In a word, UP, UP, UP. NODs were up 18% to 259 in March, from 212 in February and 236 in January. NOSs were up 40% to 223 in March from 132 in February and 136 in March, to their highest level in 10 months. TDs shot up 45% to 93 in March from 52 in February and 71 in January. The chart is HERE.
3400/3370 Kietzke just sold for $4,500,000. Old Mervyn’s? The sale is only part of the shopping center. I haven’t seen an inner city retail sale of this magnitude in quite a while.
7655 Town Square in Somersett sold for $820,000 or about $45 psf. The buyer was NOT the same party who bought 7665 Town Square and runs the Grape and the Grain and Babe Matteri’ s (unless there is a straw buyer involved). I was working with a 4th party on the property, and we found that the only financially viable option was to convert the building from commercial into apartments/condos. Absolutely no one will drive into Somersett for retail, and the retail center of gravity for Somersett continues to push west as Sierra Canyon expands. Those residents bypass the Town Center and all the roundabouts and access their homes from the East Verdi Exit.
Apple pulled some PERMITS for 2 new server buildings and an administrative building with a loading dock out at Reno Technology Center. No word on their commitment to a downtown Reno staging facility. (Washoe’s permits tend to be chronological, so start at the bottom).
Apple is only a small portion of the Reno Technology Center, and RTC just pulled some monster PERMITS of their own. $2.7M for a private water distribution system and 2 1M gallon water towers.
Meanwhile, the same ownership group spending millions on infrastructure at the RTC continues to believe that paying property taxes on their Tessera assemblage downtown Reno is an optional expense. They just went NOD on their property on the north side of 6th Street between NVA and Center Street (you might remember the property as the old Gansta Dairy Queen and parking lot).