- Q4 absorbtion nearly quadrupled quarter over quarter measures
- Net absorbtion in 2013 was over 5x the 2012 net absorbtion at 202,244 square feet
- Overall vacancy is down to 13.64%
- Quality spaces in Class A buildings are at a premium, resulting in developers planning speculative building projects
- Notable transactions:
- Custom Ink, 50,000 square feet in the Reno Tech Center (100% occupancy)
- LP Insurance, 22,000 square feet at Park Center Tower in Downtown (close to 100% occupancy
Showing posts with label Dominic Brunetti. Show all posts
Showing posts with label Dominic Brunetti. Show all posts
Monday, January 20, 2014
NAI Alliance Releases Q4 2013 Office Market Report
A good end to the year for the Northern Nevada Office Market. The office market in Northern Nevada continued to improve at a rate not seen since the start of the recession in Q3 and Q4 2013. Here are a few of the highlights from the report.
Wednesday, December 18, 2013
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.
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, 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.
To read the entire report, click here.
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
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.
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.
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:
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
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.
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:
Overall, Northern Nevada, there are things to smile about.
- 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Thursday, February 21, 2013
New Sparks Justice Court Ribbon Cutting and Open House - Feb 22
The new Sparks Justice Court is now open. Please join
the community for a ribbon cutting ceremony and dedication of the courthouse Friday
February 22 at 1675 E. Prater Way, Suite 107 in Sparks, NV. Tour the
courthouse, meet the staff and talk to the judges. This is an exciting
event for Washoe County and the City of Sparks and we encourage you to attend.
Where: 1675 E. Prater Way, Suite 107, Sparks, Nevada (across the street from the Sparks Police Department
Dominic Brunetti, SVP/Principal Office Properties at NAI Alliance, and the office team of NAI Alliance represented the Sparks Justice Court to get them into their new, modern facility.
When: Friday February, 22
Time: 3:00pm-4:30pmWhere: 1675 E. Prater Way, Suite 107, Sparks, Nevada (across the street from the Sparks Police Department
Dominic Brunetti, SVP/Principal Office Properties at NAI Alliance, and the office team of NAI Alliance represented the Sparks Justice Court to get them into their new, modern facility.
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