The $4.25 million sale of the Isbell Office Suites, located on 639 Isbell Rd., was recently named the Commercial Real Estate Women (CREW) of Northern Nevada Deal of the Year.
One Reno-based commercial real estate technology company is changing the way that brokers do business in northern Nevada.
Commercial Real Estate Women (CREW) of Northern Nevada recently announced their deal of the year was the sale of Isbell Office Suites, located at 639 Isbell Rd. for the sum of $4.25 million. This sale was initiated through the online meeting platform for commercial real estate professionals called Capstak.
Capstak, Inc. is a resource for commercial real estate professionals to find deals, source capital, identify business partners and commercial real estate service providers as well as stay up-to-date on news within the industry.
“It is similar to a LinkedIn but only for commercial real estate professionals,” Ashley Young, director of operations, business development and social media strategy for Capstak, said in phone interview with the NNBW.
The site includes a “Have & Wants” page where brokers in the northern Nevada market can post specific properties or investments they are looking to sell or buy. This feature was used in the CREW of Northern Nevada Deal of the Year.
Andie Wilson, principal broker at NAI Alliance, represented the Los Angeles-based buyer in the Isbell Office Suites transaction.
“Like all buyers, (the buyer) had very specific criteria for the type of property that she was looking for,” Wilson said.
At the time, Wilson could not find anything that matched what the buyer was looking for on the open market.
“I threw it out in the Capstak Haves & Wants page and within 48 hours I had several responses,” Wilson said.
Wilson explained that they had already negotiated all the terms by the time the property hit the Reno market and the transaction closed in less than 90 days from the date it went into contract. Melissa Molyneaux, senior vice president and executive managing director of Colliers International, represented the seller, Isbell Properties, LLC., in the transaction.
“I check it now everyday,” Wilson said about Capstak.
Wilson said she was first introduced to Capstak at a CREW meeting. She later had Young and Kyle Brice, head of community for Capstak, come to the NAI Alliance office to give their staff a presentation on how to use the site.
“It is actually very simple,” Wilson said.
CREW announces their deal of the year based on a major transaction that involves the most CREW members within the chapter. The CREW members involved in the Isbell Office Suites sale included Young, Wilson, Molyneaux, Brad Bonkowski, Cheryl Evans, Brittany Diehl, Rebecca Rich, Luann Barnes and Denise Barcomb.
Capstak was co-founded by Michael Schnabel and Heather Goldman in 2014. The company is headquartered in Reno and is based out of the University of Nevada, Reno Innevation Center. According to Young, they currently have about 15 employees and are continuing to grow their team. The company has launched the product in several different markets including Reno, Las Vegas, Sacramento and Salt Lake City.
For more information about Capstak, visit http://www.capstak.com.
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