Wednesday, April 10, 2013

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 to view the entire report.  Also, if you'd like to sign up to receive our market reports, you can click here.

Zurich American Insurance Leases Office Space at 50 West Liberty Street in Reno, NV

Zurich American Insurance leased 2,535 square feet at 50 West Liberty Street, Suite 920 in Reno, Nevada. In this lease transaction the NAI Office Properties Group of Scott Shanks, SIOR, Dominic Brunetti, CCIM and, Chase Whittemore, MS represented the landlord, Basin Street Properties.

Zurich is relocating to the area. Zurich is a leading multi-line insurance provider with a global network of subsidiaries and offices in over 170 countries.

Monday, April 8, 2013

Chase Whittemore Closes Lease Transaction at 9635 Gateway Drive in Reno

Truckee River Flood Management Authority leased 5,234 square feet of office space at 9635 Gateway Drive, Suite A in Reno, Nevada. In this lease transaction the NAI Office Properties Group of Chase Whittemore, MS, Scott Shanks, SIOR and Dominic Brunetti, CCIM represented the landlord L J Capital Investments, LLC.

Thursday, April 4, 2013

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.

Tuesday, April 2, 2013

Northern Nevada Office Property Market Continues To Improve, Optimism Slowly Rising

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 release  from NAI Alliance.

Chase Whittemore Closes Lease Transaction at McCarran Mansion in Reno

Brian Kelly, Esq. leased office space at McCarran Mansion located at 401 Court Street in Reno, Nevada. In this lease transaction the NAI Office Properties Group of Chase Whittemore, MS, Scott Shanks, SIOR and Dominic Brunetti, CCIM represented the landlord McCarran Mansion LLC.