It’s no secret that the real estate market has been in flux throughout the first quarter of 2023. Change is always scary, especially for those of us in industries that are directly impacted by the market’s ups and downs.

One of our core covenants at SVN is “Focus on the positive and the possible”. When the market is no longer a bonanza and business starts to slow, it’s easy to get discouraged and preoccupied by the negatives, but taking the time to notice the positive and focus on the possible around you is always worth the effort.

Even with the market’s recent fluctuations, this month I noticed some great things happening in our own Reno market. For example, High Mark Distillery, a tenant in a flex industrial park in Reno, recently doubled the size of their industrial space. This small business delivers delicious small batch spirits to the eleven western states and their drinks are so good that they’re currently expanding.

Felicia Keith-Jones, President of High Mark Distillery said,

“We are honored to distill great spirits on a much bigger scale this year. Reno just keeps on growing, and it’s a very thirsty town! To continue handcrafting ten delicious spirits, and age our Bourbon and Rum to perfection, we needed to double our Barrel House space again this year.

We are truly thankful for Tomi Jo Lynch keeping us informed each month on available square footage and prices. It takes a team to expand and succeed in business, and Tomi Jo was a definite asset to our growth plans.”

While the headlines lean towards negativity, there are bright spots in our market and stories of success all around. Working with someone who focuses on the positive and possible can make all the difference when it comes to finding a successful outcome for all parties.

If you’re in the Reno area, swing by High Mark Distillery to try a free tasting! Or if you need help expanding your business, finding your next investment, or selling a current property, I would love to partner with you to reach your goals!

The president of High Mark Distillery, Felicia Keith-Jones, was very pleased with their experience working with Tomi Jo Lynch and SVN Gold Dust. High Mark has recently doubled the size of their space to keep up with demand for their delicious spirits! Check out www.highmarkdistillery.com or swing by for a free tasting!

One of our core covenants at SVN is “Honor my commitments”. A career in commercial real estate requires commitment, and it most certainly requires honoring the promises we’ve made- to our clients, our colleagues, and ourselves.

Commercial real estate transactions take time. Deals don’t come together overnight. Building relationships with clients and colleagues takes time. Closing deals can sometimes take years, requiring tenacity, and perseverance.

One of my latest sales took almost two years to complete. Talk about tenacity and commitment! During the time 401 Los Altos Parkway in Sparks, Nevada, was on the market, multiple offers were made, and multiple offers fell through. 401 Los Altos is a pad site on a highly trafficked corridor in Sparks, Nevada, and was one of the last available in that area. The pad was encumbered with a ground lease to a large corporation, who had first right of refusal to purchase the property. In this case, the lessee had 45 days to respond after each offer was made by a third party. We diligently presented and responded to each offer. Unfortunately, time kills all deals and waiting for the lessee to respond often got in the way of opening escrow.

Eventually, the lessee decided to purchase the site and after two years, a successful deal was reached.

Although this deal took time, patience, and tenacity, I knew I needed to honor my commitments and see this deal through. SVN and its members are committed to getting the deal done. Through perseverance, problem solving, and a whole lot of dedication, we make deals like this come together. 

Tomi Jo Lynch, SIOR, CCIM, Managing Director

775.530.2621

Tomijo.lynch@svn.com

I was recently reminded about the value of being versatile in the commercial real estate industry. I deal with clients ranging from individuals to large corporations, someone looking to rent 400 SF for a small office to someone looking to buy a 300,000 SF industrial building. Commercial real estate requires versatility and adaptability. Here at SVN®, we pride ourselves on both.

One of our core covenants is “Cooperate proactively and place my clients’ best interests above my own.” Although we always work to place our client’s best interests above our own, their interests often vary greatly from client to client. Our commitment, professionalism, and level of skill does not vary between clients, but our communication and negotiation styles certainly do.

Earlier this month I closed a deal that was a lease for 512 SF in an office building in downtown Reno. The new tenant is an individual that is just starting their own business. A few weeks ago, I also completed a land disposition for $1,900,000. The buyer of this parcel was a large corporation with deep pockets and plenty of real estate knowledge. The level of care I demonstrated throughout both deals was the same, but I needed to be versatile and adaptable while facilitating both deals. A person starting their own business and looking for a small office has different needs and communication style than a large corporation looking to make a land investment.

The commitment remains the same, but meeting the client where they’re at and adapting to their needs and style is equally important. Those of us in commercial real estate need to have the ability to be a chameleon, as well as never change our spots when it comes to putting our clients first.

Tomi Jo Lynch, SIOR, CCIM, Managing Director

775.530.2621

Tomijo.lynch@svn.com

I represent the owner of an office building near downtown Reno, Nevada. I recently found a tenant for the last available space in the building, a small office with 494 SF. The tenant did not have any representation and they seemed to be tentative during the lease signing process. There were certain clauses and wordings in the lease that gave them pause and I wanted to make sure they were completely comfortable before moving forward. Although this lease was small, I recognized that leasing their own space, and all the steps that went into that, was a big deal to them.

Two of our top priorities here at SVN® are to create amazing value for our clients, and to place our client’s best interests above our own. Because of these two core covenants, I always aim to treat every deal like a big deal. No deal is too “small” to put forward my best efforts, create value for my clients, and place their interests above my own. During this deal, I answered all the tenant’s questions and made sure that they felt informed, comfortable, and confident that they had received the best service.

No deal is too small- here at SVN® we approach all deals with the same care and commitment to our clients.

Tomi Jo Lynch, SIOR, CCIM, Managing Director

775.530.2621

Tomijo.lynch@svn.com

One of the most notable differences about how SVN® does business, what we like to call the SVN® Difference, is promoting cooperation between brokers. Our core covenants are to “create amazing value with our clients, colleagues, and community” and to “cooperate proactively”. This deal was made possible through cooperation with a colleague and creating value for our new tenant, the owner of the space, and the Midtown Reno community. This deal was a win-win-win!

This deal came together with the help of a friend and colleague, Amanda Lavi with Colliers International- a big thank you to Amanda for collaborating on this! By working together and reaching out to the greater commercial real estate community, I was able to connect a qualified tenant with a beautiful, perfectly located new home for their business. Not only did both tenant and landlord benefit from this deal, but the burgeoning Midtown area of Reno has gained another great locally owned business! 24 California will now be home to a location of the RareTea franchise. RareTea has rented 1,647 SF in the newly renovated 24 California retail building that sits perfectly on the corner of Virginia Street and California Avenue, in Reno.

RareTea is a franchise with over 25 locations nationally and they have decided to open their latest, locally owned location at 24 California. This tea shop serves everything from teas to lattes to smoothies, specializing in milk teas.

Apart from finding the best outcome for both my clients and businesses looking for the perfect space, I love that I get to be a part of our growing community and bringing more life to areas of town.

There are still three spaces left in this beautiful and newly renovated building. If you’re in the market for a new retail, office, or restaurant space to call home for your business- reach out to me! Brokers- if you have a client who would love one of these spaces, let’s work together on getting 24 California fully leased and making it a new hotspot in Midtown Reno.

Tomi Jo Lynch, SIOR, CCIM, Managing Director

775.530.2621

Tomijo.lynch@svn.com

Welcome to the Neighborhood RareTea!

RareTea has leased 1,647 SF in 24 California Avenue and will be opening a new location in Midtown. RareTea serves a variety of beverages, including teas, lattes, and milk teas. This franchise has over 25 locations and will soon be sharing their delicious drinks with the Reno area! Swing by 24 California to get a delicious meal or drink from one of our amazing tenants!

Thank you to Amanda Lavi with Colliers for helping find RareTea a new home in 24 California!

SOLD | $2,700,000

Arrowhead Drive, Carson City, NV

Tomi Jo Lynch, SIOR, CCIM, and Thomas Y. Johnson, CCIM, represented both the Buyer and the Seller in this deal. The Buyer had previously purchased the adjacent parcel and now holds a total of ± 24.31 acres on Arrowhead Drive. Congratulations to the Buyer, Seller, Tomi Jo, and Tom for completing this sale!

SOLD | 3 INDUSTRIAL LOTS
North Deer Run Road, Carson City, NV

Tomi Jo Lynch, SIOR, CCIM, represented the Seller and orchestrated the sale of three lots on N Deer Run Road. The three lots have sold to two separate buyers for a total of $623,238 and 3.18 acres.

Four lots are still available for sale and can be bought separately or together. Located in the Deer Run Industrial Park in the northeastern urban area of Carson City, NV, with easy access to Highway 50 and Interstate 395.

This brand new business has decided to put down roots in the Midtown area of Reno, and has leased 908 SF in 24 California. The Wheyfarer offers gourmet, hard to find cheeses and ingredients from both local sources and all over the world, all handpicked by their knowledgeable “cheesemongers”. Not only is The Wheyfarer a gourmet meat and cheese counter, they will also offer catering, grab and go snacks and meals, specialty beverages, and so much more! We can’t wait to have a charcuterie board at the Wheyfarer upon their opening later this summer.

Four spaces are still available in 24 California. This historic and newly renovated building offers ± 1,328 – 6,389 SF of available retail and office space on the bustling corner of Virginia Street and California Avenue. Find your space today!