(Reno, Nev.) – The 10.71 acre sale consisted of 2 parcels, both zoned multifamily. The land sold for $2,407,500 in June of 2019. The parcels are located at the corner of Cabela Drive just off of Highway 80. This development site resides in an area commonly referred to as Boomtown. The sub-market acts as an entrance to the Reno/Sparks metro and sits at the foothills of the Sierra Nevada mountains only minutes from the California/Nevada border. With a drive no longer than 10 minutes to downtown Reno this location offers many opportunities in a market with low inventory and a high demand for additional housing units.
Dominic Brunetti, CCIM, Scott Shanks, SIOR and Trevor Richardson represented the Seller in the transaction, St. John Properties. St. John Properties, headquartered in Baltimore, Md., was the 2018 NAIOP developer of the year and has developed a portfolio of over 20 million square feet Verdi Village LLC purchased the property and plans to move forward with developing multi family units.
About Dickson Commercial Group:
Dickson Commercial Group (DCG) is a locally owned and operated, full-service commercial real estate firm headquartered in Downtown Reno and serving all of northern Nevada. Dickson Commercial Group serves all sectors of commercial real estate, including sales and leasing for industrial, office, retail, multifamily, and land. Dickson Commercial Group also offers a full spectrum of commercial services from property management and construction management to investment underwriting and feasibility studies.