LANDLand seemed to be the busiest sector of the market in September. In the month of September a large volume of residential land sales occurred with a couple that were note worthy. From the looks of the transactions, the majority of purchases were developer or land bank related. NOTABLE SALES
- The remaining 118 finished townhome lots in the Vista Rafael townhouse subdivision: $360,000 or $3,050 per lot. The land was sold by Branch Banking & Trust to Fort Apache Homes out of Las Vegas.
- 82 lots from Village Properties out of California: The sale prices show $10 million total for all the lots, purchased by Lennar. Details of this sale are not known, but the price seems high.
- Lennar also purchased another piece of land in September from Lewis and paid an amount high above market. It is assumed that Lennar is making a land bank deal with various land holders throughout the Reno/Sparks basin.
- The Riatta land near Redhawk golf course: Sold to a bay area group for roughly half of what the land was purchased for by the prior owner.
- 179 lots in Lemmon Valley: $3,750,000 or $20,949 per lot. Dermody properties purchased from the bank
MULTI-FAMILYThe apartment market has slowed down due to the increase in interest rates. NOTABLE SALES
- Harvard Court Apartments: $2,650,000 or $60,227 per door. This was the largest apartment sale, to a bay area group.
- For apartments the other transactions were mainly duplexes and four plexes for under $500,000.
RETAILThe retail market had nine sales. NOTABLE SALES
- The old Super K Mart building located on Summit Ridge Drive: $4,000,000. This property sold to a local group.
- 248 W 1st (this is the building on the corner of 1st and Arlington where Java Jungle and Sierra Tap House are located): $2,400,000. It sold to the owner of the Senator Hotel who is based out of Vegas.
- The former Romantic Sensations building on Virginia Street: $1,250,000. It will be used for a gym.
- 101 N Virginia (the Woolworth’s building): $1,700,000. It sold to Jamie Keshmiri for use as a grocery store.
OFFICEThe office market was a little slow, however there were three noteworthy sales. NOTABLE SALES
- 699 Sierra Rose: $1,600,000 or $203 per square foot, by McKenzie Properties
- 5588 Longley: $1,300,000 or $218 per square foot.
- 5,320 SF of office space located at 500 Damonte Ranch Pkwy: $750,000 or $141 per square foot. We represented seller, Northpointe Sierra Investments.
INDUSTRIALThere were seven Industrial sales in September. NOTABLE SALES
- 10875 Sage Point, a 181,440 square foot building: $6,530,400. The property was purchased by Omatex Corporation out of New Jersey.
- 115 E Moana Lane (the prior Reno Gallery of Furniture warehouse): $2,350,000. The property included two warehouses.
- The prior Cantex facility on Woodland Avenue: $2,000,000. This property sold to a local buyer.