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.

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. 

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.

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.

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.

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.