November 2013 Commercial Sales Report


In the month of November, one noteworthy sale each of residential land and commercial land occurred. The residential sale supports the fact that the residential market in Reno/Sparks is still going strong. NOTABLE SALES
  • 6 finished residential lots in Belsera that included foundations: This broke out to $150,000 for each finished lot and foundation. These lots were sold from Charlie Bluth to KDH Builders.
  • A multi-family or commercial parcel located adjacent to UNR on North Virginia: The parcel sold for $105,000 and was 9,591 square feet, which indicates $10.94 per square foot. Hopefully this means that more commercial development will happen with UNR continuing to expand.


The apartment market has slowed down; however with CW potentially looking to sell their Reno/Sparks apartment portfolio, we may see a lot of activity after the first of the year. CW currently holds D’Andrea Apartments, Vizcaya, Iron Blossom, and last but definitely not least, Lakeridge East. NOTABLE SALES
  • 1133 Buena Vista Avenue: purchased by a California Investor for $1,221,000. The complex consists of 32 shared units, therefore the per unit sales price is $38,156.
  • 1128 H Street: 13 unit duplex type complex. It sold for $850,000 or $65,384 per unit.


The industrial market had the largest noteworthy sale. NOTABLE SALES
  • 9085 Moya Boulevard: Sold for $13,400,000. This was a leased 336,055 square foot building that Panattoni sold to an investor that purchased the property for the income and length of tenant’s leases.
  • 1655 Kleppe Lane: Was purchased by a transportation company for $1,937,500. Two parcels were included in this sale.


The office market had four sales occur in November. NOTABLE SALES
  • 9480 Gateway Drive: This property consists of two buildings totaling 21,904 square feet. This indicates and overall per square foot price of $57.06. These buildings need a lot of deferred maintenance to make them leasable. This was a foreclosure sale.
  • 160 W Huffaker Lane: This property consists of 5,676 square feet and sold for $908,000 indicating a per square foot price of $160.00.


The retail market was very slow in the month of November, however there was one hotel sale for the month of November. NOTABLE SALES
  • 6200 S Virginia Street: The sale was for $350,000. The property was a prior Veterinary office located across Virginia Street from Whole Foods.
  • Aloha Inn in Sparks: Consists of 132 units. The sale price was $1,625,000 or $12,310 per hotel room.
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