MULTI-FAMILY
The apartment market has slowed down significantly. LARGEST SALES
- 300 California Avenue: $675,000 or $30,681 per unit, by Daytwa Companies (Urban Investments). Included 22 units that are dated and have some deferred maintenance.
- 680 Lander: 7 unit complex located at that sold for $390,000 or $55,714 per unit.
OFFICE
The office market had ten sales occur in August. LARGEST SALES
- 601 Sierra Rose Drive: $2,700,000 or $147.15 (18,348 sf) per square foot, by Dr. Stephen Vicks. The property was purchased out of foreclosure. Branch Banking Trust was the seller.
- 690 E Plumb Lane: $1,300,000 or $81.71 (15,908 sf) per square foot. Sold to Lotus Radio by Schield Investments. The current tenant in this building is Stetson Beemer Insurance.
- 540 Plumb Lane (the green office building in the Plumbgate development): $1,100,000 or $144 per square foot, by Mallard Investments. The building consists of 7,635 square feet.
INDUSTRIAL
This was the most active market due to the Prologis sale. Outside of the Prologis sale, the industrial market was relatively slow with only one other noteworthy transaction. LARGEST SALES
- Prologis Properties in Nevada, New Jersey, and Pennsylvania: Prologis sold 17.7 million square feet of their national inventory to the Blackstone Group for $960 million.
- Aussie Self Storage located at 30 Victorian: $1,041,000 to a California investor.
RETAIL
The retail market had two large retail center sales. LARGEST SALES
- NNN leased property located at 2880 Northtowne Lane: $5,800,000. This property consists of 14,079 square feet . The sales price is very high because of the leases in this center. Tenants include Fat Burger, Little Caesars, H&R Block, T Mobile and a couple others.
- Foreclosure sale of the Village Shopping Center located near Reno High School: $3,350,678 and consists of 48,074 square feet. Major tenants include CVS Pharmacy, Domino’s Pizza, Truckee River Bar & Grill, and others.
LAND
In the month of August two residential land sales and one noteworthy commecial land sale occurred. LARGEST SALES
- 16 finished lots from Corona Cyan (a Texas land bank group): $868,323 or $54,270 per lot, by DR Horton. This price is significantly higher than land purchases last year and earlier this year.
- 6 lots by Desert Wind Homes: $420,000 or $70,000 per finished, sold by Charles Bluth, a local land banker.
- Double R Boulevard near the lake (where some Magnolia offices are located): $1,425,000 or $4.78 per square foot and totaled 6.84 acres, sold by Nevada State Bank.
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