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.”
NNBW staff
Amid slow vaccine rollout, will retail real estate in Reno-Sparks see return to ‘normal’ by the summer?
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