Northern Nevada Real Estate A special publication brought to you by the
Volume 3, Issue 3
COMMERCIAL | INDUSTRIAL | RETAIL | LAND | OFFICE
Monday, November 7, 2016 | www.nnbw.com
Demand for industrial construction increasing By Sally Roberts sroberts@nnbw.biz The industrial real estate market is “hitting on all cylinders,” according to Eric Bennett, first vice president of industrial and logistics at CBRE. Bennett was commenting on the third quarter 2016 reports regarding industrial development in the RenoSparks market. “It’s the 18th consecutive quarter of positive net absorption,” he said in a phone interview with NNBW. The market absorbed 535,205 square feet of industrial space in the third quarter, according to the third quarter 2016 industrial report by CBRE, with a 5 percent vacancy rate to end the quarter. Steve Kucera, vice president industrial at Kidder Mathews, also cited the positive quarter. “It was a great quarter, as you can see,” he said referencing his company’s quarterly report, “I would say the biggest thing that stood out was the increase in absorption. It was a big quarter.” Notable lease transactions included: • Jet.com, which expanded into a leased 672,000-square-foot space on 235 E. Sydney Drive in TRIC, to add to its original Reno location on USA Parkway. • Mary’s Gone Crackers is moving into a 423,001 square feet leased space at the North Valley Commerce Center.
• Exxel Outdoors leased 217,863 square feet in the North Valley Commerce Center. • Sears Outlet leased 169,027 square feet at 400-450 East Parr • Alltrade Tools leased 90,000 square feet at 9250 Red Rock Rd. Notable sales included: • Dalfen America Corp. added to its portfolio with the purchase of 1.25 million square feet, GLP Tranche 1, in the Sparks submarket for $55.3 million.
Mary’s Gone Crackers is moving into a 423,001-square-foot space in the North Valley Commerce Center and Exxel leased a 217,863-square-foot space in the center. Photo by Sally Roberts.
• Franmar Company invested in 4900 Ampere Drive in the Airport submarket for a $8.15 million. • And Universal Printing and Graphics purchased its 19,498 square foot space at 4835 Longley Lane for $2.05 million. North Valleys absorbed the bulk of the industrial space in the area, with five of the top six leasing transactions in that submarket. “The North Valleys submarket is obviously where the major building
is going on,” Kucera said. “There was one big deal — Jet.com — out in TRIC (Tahoe-Reno Industrial Center). It was an anomaly. “The average big box tenant is going to North Valleys over TRIC. That’s where all the spec construction is.” Kucera said that many companies coming to tour the area for potential moves prefer spec construction — construction started without a specific tenant lined up. They want continued on page 11
Investors hot on multifamily market NNBW Staff info@nnbw.biz Strong demand and lack of inventory led to a record average rental rate in the Reno-Sparks market for the third quarter of 2016. And the scorching-hot multifamily market shows no signs of cooling anytime soon. Average rent hit $1,054 in the third quarter, and though that number is still below the national average it’s far higher than historical average rent rates for Greater RenoSparks. “This market historically has been between $800 and 900 for average rents,” says Aiman Noursoultanova, senior vice president of investment properties Lakeridge East Apartments were one of the notable sales for the third quarter of 2016. The 310-unit community sold for $40.2 million in an auction. Photo courtesy CBRE.
with CBRE. “We are well over $1,000 and on our way to $1,100 — we are getting up there.” Continued strong demand for apartment housing continues to outpace supply of available units. And it’s definitely an owners’ market — typical concessions, such as one month’s free rent, are quickly becoming a thing of the past. “Virtually no one is offering concessions,” Noursoultanova says. “If you are a renter, don’t give notice unless you have found a place to go. The number of concessions is the lowest I’ve ever seen in this market.” The average vacancy rate ticked up a quarter percentage point to 2.24 percent in the third quarter, continued on page 11
2 | Northern Nevada Real Estate Journal | Monday, November 7, 2016 | www.nnbw.com
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Northern Nevada Real Estate Journal | Monday, November 7, 2016 | www.nnbw.com | 3
Office market holds steady activity for third quarter By Annie Conway aconway@nnbw.biz The office market in the RenoSparks area continued to be active for the third quarter of 2016. “To date, we are seeing activity levels maintain their momentum,” Dominic Brunetti, principal with Dickson Commercial Group, said. “Probably more so this year then we have the past two or three years.” Dickson Commercial Group reported a 12.98 percent overall vacancy rate for the third quarter Reno/Sparks office market. Comparably, they reported a 12.87 percent overall vacancy rate for the second quarter of 2016. They reported a 10.5 percent vacancy rate for the Downtown submarket, a 9.57 percent vacancy rate for Meadowood and 15.59 percent vacancy rate for the South Meadows submarket in the third quarter. Notable leases for the third quarter included: • Guild Mortgage, a national and privately held mortgage company, leased 3,322 square feet of office space at 601 S. Arlington St. in Downtown Reno. • Road and Highway Builders, a highway construction company, leased 6,580 square feet of office space at 175 Salomon Circle in Sparks. • Aflac Insurance leased 7,040 square feet of office space at 300 E. Second St. in Downtown Reno. • CAEK, Inc. leased 11,000 square feet of office space at 100 N. Arlington in Downtown Reno. • Renown Health leased 9,871 square feet of office space at 2450 E. Liberty St. • Video Gaming Technology Inc. leased 26,000 square feet of office space in South Meadows. They moved from an 18,000-square-foot space in the Meadowood market. • Tech Company leased 43,298 square feet at 1600 Neil Rd. According to Brunetti, they are seeing a trend of office building owners renovating existing office space to attract new tenants. One example is the renovation of Arlington Towers at 100 N. Arlington. Reno Engineering finished improvements on the second floor of the building earlier this year and leased 11,000 square feet to CAEK, Inc., a female-founded software technology company. “That trend is definitely improving and what has made that possible is that rent elevation,” Brunetti said. Other examples of renovated offices buildings include 1 E. Liberty St., which is 98 percent leased, and 50 W. Liberty St., which is owned by Basin Street Properties and completed renovations to the building in the first quarter of 2016. “Downtown is leading the charge in full renovations just because the buildings are older,” Brunetti explained. The market is also continuing to be very active for 2,000 to 3,000-square-foot office space.
“Our market historically has been a 2,200 to 5,000-square-foot tenant market,” Brunetti said. “Those are smaller, family-owned businesses.” While new companies are continuing to enter the market, existing companies are also expanding. “One thing that is refreshing is the organic growth,” Scott Stanzl, vice president of Basin Street Properties, said about the office market. “… We are continuing to see a very strong demand for the downtown.” According to Stanzl, tenants like the synergy and energy that comes with a downtown location. They like being close to the University of Nevada, Reno, coffee shops, eateries and the many other amenities that a downtown office provides. He explained that they are seeing a wider range of businesses are expanding in the Reno market at a more balanced growth rate. “Tenants are doing business smarter,” Stanzl said. While the market is experiencing low vacancy rates, rents have stayed about the same quarter-over-quarter. Melissa Molyneaux, senior vice president and executive managing director for Colliers International, said that the average rent is $1.44 per square-foot. This is down slightly from the second quarter, which had an average rent of $1.45 per squarefoot. “It is not completely a landlord’s market yet,” Molyneaux said. The market also had a steady amount of sales from both investors and tenants. Notable sales in the third quarter included: • Cypress Management bought a 33,072-square-foot multi-tenant building at 6121 Lakeside Dr. for $6.25 million • The Greer Group bought 6880, 6774 and 6630 S. McCarran, a portfolio sale of medical and professional offices totaling 92,111 square feet that sold for $18,315,494 • Mjc Nevada LLC bought 6121 Lakeside Dr. totaling 33,072 square feet Markets typically start to experience new construction once vacancy rates reach below 10 percent. However, there is currently no new construction being built. According to Molyneaux, McKenzie Properties is planning on building a 40,000-square-foot spec construction office building in Mountain View Corporate Center in the Meadowood submarket. Overall, the 2016 office market has been very healthy with manageable growth. “All and all it has been a good year,” Brunetti said about the first three quarters of 2016. “It has been very consistent with what we were hoping for.” He said that they need one or two more sizable deals of over 10,000 square feet to finish off the year strong. “It would put us in a great position going into 2017 because our net absorption number would look great,” Brunetti said. That would help spur new office construction.
However, he said that they might not see new construction in the fourth quarter with the holidays and with the election. “With the holidays and the election I think people will really sit back and prioritize based on the outcomes of the rest of 2016,” Brunetti said. Nevertheless, Stanzl and Molyneaux are optimistic about transactions for the fourth quarter.
An aerial shot of Arlington Towers, located in the heart of downtown Reno. The owners, Reno Engineering, recently leased 11,000 square feet of office space to CAEK, Inc. Photo by Ron Kots.
“The year is not over,” Stanzl said. “Historically we have seen quite a few transactions in the fourth quarter.” “I am really feeling that we still have some great deals in the pipeline,” Molyneaux said. “I think that we are going to round out the year very strong.” ●
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4 | Northern Nevada Real Estate Journal | Monday, November 7, 2016 | www.nnbw.com
Empty big boxes slowly finding tenants as retail market picks up By Roger Diez info@nnbw.biz Retail real estate in northern Nevada saw both positive and negatives in the third quarter of 2016. The good news is that vacancy rates continue to fall and net absorption and lease rates are up. The bad news is that inventories are low, with fewer available existing properties and little new construction. Depending on who you talk to, the numbers change slightly, because brokerage firms track the market from slightly different perspectives. Shawn Smith, vice president at CBRE, cited the company’s recently released third quarter 2016 quarterly report, which reported a positive net absorption of 67,615 square feet, bringing the yearly retail net absorption figure to 268,400 square feet. Vacancy rates fell to a new low for the market, with four of the nine submarkets that CBRE tracks at a vacancy rate below 10.1 percent. Vacancy rates ranged from a high of 22.6 percent in the Central/Airport submarket to a low of 5.7 percent in the North Valleys. The average cost per square foot is $1.32, with prices ranging from a low of $1.16 in Sparks to a high of $2.08 in downtown Reno. The report also cited two large leases; 28,368 square feet at the Legends at Sparks Marina by H&M, and Patagonia’s 17,665 square-foot lease at 130 Center Street. Three construction projects were also noted; the 50,113 square-foot Dick’s Sporting Goods in Meadowood Mall, and a 24,801 square-foot Petco
store at Legends at Sparks Marina, are both nearing completion. South Meadows Promenade, an 80,000 square-foot grocery-anchored retail center, is scheduled to break ground in the fourth quarter 2016. Dickson Commercial Group’s retail specialist Gary Tremaine said his firm separates the market into
three segments: Shopping Centers, Power Centers, and General Retail (freestanding). According to Dickson’s Q3 2016 retail report, the overall vacancy rate stands at 9.5 percent, with the Power Center segment at 20.1 percent, Shopping Centers at 11.3 percent, and General Retail at 6.1 percent. Tremaine also noted healthy sales activities in Reno/Sparks in the quarter. The largest sale was Firecreek Crossing at $48.5 million. Marie Callender’s sold for $6.12 million to Chik-Fil-A. McCarran Square went for $4.27 million, Chipotle Mexican Grill on Mae Anne for $3 million, and Mill & Terminal Plaza for $2.73 million. In addition, the 45-acre Park Lane Mall site sold for $26,923,683 and will be developed into a mixed-use multifamily residential, retail, and office complex. Dickson’s report also cited the average lease rate in the Reno key markets at $1.31 per square foot, nearly identical to CBRE’s figure. However, when outlying markets such as Carson City and Gardnerville are included, the average rate drops to $1.17. Yet another perspective on the retail market comes from Colliers International Senior Vice President of Retail Services Rick Casazza and Senior Associate, Retail Services Casey Scott. Colliers tracks properties of 20,000 square feet or larger, which have seen a 12 percent vacancy rate in 2016. There are deals pending on some of the 15 vacant big box properties in the Reno/Sparks market, but they cannot be disclosed at this time, according to the Colliers agents. Casazza did say that some of the deals involved splitting the big box space. The big box vacancies are in large part due to the demise of such entities as Sports Authority, Circuit City, Mervyn’s, and others.
The largest retail sale for Reno/Sparks was Firecreek Crossing, which sold for $48.5 million. Photo by Sally Roberts.
The former K-Mart Superstore building in Carson City has been vacant for nearly 15 years. The building will be turned into a Bodines Casino. Photo by Jim Grant/Nevada Appeal.
Casazza and Scott noted that the South Meadows Promenade project was the first major retail new construction in seven years, a sign that the economy is improving. They are also seeing a lot of remodeling and updating of properties such as Smithridge, Shoppers Square, and other south Virginia Street properties. They see more new construction in the future, as capital is seeking deals in Reno due in part to cheaper land and building costs than in California, and in part to the Tesla effect. Carson City is the largest retail real estate market in northern Nevada outside of Reno/Sparks, but is small in comparison. Andie Wilson of NAI Alliance said that the market’s size warrants a comprehensive report only every two years or so, with the next one due in Q1 2017. The vacancy rate has improved since 2009, when it was at 19.76 percent. The 2011 report showed a reduction to 17.8 percent, 2015 was 16.85 percent, and Wilson anticipates a drop to 14-15 percent when the 2017 report is compiled. Unfortunately, a minority of centers skews the numbers. Wilson said that of the 18 centers in the market, 12 had vacancy rates of less than 3 percent. The other six have had long-term vacancy problems, like the former K-Mart superstore building on North Carson, which has been vacant for nearly 15 years. However, Bodines Casino will be occupying 15,000 square feet of space in that center with a casino/restaurant. The former Scolari’s center on Highway 50 has been remodeled and is attracting new tenants, and Wilson expects the Eagle Center in south Carson to be full within the next 12 months. The Carson Mall has seen the former Gottschalk’s space occupied by Sportsman’s Warehouse and Beall’s. In summary, the trend in retail is positive throughout the region, and that trend promises to continue for the foreseeable future. ●
Northern Nevada Real Estate Journal | Monday, November 7, 2016 | www.nnbw.com | 5
Transforming Carson City’s downtown corridor By Annie Conway aconway@nnbw.biz Throughout the past several months, Carson City’s downtown corridor has been under a flurry of construction in efforts to revitalize and improve the area. The project, officially called the Carson Street Urban Design Project, is intended to transform the downtown corridor into more of a community attraction and to make downtown more pedestrian and bikefriendly. “I think you will see more of an attraction for families to come down and walk around,” Brett Amesbury, project manager at Q&D Construction, said about the improvements to the downtown corridor. There are currently many vacant buildings downtown. According to Jeff Bean, senior vice president of the heavy/civil division at Q&D Construction, the improvements to the downtown corridor many help spur redevelopment. “I think you are going to see a lot of redevelopment downtown,” Bean said when asked about how the project will benefit downtown Carson City. “There are a lot of vacancies right now.” Q&D Construction was awarded the $8.1 million contract to be the Construction Manager at Risk (CMAR) team on the project. They broke ground in March 2016. Once the project is complete, Carson Street will be narrowed between Williams and 5th Streets to one lane in both directions with a center turn lane. They are also adding a five-foot bike lane on each side of the street and widening the sidewalks. The project started with the underground infrastructure improvements to the water line, the
sewer line, storm drains and adding a fiber optics line. “With an older road and not much known underneath, that was definitely a challenge,” Amesbury said. According to a May article in the Nevada Appeal, Q&D found several underground gas and heating oil tanks, a lateral sewer pipe from Mercury Cleaners and the more than 50-year-old sewer pipe and water main, which has had a number of leaks over the years. About a month later, they started pulverizing the road to widen the sidewalks. Throughout the project, they have had to close lanes, streets and redirect traffic to Curry and Stewart streets for business access. According to Amesbury, at the peak of the project they had around 40 Q&D construction workers. The project also includes the addition of Bob McFadden Plaza, which opened this past July. The plaza, located at 3rd Street between Carson and Curry Streets, is named after the late Bob McFadden, a Carson City businessman, Realtor and manufactured housing dealer who refurbished the St. Charles Hotel. The plaza creates an area for the community to gather and includes a 36-foot stage that is fully equipped for live entertainment and a 12-foot splash pad for kids to run through on hot days along with new landscaping and outdoor seating. “It is a big attraction down there,” Amesbury said. “People are really excited for that splash pad.” The plaza had previously been a one-way street with parking along Third Street. According to Amesbury, businesses, like Firkin & Fox, set up seating in the patio area for outdoor dining after the opening of the plaza. In August, they began planting about 100 trees in concrete planters on the new sidewalks. The project
also includes additional landscaping and benches, the addition of two new bus turnouts in downtown, and about 20 new parking spots along Carson Street. Throughout the project, there has been a significant amount of public outreach to keep citizens informed. “Carson City has been really good about their outreach,” Bean said. “It has been the most interactive project I’ve been involved with as far as involving the community and the businesses.” The city launched a website, carsonproud.com, to continually inform the Carson community about the progress of the construction and street closures. According to Q&D, the city also did extensive public outreach prior to breaking ground to hear what the community did and did not want in the project. The city and Q&D also worked with the local businesses that were impacted by the street and sidewalk closures due to the construction. “There is an impact on the businesses, there is no way around that,” Bean said. “We really do try to minimize the impact. There is always
The Bob McFadden Plaza opened this past July. The plaza includes a 36-foot stage that is fully equipped for live entertainment and a 12-foot splash pad along with new landscaping and outdoor seating. Courtesy Q&D Construction, Inc.
an effort made to communicate to the business owners.” “Some were happy some were not happy,” Chris Barrett, vice president of business development and external affairs, said about business owners in the downtown corridor. “At the end of the day when this project is completed, it is going to be more walkable, bike-friendly and pedestrian friendly. It will be a huge benefit to businesses along that street.” All work except for the new crosswalks was expected to be complete by Nevada Day. “(After Nevada Day) we will essentially just be working on the crosswalks,” Bean said. “But they are slow and tedious and they might impact traffic more then anything we have done so far.” Q&D expects all construction to be completed by Thanksgiving. ●
Flurry of activity in downtown Reno By NNBW Staff info@nnbw.biz Reno’s downtown is continuing to spur redevelopment as well as attract retailers and companies to the heart of the Biggest Little City. According to CBRE’s third quarter 2016 Reno office report, office vacancy rates in the downtown market are currently at 15.9 percent and according to CBRE’s Q3 Reno retail report, retail vacancy rates for in the downtown market are at 11.8 percent. The following provides a recap some of the activity in downtown Reno for the third quarter of 2016. Courtyard by Marriott opens The Courtyard by Marriott Reno Downtown/Riverfront opened Tuesday, Aug. 9. The new 135room hotel is located in the heart of downtown Reno at 1 Ballpark Lane, across from Greater Nevada Field. West Elm opens for business West Elm officially opened on Thursday, Aug. 11. The 11,000-squarefoot store opened on the main floor of the historic U.S. Post Office building at Fifty South Virginia.
CAEK, Inc. moves to Reno CAEK, INC. is a femalefounded software company that provides regulatory compliance and information security solutions for the medical industry. The Economic Development Authority of Western Nevada (EDAWN) announced that the company was relocating from Fayetteville, Ark. on August 29. The company leased 11,000 square feet of office space on the second floor of Arlington Towers in downtown Reno. The company expects to grow to more than 150 employees within the next five years. Patagonia plans to relocate Patagonia, the outdoor clothing and gear store, announced they are moving from their current location at 8550 White Fir St. in West Reno to the newly renovated 17,000-squarefoot building on 130 S. Center St. Patagonia is leasing the building, known as the Hudson Building, from Brian Egan with Egan Commercial Real Estate. The opening day is slated for November 22, said Danielle Egge, the North America retail marketer for Patagonia, in a recent email.
Demolition of downtown motels The City of Reno demolished two blighted motels in downtown Reno. The two motels, located at 500 Virginia St., were formally known as Heart o’ Town and the Golden West. The buildings had been vacant for more than seven and a half years and demolition started on Sept. 6. The property is currently owned by Northern Nevada Urban Developers & Management Company LLC., which is made up of more than 60 developers. They entered an agreement with the City of Reno to repay the city for the costs of demolition and for the city to place a special assessment lien on the property. Aflac Insurance opens new office Aflac Insurance opened a new office in downtown Reno. They signed a lease with Basin Street Properties for 7,040 square feet in their 300 E. 2nd St. building. Capstak settles in Reno The founders of Capstak, Inc. announced that the company has chosen Reno for its corporate headquarters at an EDAWN press
conference this past September. Capstak is an online meeting platform for commercial real estate professionals. It helps them find deals, source capital and identify both business partners and service providers. The company launched its beta product in the Reno market and plans to launch Capstak nationally in 2017. The start-up is currently operating out of the University of Nevada, Reno’s Innevation Center. Whitney Peak Hotel upgrading three downtown buildings Whitney Peak Hotel announced in September that the company is in the beginning process of upgrading three buildings in downtown Reno to attract retail and small office tenants. The buildings include the vacant Old Reno Casino, Vino restaurant and the empty ground space in the Whitney Peak parking garage. The hotel purchased these properties at the same time they acquired the Fitzgeralds, which was converted into the Whitney Peak Hotel. ●
6 | Northern Nevada Real Estate Journal | Monday, November 7, 2016 | www.nnbw.com
The Chateau at the Village in South Lake Tahoe sells By Claire Cudahy ccudahy@tahoedailytribune.com A Marin County developer has big plans for the property formerly known as “The Hole.” Kawana Meadows Development Corporation entered into a $45 million purchase agreement with Tahoe Stateline Venture on Sept. 22 for eight acres of the property known as The Chateau at the Village. “We’re scheduled to close escrow Nov. 15,” said Kawana Meadows CEO Will Oswald. “Our plan is to stay with the program of what’s been approved and entitled by the TRPA and not make any major changes.” The property was untouched for many years after a developer tore down existing structures before running out of money during the recession. Owens Financial purchased the property, located on Lake Tahoe Blvd. near the casino corridor, and began creating residential and commercial units. The first phase of the project was completed in October 2014 and consisted of 31,000 gross square feet of retail space at a cost of $21.5 million. This space now houses retail stores and restaurants like McP’s Taphouse Grill. Subterranean parking for 535 stalls has also been developed. Eleven and a half acres of the retail and residential development site were put up for sale with no listing price towards the end of 2015 through real estate firm Kidder Mathews. Kawana Meadows is set to own the parking garage, approximately eight acres to the rear of property, and about eight acres above the completed section of The Chateau. “A second story can be added to that section,” said Oswald. The development will be a mix of residential and commercial, including 387 whole-ownership condominiums and 20,000 square feet of commercial and retail space.
“We already have our architecture team working on the plans. They will design through the winter, and hopefully we can present our plan to the planning and building department next spring,” said Oswald. “It’s going to be consistent with the Tahoe feel. It’s going to be luxury condominiums and fit into the Tahoe flavor similar to some of the luxury projects in the area.” Oswald said he and other Kawana Meadows employees have been coming to Lake Tahoe for 30 to
35 years, and consider it a “landmark location.” “We think it’s going to be good for the community and the city, and bring in lots of tax revenue,” he added. Kawana Meadows specializes in residential subdivisions and mixeduse projects throughout Northern California. The company is currently building 200 homes in Sonoma County, and has other ongoing projects in Freemont and San Francisco.
Oswald said they have hired Midkiff and Associates, a planning and permitting consulting firm in South Lake Tahoe, to assist with due diligence. Kawana Meadows is based in Kentfield, California. ●
Kawana Meadows Development Corporation will likely add a second story to the existing completed development of The Chateau at the Village. Photo by Claire Cudahy / Tahoe Daily Tribune.
Historic building in Carson re-opens Special to the NNBW info@nnbw.biz
Awnings and a fresh coat of paint as well as upgrades to the entire building infrastructure mark the improvements made to the historic Murdock Building at 318 No. Carson Street in Carson City. Courtesy Photo .
Shaheen Beauchamp Builders LLC celebrated the grand re-opening of the historic Murdock Building at 318 No. Carson Street on Sept. 28. The building formerly housed Murdock’s Clothing Store, operated by Roger Murdock, a proponent of downtown revitalization as far back as 1966, according to a Nevada Appeal article published upon Murdock’s death in 2006. In 1996 the building was purchased by prominent local architect and civic leader Art Hannafin, who renovated the building and created the retail and office spaces seen today. Hannafin owned the building until his death in 2012. “We’ve relocated our business here in support of the improvements being made along Carson Street,” Jeff Shaheen, co-founder of Shaheen Beauchamp Builders, said. “With the help of the Downtown Façade Improvement Program, we are pleased to have been able to upgrade the building to reflect its place in
downtown Carson City and build upon the foundation left by the former owners.” Shaheen said the builders have put a new roof on the building, moved exterior duct work inside to make the building more energy efficient, repaired sewer issues, relocated a failed grease interceptor from under the building, as well as replaced all common area carpeting and painting both the interior and exterior of the building. “Improving buildings is what we do,” Shaheen said. “This space has historical value to Carson City, and it reflects that nostalgia while providing quality professional office space and fine eating and drinking establishments for visitors and residents alike.” Mayor Bob Crowell presented Shaheen Beauchamp Builders with a Certificate of Appreciate from the city for being among the first business owners to participate in the façade improvement program. ●
Northern Nevada Real Estate Journal | Monday, November 7, 2016 | www.nnbw.com | 7
New South Reno senior affordable housing project underway By Duane Johnson djohnson@nnbw.biz The need for affordable housing in the Truckee Meadows received a boost to curb the problem with the groundbreaking of Vintage at The Crossings, a senior living community project in the South Meadows. A groundbreaking ceremony was held on Monday, Oct. 3. The project’s development is a partnership between Vintage Housing, an affordable housing developer based out of Newport Beach, Calif.; and GreenStreet Companies, a multifamily housing development company headquartered in Reno. The community will be located on what is currently a five-acre lot next to the South Towne Crossing shopping center and near the intersection of Old Virginia Road and Damonte Ranch Parkway. Vintage at The Crossings is slated to move-in ready by next summer. “It usually takes about 15-16 months for a project like this to get done and be available for people to move in,” said Ryan Patterson, president of Vintage Housing. The five-story, 230-unit project will feature state-of-the art, energy efficient one- and two-bedroom apartments for low-income senior citizens aged 55 and above. Rental rates will vary from $500 to $800 a month. “We’re basically less than half of what market would be,” said Dane Hillyard, principal at GreenStreet Companies. Individual units will range from 580 to 800 square feet along with several 3,000- to 4,000-squarefoot community rooms for residents to enjoy activities such as crafts or social gatherings. Patterson said there may be some minor modifications as construction goes along.
“There is an active dialogue from seniors and the community on what they need,” he said. The developers and city officials felt the location was ideal for seniors with close proximity to shopping outlets at Walmart Supercenter behind the property and medical services including Renown Medical Center’s South Meadows campus. They felt the South Reno area was underserved with available senior housing. It is the first large-scale affordable housing project initiated in Reno in 10 years, according to city officials. The project was also made possible by a partnership between the City of Reno, the Washoe County HOME Consortium and the state of Nevada housing agencies. Duerr indicated the city is looking
at various innovative partnerships, either to streamline the permitting process or to find assistance in financing projects to bring future housing projects to fruition. The Washoe County HOME Consortium, for example, is an agreement between Reno, Sparks and county governments to provide loans from various sources to finance development or rehabilitation of housing communities, among other services. The Washoe County HOME Consortium provided a loan to help get the Vintage project off the ground. Neeser Construction, Inc., based out of Anchorage, Alaska, will serve as the general contractor, and plans to hire as many local subcontractors as possible.
“You have to have a fairly big company for this type of project because of the financing requirements, and (Neeser) is a big company so they could do it,” Hillyard said. The project is touted as a big first step into the growing concern over affordable housing in Reno-Sparks for all age groups and economic backgrounds, especially with more and more people moving into the area. Reno City councilmember Naomi Duerr said there has been much discussion from city officials on the topics and cited other affordable housing projects on the horizon. “Obviously with so many people moving here housing is a key element,” Duerr said. “If you don’t have a place to live, you’re not going to come here. We’ve got to encourage people from all economic levels to live here.” Duerr said the new senior living community is part of a plan to add more affordable housing options. Duerr mentioned the 44-unit project currently under construction by Virginia Lake and the Summit Club project near Mount Rose High in South Reno that will feature affordable housing units. “A lot of people are feeling the pinch,” Duerr said. “Rents are going very high or there’s a shortage of housing even if you have money. We’ve got to be a city for all people.” Duerr and Hillyard indicated the new construction will help alleviate some the affordable housing shortage, but there’s still a long way to go. “There is a huge housing shortage … this will just make a small dent,” Hillyard said. ●
Construction is underway on a new five-story, 230-unit affordable senior housing development in South Reno. Courtesy Foundry.
Big changes in store for Reno Town Mall By NNBW Staff info@nnbw.biz The Reno Town Mall is undergoing a major renovation project that’s anticipated to bring more foot traffic to the center. Among the planned improvements is a new food court with patio area that will be finished along with the mall improvements by the end of November. Currently under construction, the western annex strip center, formerly known as Old Town Mall, is located on the corner of Peckham Lane and South Virginia Street. America Matters Media announced it is moving its radio studio and media operations to a glass-enclosed showcase at the front of the mall. The space will be combined with the Silver State Coffee Company & Café to create a centrally located community town hall. It will allow people, for instance, to host seminars and lunch meetings, or discuss issues over a cup of coffee. “It’s a multifaceted concept for business. It will bring a community back down for real people and real
issues,” said Eddie Floyd, founder and radio personality for America Matters. America Matters hosts a variety of radio programs on KCKO-AM 1180. Floyd said he’d been working on the deal for about four years. In addition, Virginia City mining magnate Hugh Roy Marshall is relocating the historic Marshall Mint, along with his wife Cynthia’s antique and estate jewelry store, to the front entrance of the mall. A museum will also be added to the space. The mall has two new retail concepts planned to be in the works for early 2017. Floyd said more details and updates of the future plans will be released as construction moves along. ●
The marquee for Reno Town Mall. The retail center is currently undergoing a major renovation project which is anticipated to be completed by the end of November. Photo by NNBW staff.
8 | Northern Nevada Real Estate Journal | Monday, November 7, 2016 | www.nnbw.com
Lynch: Every day presents a new challenge and a new opportunity. No two transactions are ever the same, providing endless opportunities to learn and grow.
In her own words: SVN’s Tomi Jo Lynch
NNBW: What is the most challenging part about your job?
Name/Title/Company: Tomi Jo Lynch, managing director, SVN Gold Dust Number of years with company: Three years Number of years in the profession: Eight years Education: University of Colorado, Boulder, Bachelor of Science in Business Administration Marketing Last book read: Daring Greatly, Brene Brown Favorite movie: The Wizard of Oz
Lynch: It is like riding a roller coaster; you must enjoy the thrill of the ride. We don’t receive compensation until a deal is complete and there are many opportunities for a transaction to fall apart along the way so you must be able to deal with failure and delayed gratification more than any other business. NNBW: What advice would you give someone who wants to get into your profession? Lynch: To interview all reputable firms and to pick the best fit for you prior to jumping in with both feet. It is important to pick a firm that matches your needs/expectations and to have a great mentor that is willing to teach you the business.
Favorite musical group or genre: Mostly Country
NNBW: What was the best advice anyone ever gave you either professionally or personally?
Spouse, kids or pets: Twin daughters, Austen and Avery (10 years old), King Charles Spaniel (Pip)
Lynch: To own my story and to be one hundred percent authentic in my life professionally and personally.
Northern Nevada Business Weekly: Tell us about your company and the duties of your position.
NNBW: Has there been someone who was especially influential in helping you establish your career or in reaching your higher goals? If so, who and how?
Tomi Jo Lynch: SVN is a full service commercial brokerage firm with a total of 12 advisors and staff that specialize in leasing and sales of land, office, retail, and industrial properties. As managing director, my job is to oversee our sales team, to provide training and support, boost morale, manage staff, recruit new agents, and to interface with our corporate offices, clients, and the community. In addition, I also specialize in industrial leasing and sales and manage my own book of business.
Lynch: Several people. My mother and father have played a huge role in pushing me towards my goals, but an old friend of mine, Amanda Pratt, was the one that pushed me to be fearless, to join SVN and to build my own team.
NNBW: How did you get into this profession?
Lynch: I am a member of CCIM and I sit on the NAIOP Board of Directors. Both have been influential in my career. CCIM has offered me invaluable education and resources outside of our market and NAIOP has provided me with relationships that would have taken a lot longer to form outside of the organization.
Lynch: You could say I was born into the business. My father is a real estate broker and my mother was a commercial real estate attorney. Both are commercial real estate investors, so commercial real estate was a standard topic of conversation at our dinner table and I have always had a natural passion and understanding of the business. NNBW: What do you enjoy most about working in your field?
Teamwork Two of the best One focus — your business.
NNBW: Do you belong to any professional/networking organizations? How has membership benefitted your career?
NNBW: Is there any educational advancement that is essential for someone in your career field? Lynch: I believe that anyone who is truly serious about a career in CRE should pursue their CCIM designation. NNBW: How do you manage your time between the responsibilities of your profession and your personal life? Lynch: As a full time, single parent of twins, I rely heavily on an amazing support system of friends and family. I have also learned the power of saying no to opportunities or social engagements when I am overbooked or overwhelmed. NNBW: What was your first job? Lynch: I was a runner/intern at Stewart Title in Carson City.
Commercial Title & Escrow Services
NNBW: What did you dream of becoming as a kid? Lynch: President of the United States or a princess. NNBW: What are your hobbies? How do you spend your time away from work?
Rabecca Rich & Luann Barnes Senior Escrow Officers
Lynch: I am an avid skier and 49er faithful. Skiing and football are religion in my family. NNBW: Is there a place around the world you have never been to that you would like to visit? Lynch: I want to climb Kilimanjaro with my Mom for her 70th birthday.
Congratulations to Rabecca and Luann for winning the 2015 Summit Award for going the “Extra Mile”– Commercial Market.
NNBW: If you had enough money to retire right now, would you? Why or why not? Lynch: No I would not retire, I am too young and too passionate about my career. I would take more vacations though. NNBW: Last concert or sporting event attended? Lynch: I took my daughters to the Band Perry concert at the Peppermill.
5441 Kietzke Lane Suite 100 | Reno, Nevada 89511 775.324.7400 Underwritten by Chicago Title Insurance Company Member of IREM, NAIOP, CCIM, and CREW
NNBW: Why did you choose a career in northern Nevada? What do you like about living/working here? Lynch: I was born and raised in northern Nevada. I moved away for five years in my early 20s but when I found out I was going to have children of my own I couldn’t imagine raising them anywhere else. The choice to move here was out of necessity at the time, but with the ever-changing demographics and culture of Reno I honestly couldn’t imagine living and working anywhere else. We are blessed with a small town feel, big city amenities, and beautiful countryside.
Northern Nevada Real Estate Journal | Monday, November 7, 2016 | www.nnbw.com | 9
In his own words:
Kidder Mathews’ Steve Kucera Name/Title/Company: Steve Kucera, vice president, Industrial Properties Group, Kidder Mathews Number of years with company: One year Number of years in the profession: Three years Education: The University of Montana – B.S. Business Administration Last book read: Alpha Male: A Tale of the Battle of Commerce Favorite movie: Caddyshack Favorite musical group or genre: Dave Matthews Band or Zac Brown Band Spouse, kids or pets: My wife Katie, two daughters, Kennedy and Paige, a black lab named Gunner
NNBW: What was the best advice anyone ever gave you either professionally or personally? Kucera: Success is not final, failure is not fatal: It is the courage to continue that counts. NNBW: Has there been someone who was especially influential in helping you establish your career or in reaching your higher goals? If so, who and how? Kucera: I have been fortunate enough to be on a great team with excellent mentors who continue to help me reach my goals and learn the business in depth. NNBW: Do you belong to any professional/networking organizations? How has membership benefitted your career? Kucera: Yes, I am a member of a few commercial real estate organizations. Participation in these organizations has helped me build solid relationships with other professionals in the industry. NNBW: Is there any educational advancement that is essential for someone in your career field? Kucera: I would recommend taking classes from CCIM or NAIOP. These are classes that are generated specifically for our industry.
Northern Nevada Business Weekly: Tell us about your company and the duties of your position.
NNBW: How do you manage your time between the responsibilities of your profession and your personal life?
Steve Kucera: Kidder Mathews is one of the largest, independent commercial real estate firms on the West Coast, with over 550 real estate professionals and staff in 16 offices in Washington, Oregon, California, Nevada, and Arizona. We offer a complete range of brokerage, appraisal, property management, consulting, sustainability, and project and construction management services for all property types. I am a vice president with Kidder Mathews specializing in industrial sales and leasing. My duties include negotiating the selling, leasing and marketing of industrial real estate on behalf of my clients.
Kucera: For the most part I try to keep a routine that creates a healthy balance between the two.
NNBW: How did you get into this profession?
Kucera: Mexico
Kucera: I have family and friends in real estate.
NNBW: Is there a place around the world you have never been to that you like to visit?
NNBW: What do you enjoy most about working in your field? Kucera: Every day is different with new challenges. NNBW: What advice would you give someone who wants to get into your profession? Kucera: Build a good reputation and get ready for the grind.
NNBW: What are your hobbies? How do you spend your time away from work? Kucera: I enjoy camping, skiing, golfing and traveling as much as possible. NNBW: Do you have a favorite vacation spot?
Kucera: I would like to check out Alaska. NNBW: Why did you choose a career in northern Nevada? What do you like about living/working here? Kucera: I moved to Reno from Denver and really like all the outdoor activities northern Nevada has to offer.
A look at the Tesla Effect in northern Nevada By Thomas Miller, CCIM Here in the fall of 2016, the first phase in Tesla’s Gigafactory is largely in place as significant interior work goes on. Quite a number of employees are on site working now and new phases of hiring and construction work is ongoing. Much has been written about the Tesla effect and its impact on northern Nevada. But now, more than two years since the
announcement of Tesla’s decision to build in Nevada, how is this “Tesla Effect” actually panning out? We can certainly point to some immediate Tesla/Panasonic suppliers that have moved into Nevada. While not many and moderately sized, nonetheless, some firms serving the Tesla facility have been attracted to Nevada. Surely, more will come as the facility develops and grows toward scaling up production. There is also the matter of relocating employees, people who have followed Tesla into the region to work at the factory. This aspect as well will only see additional growth. So the quick answer is that,
yes, the Tesla Effect is happening and will no doubt continue to grow. However, I’d like to point out another impact that I deal with frequently. Increasingly, I have been hearing commercial real estate investors looking very hard at placing their investment dollars into the northern Nevada market. Many times, it’s due to the awareness that if Tesla chooses Nevada, there had to be lots of good reasons why and they want to be a part of it. There is increased demand to purchase commercial real estate assets in northern Nevada. That cannot be 100 percent attributed to Tesla, of course, since the industrial real estate economy creates its own market momentum due to our excellent logistical location and demand for distributors to serve the 11 western states from Reno. But it is significant to note that the topic of Tesla always seems to come up with investors. The fact that Tesla is here is on their minds. It adds to their comfort level when they’re considering investing their resources in our area.
A look from afar at Tesla’s Gigafactory in northern Nevada. Photo by Brook Bentley.
While Tesla’s impact is quantifiable in so far as the current employee count, the number of firms moved here to support the factory, the construction spending to date, the “economic multiplier,” etc., to limit the impact Nevada is receiving to those categories would be a miscalculation. And while it may be far more challenging and debatable to try to validate the more vague indirect impact Tesla’s presence has, I can say without hesitation that I hear it every week when speaking to out-of-state investors and relocating companies. Make no mistake that Tesla’s presence has significantly helped northern Nevada’s continuing economic growth and will help push and expand our economy in ways we may not immediately realize today. Just give it time. ● — Thomas Miller, CCIM is the president and broker of Miller Industrial Properties in Reno, Nevada. He has worked in industrial real estate since 1991, with 15 years of previous experience designing and building industrial warehousing and manufacturing facilities in the northern Nevada market.
Commercial Real Estate BY THE NUMBERS Retail
Industrial
VACANCY RATE VS. NET ABSORPTION
2016 YTD RETAIL SALES BY TYPE
2016 YTD RETAIL SALES BY TENANT TYPE
Source: Kidder Mathews
Source: CBRE
Office
Multifamily NUMBER OF UNITS SOLD
VACANCY AND AVAILABILITY
TOTAL VACANCY VS. NET ABSORPTION
Source: CBRE
AVERAGE RENTAL RATE
LEASE RATES
CURRENT VACANCY/RENT PER TYPE
Source: CBRE
Northern Nevada Real Estate Journal | Monday, November 7, 2016 | www.nnbw.com | 11
Industrial
continued from p1
to see a building, not just a drawing and want to move fast, he said. Currently, Panattoni and Dermody are the main players in spec construction. In the North Valleys, Dermody’s LogistiCenter Phase I and Phase II have 2.8 million square feet of industrial space and Panattoni’s North Valley Commerce Center has two buildings totaling more than 1.4 million square feet. In addition, Panattoni is finishing up the South Valley Commerce Center in South Meadows, with two buildings at 209,000 square feet and 180,000 square feet that are expected to be delivered by the end of the year. “I don’t expect it will last long at all,” Kucera said of the development by Panattoni, a client of Kidder Mathews. “It will go to full-building users. Activity on those buildings has been great.” Dermody is working on a new LogistiCenter project off I-80 in Boomtown. Once completed, the center’s four buildings will total 803,322 square feet. The first phase is expected to be tenant ready early in the second quarter of 2017. Even with new construction picking up, vacancy rates are creeping down. Bennett said he expects to see the industrial vacancy rate down to 4 percent by the end of the year. “That’s getting into historic lows,”
Multifamily
continued from p1
but that’s mostly due to delivery of new product. And the pipeline of new apartment units set to hit the market is not just full, it’s nearly bursting. A total of 1,070 apartment units are under construction, including: • 94 units at Third Street Flats, the old Kings Inn building • 236 units at Fountainhouse at Victorian Square in Sparks • 238 units at The Harvest in Damonte Ranch • 252 units in the second phase of the Village at Arrowcreek Parkway • 210 units at Vineyard at the Galleria adjacent to the Sparks Costco Vacancy is expected to tick up once again and concessions may also re-enter the picture in the next 12 months as these projects are
he said, but with a better mix than the heady pre-recession days. “It’s a mix of distribution, manufacturing that we didn’t have in ’08,” he said. “It’s much more predictable and stable.” The low vacancy rate is a sign more building is needed. As the fourth quarter began, 5.4 million square feet of Reno-area industrial real estate was available for direct leasing, down from 6 million
at the beginning of the third quarter. Another 1.6 million square feet is available to sublease, down from 2.3 million. “Frankly, we’re running out of space to lease,” Kucera said. “Generally speaking, if we continue to see an uptick in absorption and demand in northern Nevada, developers will build buildings,” he added. “If demand stays as hot as
it is, absolutely we’ll see more spec development.” ●
delivered, Noursoultanova notes. While that may seem like a lot of new doors for the region, consider this: developers have plans for more than 6,300 additional apartment or luxury condo units in the region. Some projects are very much in preliminary planning stages, such as the 725 units recently announced at Park Lane Mall or the 500 apartment units proposed in the ambitious $1.2 billion West Second Street redevelopment plan. Nevertheless, there are an exceptionally high number of planned units for this market. Multifamily housing demand is being fueled by strong job and wage growth in Greater Reno-Sparks. Regardless, the number of planned units could be cause for concern. It’s eerily reminiscent of the frothy single-family housing and industrial boom years in the middle half of the last decade, when developers raced way ahead of demand and were left in the cold when the market collapsed.
The region desperately needs more multifamily housing, Noursoultanova says, but perhaps not on such an ambitious level. “If economic forecasts on job growth in the region hold, and even half of those were built, it would be on par with demand,” she says. “We have more than 1,000 units under construction, and that will relieve some pressure on existing properties and on rent growth. For the market to have equilibrium we need more construction, but not on the level currently in the pipeline.” Some projects may never break ground due to financing constraints. Lenders are much more cautious about green-lighting projects, and only the most well-heeled developers will clear new financial regulatory hurdles. The unprecedented demand and rental rates are spurring a flurry of investment activity as well. Reno has always been a tertiary market that didn’t have the same appeal to investors as larger markets such as
Phoenix, Los Angeles and other mega population centers. But lately, investors have viewed Reno in a new light. “Reno has to compete with other locales, and at the moment it is wining,” Noursoultanova says. “Strong job growth is the key for our region. If we are to continue along this strong growth for investment properties then job growth has to hold for us.”
A rendering of Panattoni’s South Valley Commerce Center in South Meadows. Construction on the two buildings is expected to be completed by the end of the year. Courtesy MNG Partners, Inc.
Notable sales include: • Reflections at the Marina, a 240unit community in Sparks that sold for $25.3 million • Alder Creek Villas, a 213-unit community off Neil Road that sold for $12.5 million • Lakeridge East Apartments, a 310unit community in Reno that sold for $40.2 million in an auction The last sale is noteworthy in that it was a bank-owned property for the last three years, and after a few years of extensive capital improvements the property attracted a large number of bidders. That’s becoming more the norm for apartment brokers in the region. Noursoultanova says CBRE has taken several properties to market in the past year and each offering has drawn at least a dozen offers. “The sheer amount of responses and demand shows how strong a market Reno is in investors eyes,” she says. “A lot of people are looking for multifamily properties in our market.”●
Alder Creek Villas, a 213-unit community off Neil Road, sold for $12.5 million in the third quarter of 2016. Courtesy CBRE.
12 | Northern Nevada Real Estate Journal | Monday, November 7, 2016 | www.nnbw.com
Apartments near Sparks Marina sold Special to the NNBW info@nnbw.biz A partnership between L5 Investments and Alamo Equities has acquired Marina Gardens Apartments, a 200-unit apartment community, for $14.25 million in Sparks. The property is situated on 11.78 acres and is located at 550 Howard Dr. The partnership is planning to add value to invest nearly $4 million for updates and upgrades to better meet the demand of local renters. It will also be re-branded and renamed Marina’s Edge within the next few months. Built in 1973, Marina Gardens is a garden-style, pet-friendly community featuring 31 two-story buildings
comprised of a total of 60 onebedroom units, 100 two-bedroom units, and 40 three-bedroom units that include private balconies or patios, walk-in closets, and full kitchens. On-site amenities include three laundry rooms, barbeque areas, two playgrounds, and approximately 278 parking spaces. The property is less than onehalf mile north of Interstate 80 and is one block from Sparks Marina Park, which includes a 77-acre lake and a number of recreational activities. The community is also easily accessible to the Tahoe Reno Industrial Center. “Marina Gardens is a perfect fit for L5’s value-add investment strategy,” said Michael Flaherty, founder and CEO of L5 Investments, a
Northern California-based multifamily investment firm. “It is well-located in an explosive growth job market and provides us with the opportunity to add significant value by improving overall management; resolving significant deferred maintenance issues; and adding features and amenities that will attract renters seeking a quality rental living environment. We hope to continue to add similar, multifamily assets in Reno to our portfolio.” The property will be professionally managed by FPI, one of the largest property management companies in the nation. FPI also has a strong track record and presence in the greater Reno area.
“Putting all the incredible and exciting market fundamentals aside, we just really liked the Sparks Marina location,” said Jeremy Cline, president and co-founder of Alamo Equities, a Bay Area investment firm. “So no matter what happens with the local economy, we think there will always be a strong demand to live in a cool, edgy apartment community that will provide beach cruisers and paddle boards to its tenants.” Laura Cathlina of Berkadia arranged the debt on behalf of the ownership. Kenneth Blomsterberg of Marcus & Millichap brokered the transaction on behalf of both the buyer and the out-of-state sellers, RAF, LLC and BDS, LLC, which had owned the property since 2001. ●
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