Commercial Market Update

Office Office properties led the way with 8 transactions but two of them were foreclosures. One notable office sale was the building at 10345 Double R, which traded hands at $7,550,000 or $116 P/SF. Industrial There are 3 industrial sales here including the notable $5,950,000 sale of the 170,000 SF building at 11005 Stead Blvd to Sierra Packaging. This also included 20 acres of land. Multi Family The multi family sector had 2 notable sales in May. One was the 34 unit apartment building located at 1810 Idewild Dr. Which sold for $1,300,000 or $38,000 per door. The other notable sale was Marmot Properties $1,755,000 purchase of the Alonso Assemblage in the Midtown District. Retail Retail Sales were pretty slow but one notable transaction was the Trustee’s Sale of the strip mall on Sparks Blvd near Los Altos. The strip mall was 9.97 acres of land but only had 4 out of 11 parcels with buildings on it. The majority of the property was pad sites. Land Two notable land sales were the purchase by the Midtown Development Group of 7 adjacent parcels on Mt. Rose Street and the sale of 70+- acres of Multi Family land on Double R Blvd for $0.33 P/SF. Much of this land was not suitable for building and is very hilly, so the Price Per Square Foot is a little misleading. The trend right now seems to be positive, especially the multi-family market and midtown area, which continues to see a lot of activity.]]>