroactively raised state income taxes on many individuals in the Golden State, growth in the first quarter of 2013 was more than noticeable. New companies like Rogue Gaming continue to enhance our Downtown economy. Call center and data center activity has remained strong throughout the market. Henry Schein stayed in the market signing a new lease for 75,000 square feet, adding to the proof that Reno is a great small market call center location.

Also new, is San Francisco based Bookkeeper Zoo. The mobile bookkeeping startup opened their national service and data center in South Meadows. This continued level of activity will certainly create more momentum for the Reno Tahoe area as regional companies realize they can take advantage of our competitive taxes, real estate prices, and labor pool.

To read the entire NAI Alliance Q1 2013 Office Market Report, click here.

Thursday, May 2, 2013

NAI Alliance Q1 2013 Retail Market Report Now Available

The Northern Nevada economic climate is showing signs of improvement, perhaps indicating that the retail vacancy rates may have peaked. The current overall vacancy level in Reno/Sparks declined to 17.99% from the previous quarter of 18.52% and 18.60% from the previous year.

The anchor space vacancy is currently at 14.88%. In-Line shops have decreased in vacancy from 23.07% last quarter to 22.62% this quarter. Total net absorption for this quarter was 16,779 square feet. The total gross absorption was 117,700 square feet for this quarter.

Click here to read the entire report.


Monday, April 22, 2013

NAI Alliance Wins Three Categories at the Annual Summit Awards 2013 Event

The Retail, Industrial, and Office Properties Teams at NAI Alliance received three coveted awards at the 8th Annual Summit Awards Event held Friday April 19th at the Eldorado Hotel Casino Convention Center.

NAI Alliance Principal/Senior Vice President of Retail Properties, Kelly Bland, won the 2012 award for Retail Broker of the Year. The Broker of the year is based on total production from a broker in the retail industry. Some of Mr. Bland’s transactions in 2012 included TJ MAXX in South Lake Tahoe, and two openings of 99¢ Only Stores, as a landlord and tenant rep at the new store in Sparks at 580 E. Prater Way, and as a tenant rep for the new location at 595 South Virginia in Reno.

The NAI Alliance Industrial Property Team received the 2012 Largest Single Industrial Lease Transaction award. J. Michael Hoeck, SIOR; Michael Nevis, CCIM; Dave Simonsen, CCIM, SIOR; and Dan Oster of NAI Alliance represented the landlord, Panattoni Development Company, and tenant in this transaction and were all in attendance to accept the Award. Trex Company leased a 337,500sf building at 2375 Newlands Road in Fernley NV. Trex Company is the country's largest manufacturer of wood-alternative decking and railing products, marketed under the brand name Trex®.

And finally, the NAI Alliance Office Team received the award for the 2012 Largest Single Office Lease Transaction. Scott Shanks, SIOR; Dominic Brunetti, CCIM; and Chase Whittemore secured the lease of the 75,500sf building at 520 South Rock Boulevard for Henry Schein. Henry Schein employs nearly 400 people in Northern Nevada and this new lease reflects their commitment to the area.

The Summit Awards of Northern Nevada recognizes notable achievements in the commercial real estate sector from 2012 while also looking forward to 2013. The Summit Awards is the only awards program of its kind in Northern Nevada to encourage and recognize distinguished commercial agents, brokers, property managers, developers and projects. The annual Summit Awards are sponsored by the Northern Nevada chapters of CCIM, CREW, and NAIOP.

Congratulations to all the winners! 

NAI Alliance's Dominic Brunetti presents the Retail Broker of the Year Award to Kelly Bland.

Tuesday, April 9, 2013

NAI Alliance Releases Q1 2013 CRE Industrial Market Report

NAI Alliance is pleased to provide our Q1 2013 Industrial Market Report for commercial real estate in Northern Nevada.  We’re heading in the right direction.  A neutral first quarter in 2013 is much more positive than the past 3 years of negative net absorbtion in prior first quarters.

Starting level heading into Q2 means we have no holes to dig out of.  That alone creates optimism for the market.  Rents have not increased on industrial properties, but we do foresee rent increases for specific property types in the near future.  Corporate earnings, housing, business investment and unemployment are all trending in the right direction helping our economy.

Click here or on the image below to view the entire report.  Also, if you'd like to sign up to receive our market reports, you can click here.

Thursday, April 4, 2013

Tenants in the Damonte Ranch Town Center Growing with the Area - by NAI Alliance

(Excerpts of this article were published in the March 25, 2013 edition of Northern Nevada Business Weekly - Mark Keyzers, SVP Principal of NAI Alliance Retail Property Group contributed to the piece)

The Damonte Ranch Town Center, on the northeast corner of Damonte Ranch Parkway and Steamboat Parkway in Reno, is proud to announce a number of locally owned tenants at the growing retail development. The property is being developed by Lewis Retail Centers, a member of the Lewis Group of Companies, and represented by NAI Alliance of Reno.

A total of six new tenants have opened for business in the development: Mattress Discounters, Mountain America Credit Union, Moana Dental Care, the Damonte Ranch Animal Hospital, Twisted Fork, and Asian Paradise have all recently moved into the development anchored by the Home Depot and RC Willey. Damonte Ranch Town Center features other businesses such as Starbucks, CVS, McDonalds, High Sierra Cycling, Vino 100, and 7-Eleven to name a few.

The development now has over 85% of its completed space occupied, according to Gigi Chisel, Vice President Northern Nevada Development for Lewis Operating Corp. “Despite the challenges of our local economy, we could not be more pleased........"  Click here to read the entire article from NAI Alliance.

Thursday, March 28, 2013

Northern Nevada Office Property Market Continues To Improve, Optimism Slowly Rising - by NAI Alliance

(Article published in the March 25, 2013 edition of Northern Nevada Business Weekly - Scott Shanks, SVP Principal and Dominic Brunetti, SVP Principal of NAI Alliance Office Property Group contributed the piece)

Many in northern Nevada are starting to feel that most industries are beginning to experience rebounds. The office property market in the area is experiencing the same. Cautious optimism in the office market is prevailing, and there are a number of reasons this is the case.

With asking rents and interest rates remaining low coupled with the quantities of available space on the market, brokers, investors and developers continue to feel that this will only benefit both new, and existing, tenants in the area.

There are some key areas that are experiencing near “back to normal” market trends. The downtown market is a highly sought after environment, as is the Meadowood area. In both of these hot sub-markets, tenants can be expected to pay in the $2.00/sqft range for high-quality Class A space, which is close to where prices were before the recession in the area.

This is due in large part to the demand for .....  Click here to read the entire piece from NAI Alliance.

Friday, March 22, 2013

Video Gaming Tech to Bring More Jobs to Northern Nevada - NAI Alliance

Another story on growth in the area. Always a good topic to write about.

In August, NAI Alliance Office Properties Group of Scott Shanks, SIOR, Dominic Brunetti, CCIM, and Chase Whittemore, MS represented Video Gaming Technologies when they expanded their office space from 9,950 square feet to now close to 18,000 square feet in the NevDex Office Park located at 5390 Kietzke Lane in Reno, Nevada.

Now the company has arrived. With their official grand opening yesterday, VGT, a Tennessee-based gaming technology company, announced that they're ready to continue their growth. More jobs to northern Nevada, more good news. VGT has already brought 40 jobs to the area and have an eye on adding close to 30 more professional positions.

The Company cited the depth of talent in the Reno market was key to their expansion. This is just another in a series of stories of companies who are seeing the value of northern Nevada. We're all in for the revitalization of the area, and signs are pointing towards the positive - new businesses, expanding businesses, job growth.

With the collective help of EDAWN and other organizations, Spring in northern Nevada is happening.

The RGJ published a great article here, and you can see the piece KRNV News 4 did on yesterday's grand opening here.

Wednesday, March 20, 2013

NAI Alliance Represents Landlord in Deal to Bring Zuvo Water to Northern Nevada

Another step in the right direction for northern Nevada as Zuvo Warter is moving its headquarters to the area. Currently with a staff of 4, the company plans to increase its employee base to 20-25 by the end of the year.

Zuvo is another company that has sprung up and is committed to long-term growth in Nevada. The company is currently in the process of moving its headquarters from Mountain View, CA to the area, and expects to be operational in April.

Michael Nevis, Senior Vice President/Principal of the NAI Alliance Industrial Properties Group, represented the landlord in the transaction - MEPT Southwest Commerce - to get Zuvo into their new space at 895 E. Patriot Boulevard in Reno.

Zuvo Water LLC is a global innovator of chemical-free water products. Zuvo Water’s product portfolio is based on a patented technology platform that reproduces the photo-oxidation process that naturally occurs in the environment.

Multi-Employer Property Trust (MEPT) is an open-end commingled real estate equity fund that invests in a diversified portfolio of institutional-quality real estate assets in the United States. Founded in 1982, MEPT now has over $5.60 billion in net assets and has become one of the largest real estate equity funds in the US.

You can read a detailed article, courtesy of the NNBW, by clicking here. The RGJ also published a story on this news.

Friday, March 15, 2013

From Smartphones to Tablets - The new web experience

In our business, and in many industries, tablets are the easiest alternative to the PC and a sexier presentation vehicle. And it appears, we're not alone. No longer just a "bigger smartphone," tablets are proving to have a much bigger impact on our collective web experience. The growth of web engagement from smartphones to tablets is on a considerable rise.

The share of website visits from tablets grew approximately 10 times faster than the rate of smartphones within two years of market introduction and grew more than 300% in the last year. This rapid growth is driven by both higher tablet shipments and disproportionately higher website visits per tablet. Tablets’ share of website traffic will exceed smartphone traffic by early 2013 and reach 10% of total website traffic in early 2014. This all according to Adobe Digital Index.

There is also tremendous educational value. The educational division of News Corp., called Amplify, unveiled a new digital tablet at the SXSW tech conference in Austin, Texas.

The tablet will simplify administrative chores for teachers, enable a student's participation more readily in discussions, and allow students to complete coursework at their own pace while drawing upon online research resources that teacher's can personally select. In addition, publishers can update students' textbooks almost instantly, which will keep content as relevant as possible.

While we are all tied to our smartphones for what we need in the moment, the tablet revolution is more than apparent in our daily lives as an extremely mobile alternative to a conventional PC or smartphone for our web experience. Soon, we will all have something new to be tethered to, if we're not already...

Tuesday, March 12, 2013

NAI Alliance Office Represents Landlord in McCarran Mansion Sale, Maintains Exclusive Lease Listing

The NAI Office Properties Group of Dominic Brunetti, CCIM, Scott Shanks, SIOR, and Chase Whittemore, MS represented the seller 401 Court Street, LLC in the sale of the McCarran Mansion located at 401 Court Street in Reno, Nevada. The McCarran Mansion is 7,000 square feet.

Built in 1913 as the Gibbons Mansion, the home was purchased by Nevada lawyer, judge, and politician Pat McCarran in 1921. His law practice thrived in the days of the “Reno Cure” for troublesome marriages. He served in congress from 1933 to 1954. The property passed through other owners in the years following McCarran’s death in 1954. Now restored, it houses offices for a number of professionals and businesses in the area.

In addition to brokering the sale of the Mansion, the NAI Office Properties Group retained the Exclusive Lease Listing from the new owners, McCarran Mansion, LLC.

Monday, March 11, 2013

Tahoe Reno Industrial Center looking to get more van pools - good news for commuters and businesses

One of the best logistics hubs in the west, the Tahoe Reno Industrial Center (TRIC), will soon be receiving additional van pool service for employers and employees to help make the 9 mile east trip from Reno more convenient.  Currently there are three van pools running, mainly for GSI Commerce, a subsidiary of eBay, with the hopes of increasing after talks with other employers in the center.

While discussions regarding bus transportation to TRIC from the Reno-Sparks area have been on-going for some time, TRIC is located in 3 counties - Washoe, Lyon, and Storey - meaning that there is no single transportation governing board.  EDAWN, the RTC, and businesses currently operating in TRIC had discussed adding bus service from Reno.  However, RTC is unable to spend tax money to pay for services outside of Washoe County.

RTC's van pool program, started in 2005, looks like the perfect solution for employees working at businesses in TRIC.  There are a number of advantages for both the employers and employees by utilizing the van pool service, including payroll tax benefits as well as avoiding the obvious vehicle gas, maintenance, and repair fees associated with a commute.

So as the massive 107,000 acre park with 30,000 acres of potential industrial development continues to grow through the great work of EDAWN and developers in the community, there is good news for the hundreds of commuters who are looking to cut back on transportation, and convenience, costs.

You can read the full story by the Northern Nevada Business Weekly by clicking here.  For more information on TRIC, visit their website.

Tuesday, March 5, 2013

Northern Nevada is a Leader in Geothermal Energy Development, But....

There have been a few articles published recently touting Nevada as a geothermal mecca.  In fact, there are 75 geothermal projects under development in Nevada, which is more than twice the amount of the second leading state, California, according to the Northern Nevada Business Weekly (NNBW).

The Great Basin Center for Geothermal Energy at the University of Nevada, Reno has been a leader in understanding the geology of the region covering most of Nevada and parts of Utah, Oregon and California.  The University of Nevada maintains the National Geothermal Academy, an eight-week summer course attended by students, professors, and professionals around the world, both according to the Reno Gazette Journal.

NV Energy currently has 21 deals in place to purchase power from geothermal plants in the state, with a number of those driven by a state requirement for NV Energy to purchase at least 18% of its power needs from renewable sources, according to NNBW. 

However, geothermal energy comes at a price.  Developing geothermal power is a high-risk, high-cost business. Developers spend millions of dollars drilling wells in the hope of finding underground reservoirs of hot water that can be tapped to create steam to drive electricity-generating turbines.

In that sense, the geothermal industry is very much like the oil and gas industries. However, geothermal energy can't be shipped around the world in the way that oil and gas can.  Geothermal energy must be pushed to an electrical grid through agreements to sell the power to a utility and continue development.  Also, there is no payoff in hitting dry geothermal wells, whereas a single "live" oil well can pay off a number of "misses" based on the petroleum prices it can bring.

So, while we have tremendous geological resources here in Nevada, we need investment and legislative commitment to continue our state's growth in this dependable, sustainable source of power.

You can read further, in-depth, pieces by going to the Reno Gazette Journal or the Northern Nevada Business Weekly.

Thursday, February 28, 2013

Reno Providing Thought Leadership and Innovation through Local Events

While we all may think of ourselves as outside of the box thinkers, what do we do to truly inspire?  How do we help the collaborative effort?  How do we create our niche as the go-to company? How do we hit targets we may have thought we could never get to?  How do we turn our “small” ideas into something that we know can impact a community, a region, a state, a nation, a world? How?

Well, here in Reno, there has been a groundswell of activity to answer just that question – How?

Starting with the University of Nevada TEDx event January 25, to the Project Vesto competition February 8-10, the Startup Reno Weekend February 22-24, the Reno Hackathon March 2-3, and the latest TEDxReno event announced for April 26, northern Nevada is becoming a think tank for individuals to have a venue to express their creativity in the hopes of developing the next great idea.

These innovative and collaborative forums provide individuals and teams the opportunity to not only get together, but inspire one another.  If we continue down this fostering path, northern Nevada, and our economic development, will continue to ascend.

The benefit to northern Nevada is the growing commitment to helping grow the community with new business ideas, and more importantly new businesses, which will help continue our upward tick regarding the economic issues we are continually rising above.  New ideas, new innovation, new businesses, new education, new jobs.

With education surpassing jobs as a main concern in a survey published by the Retail Association of Nevada and posted on RGJ, the goals of thought leadership, innovation, collaboration, and education are prevalent in the area.  Events and organizations that foster this type of leadership should be commended, as we will all benefit from these efforts in northern Nevada.

NAI Alliance is all in for northern Nevada.  We live here.  We play here.  We work here.  We will grow here.