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.