Sparks sale: $5.8 million
The light industrial building at 1455 Glendale Ave. in Sparks occupied by CASE Construction Equipment changed hands last week for $5.3 million.
Todd Blonsley, vice president of investments at Marcus & Millichap Real Estate Investment Services, brokered the sale of the 24,000-square-foot building on 5.36 acres. Blonsley represented the seller, AG Reno Investments, for which he brokered purchase of the building six years ago. The buyer, Blonsley says, was a private party based in Washington who was seeking a net-leased investment — investments with long-term net leases in place to creditworthy tenants and a fee-simple ownership structure.
Blonsley says that although such properties are more limited in Reno-Sparks than larger markets, they represent a growing category of real estate investment in the region.
“Whether it’s an institutional investor or high net-worth individual, they like to have hands-off investments,” he says. “Reno always has good interest for all property types, but because we are a non-income-tax state when net-leased investments are offered on the market there is good activity regionally and nationally to come into our market.”
Amid slow vaccine rollout, will retail real estate in Reno-Sparks see return to ‘normal’ by the summer?
Sales of retail properties across Northern Nevada lagged after the initial wave of state-mandated closures last spring since it was impossible to underwrite the rental income generated from cash-strapped tenants. Investors, however, have cautiously been dipping their toes back into the pond.