Investor snaps up bank building
Citibank’s pullback from the northern Nevada market led to a record-fast sale for CB Richard Ellis.
The former Citibank branch at 2375 S. Virginia St. last week sold after just four days in escrow, said Aiman Noursoultanova, senior vice president of the investment properties group for CB Richard Ellis. Typical time for a property to clear escrow is 60 to 120 days, Noursoultanova said.
“That was the shortest we have ever seen it worked out pretty good for us,” she said. “We had a motivated buyer and a motivated seller, and it was a cash purchase.”
The 32-year-old building 4,884 square feet with an equal-sized basement sold for $1 million in cash to a private investor from Reno.
CB Richard Ellis also is marketing five other Citibank locations in Sparks, Carson City, Elko, Winnemucca and Yerington after the bank sold its northern Nevada deposit relationships to Wells Fargo.
The cancelation of the 2020 event “severely affected operating revenue,” according to the Great Reno Balloon Race.