Brookside Corporate Center

CBRE’s Investment Properties Private Client Group in Reno, Nevada, sold Brookside Corporate Center, a three-building, 261,000 square-foot industrial park, to Chesapeake Real Estate Value Investors for $20.7 million. Brookside Corporate Center, located in Reno’s Airport submarket, was developed by Trammell Crow Company, built by Trammell Crow Construction, leased by CBRE Industrial professionals and managed by CBRE’s Asset Services group. This cross-discipline collaboration enabled the CBRE team to quickly and efficiently meet the needs of the client. Upon closing, Brookside Corporate Center was home to tenants representing a variety of industries, from consumer products to high-end systems communications and security solutions. CBRE was retained by the new owner to lease and manage the property after the sale.

Aiman Noursoultanova, CCIM

The Meadows

The Meadows, a 110 unit Apartment property in Sparks, Nevada, was built by the patriarch of the McDonald family in 1977. After his passing Mrs. McDonald assumed the responsibility to operate the property from her residence in Boise, ID. She hired a management company that did not work out well. She then sold the property but eventually had to foreclose. Not too long thereafter, Mrs. McDonald passed away and it fell to her three children to take over operations. None of the children were experienced property managers. The Reno CBRE multi-family team was engaged to provide a broker opinion of value and subsequently listed the property for sale. In addition to conventional marketing, the Reno team brought the offering to a local owner/operator. Soon after, an offer was tendered and accepted. It was a good deal for both parties as each achieved their respective objectives.

Len Ramos | Alex Mellinger, CCIM

PetSmart West Coast Distribution Center

In October 2006, CBRE’s Global Corporate Services team in Phoenix reached out to the Industrial Team in Reno, NV who then involved the Tenant Advisory Services team in Stockton, CA to facilitate an 850,000-sq.-ft. to 1.2 million-sq.-ft. build-to-suit distribution facility on behalf of PetSmart. PetSmart sought a location between Northern California and Reno, Nevada, to serve the company’s existing retail stores and accommodate store growth in the western United States. After extensive labor, tax, demographic, incentive and real estate cost analysis for sites along a 300-mile corridor of Northern California and Western Nevada, the CBRE team decided to pursue a greenfield site east of Reno. The team assisted PetSmart in analyzing multiple transaction scenarios, including lease vs. own, sale/leaseback, tenant equity and other arbitrage scenarios, before deciding that a traditional lease was the best option. The team then advised PetSmart in identifying viable site options, eventually securing a 58-acre site at the Tahoe Reno Industrial Center. Build-to-suit proposals were submitted to seven national developers. After two rounds of proposal negotiations, interviews with candidate developers and extensive analysis of design criteria and value engineering, Seefried Properties won the assignment in late December 2006. CBRE collaborated to provide transaction management and project management services, advising PetSmart and Seefried in their choice of general contactor, architect, engineering firms and other key consultants. Plans were submitted for approval and a grading permit was issued on March 19, 2007. Construction began immediately. The team successfully negotiated an aggressive rental constant, substantial tenant improvements, a termination of the existing lease and provisions to ensure that the facility is completed on time. The team’s breadth of experience enabled them to navigate an extensive project evaluation and complex series of negotiations in 149 days, from initial contact to groundbreaking.

Gordon Zack | Eric Bennett