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 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.

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.

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.

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 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.

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...

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.

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.

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.

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.

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.

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.

When:  Friday February, 22

Time: 3:00pm-4:30pm
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.

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.

Northern Nevada Median Household Income Map

An interesting graphic from the U.S. Census Bureau's American Community Survey and the Reno Gazette Journal regarding median household income and demographics in the northern Nevada area.  The Southeast Connector plays right into a great demographic area for the region.  Courtesy of @rgj.

NAI Alliance Investment Market Report - Fourth Quarter 2012

NAI Alliance has recently posted its Fourth Quarter 2012 Investment Market Report.  While the overall theme was flat to slow growth, the Northern Nevada market has seen some bright spots during the slow, yet steady, recovery.

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.

 

Michael Schnabel of NAI Alliance, Chosen To Participate as a Judge for the Upcoming Project Vesto Competition!

Project Vesto is a next-generation business competition designed specifically for Nevada by Nevadans. Competitors pitch experienced investors, select the finalists and then the public votes to select the winner through their social media outlets. The winning team will receive $100,000 in cash to start their Nevada business. This is a program organized by NIREC and sponsored through the Nevada Governor’s Office of Economic Development. The submission round ended on December 31 and received an overwhelming amount of submissions, 232 in total, from across the greater Nevada area.  The pitches will be 5-minutes followed by 5-minutes of question and answer in front of a panel of experienced investors. No projector, no PowerPoint, no Prezi, no Keynote and no set up time.  Michael Schnabel spearheads the Investment Services Group at NAI Alliance.  Michael is a Founding Partner and Managing Member at Development ARTS and was a Founding Partner and Managing Member of Blackfire Real Estate Investors.  Michael is an active Angel Investor in Northern California and Northern Nevada with investments representing a diverse portfolio of companies. For more information about the competition please check out www.ves.to

NEW! Q4 2012 Retail Market Report

NEW! The Quarterly Retail Market Report summarizing Retail Commercial Real Estate activities in the Reno/Sparks area is available to download through our website. Visit: Retail Market Report

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.

Michael Nevis and J. Michael Hoeck Secure Lease for Trex

Trex Company leased a 337,500sf building at 2375 Newlands Rd in Fernley NV. Trex Company is the country's largest manufacturer of wood-alternative decking and railing products, marketed under the brand name Trex®. The company was formed in 1996 through the buyout of a division of Mobil Corporation and went public in 1999. Trex Company is headquartered in Winchester, Virginia, with manufacturing facilities in Fernley, Nevada and Winchester, Virginia. J. Michael Hoeck, SIOR; Michael Nevis, CCIM; Dave Simonsen, CCIM, SIOR; and Dan Oster of the NAI Industrial Properties Team represented the landlord and tenant in this transaction.

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.

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

Expressing cautious optimism, NAI Alliance expects vacancy rates to drop 1 percent for each segment, but still maintain double-digit percentages ranging from 12.3% in industrial and 17.7% in retail spaces.

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.