October 2013 Commercial Sales Report

In the month of October, two commercial land sales and four residential land sales occurred. NOTABLE SALES

66 acres in Spanish Springs purchased by Lake Washington Partners: They have announced plans to develop 1.5 million square feet of distribution space at the site in Spanish Springs.
8 small finished residential lots behind the Sparks Galleria: $180,000 or $22,500 per lot. The lots sold to a Las Vegas company.
5 lots in Montreux: Montreux seems to have the most interest for high end residential buyers.

NOTABLE SALES

50-unit complex at 2796 Plumas Street:$2,450,000 or $49,000 per unit. The complex consists of 50 units. This was the largest apartment sale, purchased by California investors.
20-unit complex at 237 Linden: $620,000 or $31,000 per unit.
6 units at 720 Lander: $420,000 or $70,000 per door. We represented the sellers in the transaction.

The industrial market had seven sales in October of which two were noteworthy. NOTABLE SALES

9475 Double R: $2,835,000 or $72.08 per square foot. Sold as a foreclosure by US Bank to an investment group from Oregon.
127 Woodland (the prior New West Distribution facility): $2,300,000 or $67.50 (48,000 sf) per square foot. This property sold to a Massachusetts printing company. Fred Miller and Sheila Colfer of Dickson Commercial represented the seller.

The office market had seven sales in October. NOTABLE SALES

10615 Professional Circle: $4,650,000 or $100.30 per square foot. The property was purchased by the Clemetson’s who also own the NevDex Properties. This was the largest Office sale.
2195 S Virginia Street: $1,825,000 or $71.52 per square foot. The building is in shell condition and will need additional money to be finished out.

We would also like to congratulate our clients on the purchase of the office building at 601 S. Arlington. RETAIL

NOTABLE SALES

10525 Stead Boulevard, which is a Family Dollar Store: $1,640,000 or $197 per square foot. This 8,320 square foot building was purchased for the income and term of the lease.
The Burger King on East Patriot: $1,506,575 or $521.66 per square foot.
The Family Dollar in Washoe Valley: $1,245,594 or $155.70 per square foot.

All of these properties were purchased for income.

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