Lee & Associates, the regional office of the nationwide leader in commercial real estate services, has finalized the sale of 493 self-storage units and adjacent land, located at 1939 Richards Place in Sparks, Nevada, for $11,475,000 announced Steve Avanzino, Senior Vice President of Lee & Associates.
“At the time of the sale, this property was 92% occupied by self-storage tenants,” said Avanzino. “The prior owner decided to sell the property as part of a 1031 Exchange Program. Incentives for commercial real estate investments such as a 1031 Exchanges like this sale, help keep our local market healthy, increasing property values and benefitting tenants and patrons as new owners generally enhance amenities and service offerings.”
This sale featured 75,406 square feet of commercial space with 493 self-storage units as well as 56,455 square feet of land located at 2050 Pyramid Way in Sparks. The land was previously a vacant parcel for several years before being purchased by Mardian Development. The new owner plans to build additional self-storage units on the triangle parcel parallel to Pyramid Way. This parcel was included in the sell of the self-storage.
Here in the Silver State, and northern Nevada in particular, there are record levels of self-storage development taking place. Demand for self-storage is positively correlated with single family home sales as homeowners who are moving to the area need additional space during their transition. The self-storage industry’s growth is also attributed to individuals and commercial businesses that are downsizing their square footage.
“We are seeing an increase in self-storage demand from businesses that have been forced to downsize in response to the COVID-19 pandemic,” shared Avanzino. “The owner we represented in the purchase at 1939 Richards Place is also building Northtowne self-storage facility northeast of McCarran Blvd and 580 interchange. The facility will have five buildings, an office and roughly 104,000 square feet of storage areas. It is adjacent to an established commercial area and is being developed with a new personal storage concept. It is directly accessed from the Home Depot site to the east.”
About Lee & Associates
The Lee & Associates group of independently owned and operated companies is the largest broker-owned firm in North America. Lee & Associates offers an array of real estate services tailored to meet the needs of the company’s clients, including commercial real estate brokerage, integrated services, and construction services. Established in 1979, Lee & Associates is now an international firm with offices throughout North America. Our professionals regularly collaborate to make sure they are providing their clients with the most advanced, up-to-date market technology and information. For more information about the Lee & Associates’ Reno office, contact Steve Avanzino, Senior Vice President at 775-848-5901, [email protected] or visit www.lee-associates.com.
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