First phase of South Fork Commerce Center nearing completion
Frank Gallagher, principal with Commercial Partners of Nevada, and Don Wilkerson, chief executive officer of Gaston & Wilkerson Management Group, have teamed up to develop a commercial project in Elko.
Twelfth Street Associates, a firm created by the two partners, is fielding inquiries from prospective tenants for the first phase of South Fork Commerce Center. The center is planned for a total of 46,500 square feet of office and office/warehouse space. Phase 1, a 12,170-square-foot building, is under construction by general contractor Dianda Construction and is scheduled to be completed this spring after a late 2013 groundbreaking at the corners of 12th Street and Clarkson Drive.
Gallagher says the privately funded venture will be developed in phases on a mostly speculative basis. Lease rates run $1.25 a foot triple net, and buildings can be either segmented or leased as a whole.
Each building is grade level with overhead door access in the rear. Twelfth Street Associates purchased five acres at the site and will have additional pads ready to fast-track construction of additional phases.
Elko’s lack of new and available commercial space prompted the development, Gallagher says.
“When looking at the available market, there is nearly zero of that type of product,” he says. “We are finding that the interest is there.”
Gallagher is handling leasing of the center, while Wilkerson’s firm will handle on-site property management.
Despite ongoing difficulties, Northern Nevada’s office real estate market will endure, experts predict
IGT’s decision to list its 1.2 million sq. ft. campus for lease this month and the recent $3.8 million sale of Harley Davidson’s 3-story financial services building in Carson City are the latest examples of companies no longer needing larger-scale office properties to maintain productivity levels and meet customer needs.