Fennell & Associates, commercial real estate solutions of Reno, Nevada is pleased to announce that Harvey Fennell & Tom Eberle have successfully represented their client, Magnolia Village, in the leasing of 1,900 SF of boutique space.  The space was leased to a high end retailer specializing in men’s and women’s running equipment and apparel.

Tom Young of Fennell & Associates, commercial real estate solutions based in Reno, Nevada, has successfully represented his seller in the sale of three parcels totaling $1,700,000 for the Redevelopment Area of the City of Sparks.

Tom Young with Fennell & Associates, commercial real estate solutions, based in Reno, Nevada has recently been appointed by the City of Reno to the board of directors of Truckee Meadows Water Authority.

Fennell & Associates, commercial real estate solutions of Reno, Nevada is pleased to announce that Cathy I. Shanks, CPM and Fred M. Miller, SIOR successfully represented Eclipse Running, a retailer specializing in high quality running shoes and apparel, in the lease of their new store.  Eclipse Running is expanding into a new 1,900 SF space at McCarran and Lakeside.

Harvey Fennell, a Commercial Broker with Fennell & Associates, Commercial Real Estate Solution in Reno, Nevada has just listed the property at 1135 Hunter Lake Drive in Reno.  The property consists of a former beauty salon and three attached apartments.  Please contact Harvey at 775.850.3125 for more information.

Cathy I. Shanks, CPM of Fennell & Associates, commercial real estate solutions, a Reno, Nevada based commercial real estate firm, has recently leased approximately 1,600 square feet of retail space to a high end running store.

Aaron Smith of Fennell & Associates, Commercial Real Estate Solutions, in Reno, Nevada has just become a member of EDAWN.  EDAWN is the Economic Development Authority of Western Nevada.  Check out their website at www.edawn.org.

The City of Fernley has bee working for approximately 15 months on the creation of a Traffic Impact Fee. The fees would be based on the trip impacts of a particular development on the roadway system of the community. Currently, the Regional Transportation Commission of Reno, Sparks and Washoe County, the City of Sparks, Las Vegas and Mesquite have these fees within our state. In March, a draft recommendation on the proposed costs of these fees to development was presented to the Fernley Capital Improvements Committee. In the area of housing the fees were approximately the same as the RTC Fees for Reno, Sparks and Washoe County. In the commercial area the proposed fees were 3-4 times greater than Washoe County. In the Industrial Area they were greater but not to be the same magnitude. There have been a number of hearings and workshops on these proposed fees since March. Approximately 25 Fernley Landowners and Businessmen are actively fighting these fees along with the Fernley Builders Association. It is the belief of these groups that the fees are too high and would have the reverse effect of generating revenue by stopping the new growth that would pay these fees. It is also apparent that the City of Fernley has no adopted Capital Improvements Program from which individual projects can be selectively chosen and funded as well as no Transportation Master Plan forming the foundation of such a fee.

The business, real estate, development community as well as citizens wanting basic commercial services are concerned that this fee will make Fernley less economically competitive with the surrounding communities here in the middle of a regional recession.

It appears that this discussion will be taking place during the election season from now until October. With the increasing price of gasoline and the drop in housing value many Fernley residents see this proposed fee as a way to truly restrict growth without understanding the true consequences. The next CIP meeting is Wednesday, July 23 at 6:00 PM at the Fernley City Hall at 595 Silver Lace Blvd. in Fernley. If you have any interest in contacting the elected or appointed officials call the city at 784-9830. They do need to hear from the public on this most critical issue. You may also contact Greg Evangelatos with Fennell & Associates, Commercial Real Estate Solutions at 775-850-3104 or 775-412-5455 for more information.

Ron Boles, CCIM of Fennell and Associates, commercial real estate solutions, of Reno, Nevada succesfully completed the sale portion of a lease option negotiated over 5 years ago. Despite the trouble in the finance industry the Coral Academy of Science was able to secure bond financing neccessary to complete the purchase of their building located at 1350 E. 9th Street, Reno, Nevada.

Ron Boles, CCIM of Fennell and Associates, commercial real estate solutions, of Reno, Nevada successfully completed the sale of multifamily land with a 1,230 sf single family residence in Sparks Nevada. Originally priced at $295,000 the property end up selling at $182,500. The key in this market is for the principals to be flexible to get the transaction done, unfortunately this can be financially painful to the Seller… just two years ago this was turned around it was the Buyer who was in the financial pain… I look forward to a balanced market without the pain.