Two Reno Buildings Sold
Colliers International announced recently that Investment Broker Dewey Struble negotiated the $1.7 million sale of a single-tenant, net-leased, furniture showroom. Struble represented the buyer, a 1031 purchaser from Southern California who bought the building through a family trust. Located at 9738 S. Virginia St. in the Foothill Commerce Center in South Meadows Business Park, the new 10,813-square-foot building is leased to Mountain Comfort Furnishings and Design.
CB Richard Ellis announced the sale of the Social Security Administration office building at 1175 Financial Blvd. in southeast Reno. The 14,000-square-foot building was sold for $1.2 million to an individual Incline Village investor. The Social Security Administration is the sole tenant. Michael Schnabel and Aiman Noursoultanova of CB Richard Ellis’ Investment Properties Group represented the investor in the purchase of the building.
Thomas & Mack Sells Project
Thomas & Mack Development Group, a Las Vegas-based real estate development company, recently sold Crossroads at Sunset, a 164,311-square-foot retail project located on the southwest corner of Sunset Road and Stephanie Street in Henderson. The buyer was Seligman Western Enterprises Limited, a privately held company based in Michigan. The purchase price was not disclosed. Current tenants include: Toys R Us, Sports Authority, Borders Books, Hallmark and Wells Fargo Bank. The project, which was built in 1995, includes four buildings situated on 13.9 acres of land. Jeff Pori and David Stubbs of Grubb & Ellis represented the buyer. Valley Realty, an affiliate of the Thomas & Mack Development Group, represented the seller.
Mesquite Purchases BLM Land
The city of Mesquite has completed the purchase of approximately 7,700 acres of land managed by the Bureau of Land Management (BLM). The land was acquired pursuant to the 1996 and 1999 amendments to the Mesquite Lands Act, federal legislation that provided for the sale of federal land directly to the city of Mesquite at fair market value. The acreage was purchased for a total cost of $10.75 million, an amount equal to the BLM appraisal.A joint-acquisition agreement executed in 1993 by city officials and Mesquite Vistas, LLC, a local development company, provided for both parties to work together to request the BLM sale. The agreement stipulated that Mesquite Vistas would acquire roughly 3,125 acres at the appraised price, and pay the appraised price of an additional 600 acres to be donated to the city. The total cost to Mesquite Vistas was $8.25 million, plus all of the costs associated with the legislation, environmental studies and other related transaction costs. The city acquired a total of 4,575 acres at a cost of only $2.5 million. In March 2003 the city annexed the above-mentioned property, as well as the Flat Top Mesa area, which is still managed by the BLM.
Reno Library Completed
South Valleys Public Library, designed by the architectural firm of WorthGroup and constructed by West Coast Contractors, opened recently in Reno. It is the first new freestanding library built in Washoe County in over 30 years. This state-of-the-art public facility is the product of WorthGroup’s involvement as architect-of-record in a partnership with Brendle APV of Denver, Colo. The multi-purpose property is located in southwest Reno off Mt. Rose Highway. The $3.7 million library is spread over 16,500 square feet, and includes: 65,000 books; a vast collection of electronic media; a business center; tutoring rooms; a teen center; a children’s reading room; a community room; and an art gallery. Design commenced in April of 2001 and construction began in June of 2002.
Harsch Adds to Southern Nevada Portfolio
Harsch Investment Properties recently purchased Stephanie Street Power Center, a 379,067-square-foot retail center in Henderson at the intersection of Warm Springs and Stephanie Street, across from the Galleria Mall. Harsch purchased the building from Stephanie Street, LLC for $54 million. The property was represented by Perry White of Marcus & Millichap. Another recent Harsch acquisition is the 380,000-square-foot Valley View Industrial Center, a multi-tenant industrial park in Las Vegas. The purchase price was $22.15 million. With the purchase of this project, Harsch Investment Properties’ Las Vegas portfolio now totals over 6.2 million square feet. Valley View Industrial Center, located on a 19.14-acre site at the intersection of Valley View Boulevard and West Harmon, includes four, one-story buildings ranging from 79,000 square feet to 100,000 square feet. Harsch purchased the property from Calwest Industrial Properties, LLC. Ted Tapfer of Secured Capital Corp. in Los Angeles represented both parties in the transaction.