NAI Alliance Office Properties Group Releases Q4 2013 Market Report

A good end to the year for the Northern Nevada Office Market.  The office market in Northern Nevada continued to improve at a rate not seen since the start of the recession in Q3 and Q4 2013.  Here are a few of the highlights from the report.

• Q4 absorbtion nearly quadrupled quarter over quarter measures
• Net absorbtion in 2013 was over 5x the 2012 net absorbtion at 202,244 square feet
• Overall vacancy is down to 13.64%
• Quality spaces in Class A buildings are at a premium, resulting in developers planning speculative building projects
• Notable transactions:
• Custom Ink, 50,000 square feet in the Reno Tech Center (100% occupancy)
• LP Insurance, 22,000 square feet at Park Center Tower in Downtown (close to 100% occupancy 

 Click here to view the entire market report.

Greater Nevada Credit Union Leases Space in Ridgeview Town Center

(Reno, NV) – Greater Nevada Credit Union leased 1,900 square feet in Ridgeview Town Center located at 5150 Mae Anne Avenue, Suite 203 in Reno, Nevada. In this lease transaction the NAI Office Properties Group of Dominic Brunetti, CCIM and Scott Shanks, SIOR represented the tenant, Greater Nevada Credit Union.

Scott Shanks, SIOR Closes Office Sale Transaction

(Reno, NV) – A J Rocket, LLC, purchased 2.056 acres and a building consisting of 11,000 square feet located at 7788 White Fir Street in Reno, Nevada 89523. In the sale transaction the NAI Office Properties Group of Scott Shanks, SIOR and Dominic Brunetti, CCIM represented the seller, F & J Properties LLC.

NAI Alliance Office Team Secures Exclusive Listing for One East Liberty Street

(Reno, NV) – Scott Shanks SIOR, along with his partner Dominic Brunetti, CCIM have secured the exclusive lease listing for One East Liberty Street in Reno, Reno, NV. The six-story downtown professional office building is 96,832 square feet. The lease price is $1.65 up to $1.90 per square foot.

The owners of One East Liberty have renovation plans for the 96,832 square foot building currently in progress. The owners have commenced on a $1.8 Million renovation project to modernize the building over the course of the 6-month project. The $750,000 Phase I ‘Green” renovation started in mid-August and was completed in early-October helping the building achieve 97% energy efficiency.

The in-progress Phase II plans call for lobby expansion, new building finishes, elevator enhancements, and new landscaping that is expected to be completed by December 2013. 

With construction beginning in January 2014, Phase III includes an addition of a new 1,800 square foot retail building facing Virginia Street for a coffee and quick food establishment. Phase III will also feature a large landscaped outdoor seating/plaza area for tenants of One East Liberty and other downtown patrons.

Dominic Brunetti, CCIM Closes Office Sale Transaction For Greater Nevada Credit Union

(Dayton, NV) – T & N Dayton LLC, bought an acre portion of 555 U.S. Hwy 50 East, in Dayton, Nevada. The Lyon County’s assessor’s parcel number is APN: 06-022-22. In this sale transaction the NAI Office Properties Group of Dominic Brunetti, CCIM, and Scott Shanks, SIOR represented the seller, Greater Nevada Credit Union. 

Since 2009 the NAI Office Properties Team has successfully represented Greater Nevada Credit Union in all their Northern Nevada leasing and sale requirements.

NAI Alliance Office Team Secures Exclusive Lease Listing for 255 West Peckham Lane

Reno, Nevada – Dominic Brunetti, CCIM, along with his partner Scott Shanks, SIOR have secured the exclusive lease listing for 255 West Peckham Lane in Reno, Nevada. The professional multi‐tenant office building is 6,882 square feet and was built in 1983. The lease rate is $1.50 per square foot. There is currently 1,100 square feet available.

Dominic Brunetti, CCIM Closes Lease Transaction For 3D Keepsake Imaging

(Reno, NV) – 3D Keepsake Imaging, Inc. leased 1,759 square feet in the South Creek Shopping Center located at 65 Foothill Road, Suite 3, Reno, Nevada. In this lease transaction the NAI Office Properties Group of Dominic Brunetti, CCIM and Scott Shanks, SIOR represented the tenant, 3D Keepsake Imaging, Inc.

Scott Shanks, SIOR Closes Lease Renewal Transaction For Prologis Management

(Reno, NV) – Prologis Management LLC renewed their lease at 5190 Neil Road in Reno, Nevada. Prologis Management will now occupy Suite 210 for 2,692 square feet. In this lease transaction the NAI Office Properties Group of Scott Shanks, SIOR and Dominic Brunetti, CCIM represented the tenant, Prologis Management, LLC.

NAI Alliance Office Group Secures Lease for Pacific Business Centers in Downtown Reno

(Reno, NV) - Palo Alto-based Pacific Business Centers (PBC) has secured a 13,000 square foot lease with One East Liberty, LLC, for their recently announced expansion into Northern Nevada. This new expansion will be Pacific Business Centers’ 17th location, and first in Nevada.

The NAI Alliance Office Properties Group, Scott Shanks, Senior Vice President, SIOR, and Dominic Brunetti, Senior Vice President, CCIM, represented the landlord, One East Liberty, LLC in the transaction. 

PBC is one of the undisputed market leaders for on-demand office space in Northern California. PBC tends to cater to local businesses such as attorneys, consultants, start-ups, and small to medium size professional firms. 

PBC will be occupying the entire 6th floor, 13,000 square feet, of One East Liberty. The signature tenant remains U.S. Bank. Tenant improvements and space renovations on the 6th floor have been completed and the official opening for PBC is November 1st. 

PBC had been performing due diligence on the Northern Nevada market for over five (5) years before finally making the decision. 

Click here to read the entire press release.

Dominic Brunetti, CCIM Closes Office Sale Transaction

(Reno, NV) – Divine Purpose, LLC purchased an office building located at 255 West Peckham Lane in Reno, Nevada. In the sale transaction the NAI Alliance Office Properties Group of Dominic Brunetti, CCIM, and Scott Shanks, SIOR represented the buyer Divine Purpose, LLC.

NAI Office Team Closes Lease Renewal AT 5050 Vista Boulevard

(Sparks, NV) – Group One Sparks, Inc., dba Keller Williams Group One renewed their lease at 5050 Vista Boulevard, Suite 104 & 105 in Sparks, Nevada for 4,970 square feet. In this lease transaction the NAI Alliance Office Properties Group of Scott Shanks, SIOR and Dominic Brunetti, CCIM, represented the landlord, MLRO, LLC, MLKO, LLC and MLL, LLC.

NAI Alliance Office Team Closes Lease Transaction at 140 Washington Street

(Reno, NV) – Amber Barnes Consulting leased 1,116 square feet at 140 Washington Street, Suite 220 in Reno, Nevada. In this lease transaction the NAI Office Properties Group of Scott Shanks, SIOR and Dominic Brunetti, CCIM represented the landlord, 100 & 140 Washington, LLC.

NAI Alliance Secures Exclusive Sale and Lease Listing for 333 Holcomb Ave.

Scott Shanks SIOR, along with his partner Dominic Brunetti, CCIM have secured the exclusive sale and lease listing for 333 Holcomb Avenue in Reno, Nevada.

The professional office building is 14,017 square feet and was built in 1986. The sale price is $105 per square foot and the lease rate is $1.10 per square foot. There is currently 10,000 square feet available.

Dominic Brunetti Closes Lease Transaction at 50 West Liberty Street

Hoy Chrissinger Kimmel, PC, leased 3,400 square feet of office space at 50 West Liberty Street, Suite 840 in Reno, Nevada. In this lease transaction the NAI Office Properties Group of Dominic Brunetti, CCIM, and Scott Shanks, SIOR, represented the landlord Basin Street Properties. The new tenant moved their Northern Nevada office to the downtown Basin Street property from their prior location on Caughlin Parkway.

NAI Alliance Office Properties Group Closes Lease at 200 South Virginia

High Desert Internet Services leased nearly 500 square feet of office space at 200 South Virginia Street, Suite 555 in Reno, Nevada. In this lease transaction the NAI Office Properties Group of Scott Shanks, SIOR and Dominic Brunetti, CCIM represented the landlord Basin Street Properties. 

High Desert Internet Services provides wireless internet services designed to cover the areas "left out" by DSL coverage and Cable Modem coverage, giving Rural customers the same type of performance enjoyed by those in the cities. High Desert Internet Services has been servicing Northern Nevada since 2002.

Dominic Brunetti, CCIM Closes Lease Renewal for Nevada Connections Academy

Nevada Connections Academy renewed their lease for 6,000 square feet at 175 Salomon Drive, Suite 201 in Sparks, Nevada. In this lease renewal the NAI Office Properties Group of Dominic Brunetti, CCIM, Scott Shanks, SIOR and Chase Whittemore, MS represented the landlord, 175 Salomon Circle LLC.

Nevada Connections Academy (NCA) is a tuition-free virtual public school giving students the flexibility to learn with a curriculum that meets rigorous Nevada State Board of Education standards. Nevada Connections Academy offers: 

• A challenging, K-12 curriculum developed by leading education experts. 
• Instruction from highly-qualified state-certified teachers who are experienced in online instruction. 
• Support from trained counselors, an experienced principal, and dedicated administrative staff. 
• Free textbooks, materials, and computer equipment needed to participate in a dynamic online learning environment.  

NAI Office Team Secures Two Exclusive Listings

Scott Shanks, SIOR and fellow NAI Alliance Office Property Group partners Dominic Brunetti, CCIM, and Chase Whittemore, MS have secured extensions on exclusive lease listings for two properties. NAI Alliance will be representing the owners in both agreements. 

• 980 Sandhill – a 36,00+ square foot building with just over 10,000 square feet available 
• Sparks Plaza located at 780 Vista – a multi-tenant complex with just over 15,000 square feet available

To read the entire releases, visit the NAI Alliance Press Release page.

NAI Alliance Office Properties Group Recently Closes 3 Transactions

The NAI Alliance Office Properties Group of Dominic Brunetti, CCIM, Scott Shanks, SIOR and Chase Whittemore, MS have recently closed three new deals.

• 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.

To read the entire releases, please visit the NAI Alliance Press Release Page.

Argonaut Gold Expands into Bigger Building

Dominic Brunetti, CCIM Closes Lease Transaction at 9600 Prototype Court in Reno, Nevada
 
Argonaut Gold is growing and expanding into a 4,600 square foot building located at 9600 Prototype Court in Reno, Nevada. Previously they occupied a 3,682 square foot building. In this lease transaction the NAI Office Properties Group of Dominic Brunetti, CCIM, Scott Shanks, SIOR and Chase Whittemore, MS, represented the landlord Liberty Meadows, LLC.

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.