September 2013 Commercial Sales Report

Sept Sales Graph Download the September 2013 Sales Detail (1.46 MB)


Land 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


The 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.


The 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.


The 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.


There 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.

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