Office
Office continued to have a slow quarter for sales with only 2 deals in November. The largest sale was a special purpose building at 445 Virginia Street, that has Living Stones Church as the tenant. The 17,335 square foot building is located adjacent to 50 W. Liberty in Downtown, and appears to have traded to a buyer out of Incline Village for $4,550,000 ($262 p/sf).
Industrial
Industrial had a strong month with 10 transactions to follow up a slow October. The largest was Global Logistic Properties disposition of 1,170,000 +- square feet in the Sparks Submarket to Westcore Properties. The acquisition totaling $54,500,000 ($46 p/sf) marks Westcore's first entry into the Northern Nevada marketplace. This is GLP's second disposition in the marketplace in the second half of 2016. Second to that sale was another multi-building deal in the Sparks Submarket. Mancini Properties Inc purchased 4 buildings on Dunn Circle for $3,550,000 ($57 p/sf). The same buyer purchased the 19,324 square foot building at 950 Industrial Way in Sparks for $3,490,000 ($180 p/sf). The building was leased by Milan Institute.
Retail
Similar to Office, Retail had a very slow month with no notable sales.
There were 3 small deals done all under $500,000.
Land
There were several notable land sales in the month of November. In commercial land, Reno Land Development had one of the first sales of commercial land at Rancharrah. The local masterplan developer sold 3.84 acres of land for $3,847,219 ($23 p/sf). The intended use is for a 20,000 +- square foot, 2 tenant office building to be completed by the beginning of 2018. Charles Scwhab will be one of the buildings two tenants. The parcel was just north of First Independent bank and fronts Kietzke Lane. Also a 9.5 acre former community park, that appears to have been converted to commercial, was sold for $2,350,000 ($5.63 p/sf). The parcel is located on the corner of La Posada and Pyramid Highway in Sparks.
In residential land, DR Horton bought 48 final mapped lots in South Meadows from land bank partner Corona Cyan for $3,314,715 ($69,000 p/lot).
Apartments
Apartments continued a trend from October with another $10+ million dollar sale in November. The 176 unit Lodge at McCarran sold for $21,800,000 ($123,863 p/unit) to a buyer from San Francisco, Ca. Second to that sale was the 112 unit Heritage Manor complex in Sparks that traded for $9,150,000 ($81,696 p/unit).
