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.
Showing posts with label Office. Show all posts
Showing posts with label Office. Show all posts
Tuesday, May 28, 2013
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.
Saturday, February 23, 2013
Forbes publishes Commercial Real Estate Forecast Update: 2013-2014
This Thursday, Forbes Magazine published their Commercial Real Estate Forecast Update: 2013-2014. Similar to the data presented by NAI Alliance at the Builders Association of Northern Nevada (BANN) Forecast 2013 event in January, the data reflects modest growth projected for 2013 with some caveats. The northern Nevada market is basically falling in line with a nationwide trend - growth. Slow growth, but growth nonetheless. Encouraging information in a number of markets.
Here are some excerpts from the Forbes piece:
Office:
- The office market enjoyed 11 consecutive quarters of occupancy growth and eight straight quarters of rent increases
- Finding large contiguous Class A spaces in downtown areas can be difficult
Industrial:
- Starting to expand, with more new deliveries than in recent years
- Vacancy rates will not fall too far, nor will rents rise too fast
- Increased volume of rented space will help the large landlords improve their efficiency
Retail:
- Seeing more absorption than construction
- Overall retail spending has only increased 4.4 percent in the past 12 months
- The positive side for property owners is the extremely low interest rate for commercial mortgages
Investment:
- The recent stock market surge may shift some money away from real estate
- Light to moderate gains are likely
- The Wall Street Journal’s most recent survey of economic forecasters shows a 17 percent risk of recession
So there are a number of positive takeaways from the data delivered by Forbes, but the rule remains - cautious optimism. We, as both a local market and a nation, are climbing out, but there are many hurdles to clear. Fortunately the path is bright.
You can view the entire article from Forbes by clicking here.
In addition, you can view the presentations given by NAI Alliance executives at the BANN Forecast 2013 event on the NAI Alliance YouTube brand channel by clicking here.
Here are some excerpts from the Forbes piece:
Office:
- The office market enjoyed 11 consecutive quarters of occupancy growth and eight straight quarters of rent increases
- Finding large contiguous Class A spaces in downtown areas can be difficult
Industrial:
- Starting to expand, with more new deliveries than in recent years
- Vacancy rates will not fall too far, nor will rents rise too fast
- Increased volume of rented space will help the large landlords improve their efficiency
Retail:
- Seeing more absorption than construction
- Overall retail spending has only increased 4.4 percent in the past 12 months
- The positive side for property owners is the extremely low interest rate for commercial mortgages
Investment:
- The recent stock market surge may shift some money away from real estate
- Light to moderate gains are likely
- The Wall Street Journal’s most recent survey of economic forecasters shows a 17 percent risk of recession
So there are a number of positive takeaways from the data delivered by Forbes, but the rule remains - cautious optimism. We, as both a local market and a nation, are climbing out, but there are many hurdles to clear. Fortunately the path is bright.
You can view the entire article from Forbes by clicking here.
In addition, you can view the presentations given by NAI Alliance executives at the BANN Forecast 2013 event on the NAI Alliance YouTube brand channel by clicking here.
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.
Work Starts on Southeast Connector in Sparks
This long awaited, and much anticipated, construction work has started. The
SouthEast Connector (SEC) will be a 6 lane arterial roadway with two
new at-grade signalized intersections. The new intersections will be at
Mira Loma Drive and Pembroke Drive. The SEC will originate at the
existing intersection of South Meadows Parkway and Veterans Parkway on
the south end and will terminate at the existing intersection of Greg
Street and Sparks Boulevard on the north end.
This is very exciting for business and property owners across the region, as a new artery will create a new traffic corridor never before seen in some key regions of northern Nevada.
The article is courtesy of the Reno Gazette.
This is very exciting for business and property owners across the region, as a new artery will create a new traffic corridor never before seen in some key regions of northern Nevada.
The article is courtesy of the Reno Gazette.
Tuesday, February 12, 2013
NAI Alliance Investment Market Report - Fourth Quarter 2012
An upward trend in transaction volume in Washoe County has been occurring since the low water mark of Q1-2009. Much of this has to do with taxes, both of our neighboring state(s) and federally, being the primary factor for the rapid increase in recent transaction volume in our region.
With new business such as Apple, Biz Chair, and Alfa Aesar moving in, as well as a continued commitment to Northern Nevada by the likes of Henry Schein, Trex, Hamilton Company, Sanofi and others mean that the region is stabilizing and showing conservative signs of growth.
To read the full Investment Market Report, including vacancy rate data and in-depth thoughts on the California to Nevada shift, click here.
Tuesday, January 22, 2013
NNBW Reports on the BANN Forecast 2013 event - NAI featured
Click here to read the Northern Nevada Business Weekly's report on the Builders Association of Northern Nevada (BANN) Forecast 2013 event. Commercial real estate content provided by NAI Alliance - J. Michael
Hoeck, Senior Vice President Industrial Properties, Scott Shanks, Senior
Vice President Office Properties and Mark Keyzers, Senior Vice
President Retail Properties.
Thursday, January 17, 2013
View the NAI Alliance Presentations from the BANN Forecast 2013
Click here to view a PDF of the presentations of J. Michael Hoeck, Senior Vice President Industrial Properties, Scott Shanks, Senior Vice President Office Properties and Mark Keyzers, Senior Vice President Retail Properties from the Builders Association of Northern Nevada (BANN) Forecast 2013 event Tuesday January 15.
Wednesday, January 16, 2013
Builders Assoc Forecast 2013 Featuring NAI Recap - by RGJ
Executives from NAI Alliance Commercial Real Estate were lead presenters on the commercial real estate market at the Builders Association of Northern Nevada (BANN) “Forecast 2013 and Beyond” event Tuesday January 15, 2013 at the Atlantis Hotel Casino.
Presenting from NAI Alliance were the following:
- J. Michael Hoeck, SIOR – Senior Vice President/Principal - Industrial Properties Group
- Scott Shanks, SIOR – Senior Vice President/Principal - Office Properties Group
- Mark Keyzers – Senior Vice President/Principal - Retail Properties Group
You can read the full recap article written by the Reno Gazette by clicking here.
The full presentations can be viewed on the BANN web site by clicking here.
Tuesday, December 18, 2012
New Office Listing at 825 Maestro Drive in Reno, NV
775 336 4600
The Office Properties Group is proud to announce a new office listing for 825 Maestro Drive in Reno, Nevada.
The office space available is 4,312 square feet. The lease rate is $1.10 per square foot plus NNN. Tenant improvements negotiable and furniture included.
For more information on this property or to view all our listings please visit us at http://naialliance.com/
The Office Properties Group is proud to announce a new office listing for 825 Maestro Drive in Reno, Nevada.
The office space available is 4,312 square feet. The lease rate is $1.10 per square foot plus NNN. Tenant improvements negotiable and furniture included.
For more information on this property or to view all our listings please visit us at http://naialliance.com/
Wednesday, November 7, 2012
Q3 2012 Office Activity
Third Quarter 2012 Office Activity
The pending election has been the excuse for many delays in tenant expansion, movement and investment and it continues to make an impact on the Northern Nevada office market. The Apple announcement continues to be a topic of economic development conversation. In further, the region strives to become a tertiary hub for continued data center activity. Secondly, the call center trend of over a decade ago is back in swing. With the announcement of two new service support centers, one being One Contact Inc., headquartered in Toronto, taking foot in the region to take advantage of the available work force and near plug and play office space.
And, organically, Mid-Town continues to progress and attract small retailers and professional services firms to downtown. New vertical construction has commenced on the Thoma & S. Virginia Street site and Marmot Properties continues to transform their 2 block residential assemblage in the immediate area. This continued redevelopment and successful push in the downtown food and beverage landscape, has had a positive effect in attracting more tenants to the CBD.
Tuesday, October 9, 2012
775 336 4600
The Office Properties Group announces a new office listing for 500 Damonte Ranch Parkway, Suite 657B in Reno, Nevada.
The office space available is 2,222 square feet. The lease rate is $1.15 per square foot, triple net.
For more information on this property or to view all our listings please visit us at http://naialliance.com/
The Office Properties Group announces a new office listing for 500 Damonte Ranch Parkway, Suite 657B in Reno, Nevada.
The office space available is 2,222 square feet. The lease rate is $1.15 per square foot, triple net.
For more information on this property or to view all our listings please visit us at http://naialliance.com/
Wednesday, September 19, 2012
NEW SUBLEASE AVAILABLE AT 10381 DOUBLE R BOULEVARD IN RENO
775 336 4600
The Office Properties Group is proud to announce a new office sublease located at 10381 Double R Boulevard in Reno, Nevada.
The office space available is 7,850 square feet. The lease rate is $0.65 per square foot, modified gross.
For more information on this property or to view all our listings please visit us at http://naialliance.com/
The Office Properties Group is proud to announce a new office sublease located at 10381 Double R Boulevard in Reno, Nevada.
The office space available is 7,850 square feet. The lease rate is $0.65 per square foot, modified gross.
For more information on this property or to view all our listings please visit us at http://naialliance.com/
Thursday, August 30, 2012
New Office Listing at 3748 Lakeside Court, #101
775 336 4600
The Office Properties Group is proud to announce a new office listing for 3748 Lakeside Court, #101 in Reno, Nevada.
The office space available is 1,360 square feet. The lease rate is $1.35 per square foot, modified gross.
For more information on this property or to view all our listings please visit us at http://naialliance.com/
The Office Properties Group is proud to announce a new office listing for 3748 Lakeside Court, #101 in Reno, Nevada.
The office space available is 1,360 square feet. The lease rate is $1.35 per square foot, modified gross.
For more information on this property or to view all our listings please visit us at http://naialliance.com/
Thursday, July 19, 2012
Senior Housing Market
Posted by: Suzy N. Klass
Associate Office Properties Group
sklass@naialliance.com
What is the senior housing market? You read all the time about senior housing, as if that term could describe a monolithic classification. In my experience, we need a new definition of “senior housing”. First of all, we need to push back on housing for people starting at age 55.
These days, that is “middle age” not “senior”! Who is retiring at 55 anymore?
Most baby boomers now plan to work into their 70’s. This includes all levels of workers; white collar office jobs, physicians, and bus drivers. This means that they are staying near employment centers. All those 55+ communities built miles away from downtown on cheaper land? You figure it out.
Baby boomers in the next ten years will be looking for creative places to live. Product that is well-designed, close-in, and has an emphasis on communal living that is outside the usual “clubhouse” approach. You can’t feel close to hundreds of other homeowners in your community. They will want smaller group living situations, close to academic centers, shopping, restaurants, entertainment, etc.
They will be using whatever freed up equity they have to purchase innovative housing. There will always be a need for assisted and memory care. That’s the next stop in the continuum. More on that later.
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