admin, Author at SVN Gold Dust Commerical Associates

SVN Gold Dust Commercial Associates represented the buyer and seller in the purchase of a single tenant office building located at 443 Plumb Lane, Reno, NV. The transaction closed on January 10, 2018 with a sale price of $535,000 and a price per square foot of $170.82.

SVN Gold Dust Commercial Associates represented the seller in the purchase of a multi-tenant mixed use building located in Midtown, at 777 Center Street, Reno, NV. The transaction was part of a larger portfolio and closed on October 18, 2017 with a sale price of $5,750,000 and a price per square foot of $271.30.

“We brought SVN on board to assist in leasing a 130,000 sf asset with persistently high vacancy. Tomi Jo and her team were instrumental in increasing occupancy by 10% in just 8 months. Her fresh perspective on marketing basics and persistent follow-up have been key to our success. She is professional, diligent and extremely knowledgeable of the market. Tomi Jo has positively impacted the value of our asset and I am very pleased to consider her an extension of our leasing team. We brought SVN on board to assist in leasing a 130,000 sf asset with persistently high vacancy. Tomi Jo and her team were instrumental in increasing occupancy by 10% in just 8 months. Her fresh perspective on marketing basics and persistent follow-up have been key to our success. She is professional, diligent and extremely knowledgeable of the market. Tomi Jo has positively impacted the value of our asset and I am very pleased to consider her an extension of our leasing team. ”

SVNIC’s 2016 Market Outlook Reports assess the current state of the national commercial real estate market, and identify micro-trends within specific geographic regions and industries for 2016. Today we are delving into the 2016 Top Multifamily Markets to Watch. Not the largest or the most actively contested markets, the 2016 Multifamily Markets to Watch are each at an important juncture that presents unique opportunities for investment. Together, they reflect the diversity of trends that is driving the economy and commercial real estate performance in markets across the country.
Top Multifamily Market to Watch: Reno, NV

Reno – top multifamily markets to watchReno is experiencing sustained gains in employment with a 4.4% annualized rate after being severely impacted by the past recession; unemployment has improved dramatically and now sits at a still relatively high 6.2% as of January ‘16, according to the Bureau of Labor Statistics. Population has grown robustly with a 4.9% increase from 2010 to 2014, according to the Census Bureau. As is common with tourist market economies, the percentage of city housing used for rental purposes is high at 53% meaning that job growth will quickly mean growth for the multifamily sector. The city’s economy is rapidly diversifying with the biggest gains coming from Construction, Professional and Business Services, Financial Activities, and Education and Health Services with annualized growth rates of 9.6%, 9.5%, 5.2%, and 5.0%, respectively.
Stay Updated…

Over the next few weeks, the SVN Blog will be featuring posts that will focus on each of the top markets to watch for industrial, multifamily, office, and retail properties. SVN Advisors from selected top markets have provided their industry expertise regarding what to look out for in their specific market in the coming months. Don’t miss out on these important insights – subscribe to the SVN Blog on the right side of the blog homepage.

SVN Executive Vice President Solomon Poretsky proves that “deals sold through broker cooperation achieve 9.6 percent higher price per square foot, on average, than deals that are double-ended.” See all of the facts in the Cooperation Report below.

After spending a week in San Diego at the SVN National Conference and taking a week to process all of the valuable information our office was able to receive, I have categorized my top 10 takeaways that I feel apply to our market the most.

SVN Gold Dust Commercial Associates presents the latest inventory for March 2016. Many properties have closed throughout the month and the vacancy at all lease properties continues to decrease. The Reno/Sparks/Carson City markets are still on fire as the area continues to grow.

Click Here to view the March 2016 Inventory

As the former Maytan Music Building, 777 was purchased by the Johnson family, owners of the full service brokerage firm SVN | Gold Dust Commercial Associates. The Johnson family undertook a complete remodel starting from the inside out while retaining some historically significant pieces from the original building including the mural painted on the wall of the north parking lot. With no architectural significance in the former building, SVN decided to tear-down and re-create the building’s layout and flow bringing in a shared courtyard and deck off of the second floor. Architect Jack Hawkins specializes in modern layouts and has completed similar work in the midtown area making the decision to hire him effortless. Leases have been signed on three of the four restaurant units currently while street retail and office/loft space remains. Contact the SVN office in downtown Reno for more details on rates and availability.