Leasing Industrial Real Estate in Northern Nevada? Start Here.0

Posted by Thomas Miller, CCIM

miller-industrial-properties-northern-nevadaFor over twenty years, Miller Industrial Properties has set itself apart in the industrial real estate market of northern Nevada. As the longest-running boutique firm, we’ve earned a reputation for success. If you’re considering buying or leasing industrial real estate in northern Nevada, start here. … Read more →

Our posts are intended to educate commercial real estate users so they can make better decisions in their real estate use, investments, buying and selling. We encourage your input and commentary. If you are enjoying these posts and finding them useful, help spread the word via Facebook, Twitter, LinkedIn, Google + or email with the buttons above.

Searching for a Western Distribution Location? Consider Freight Costs First.0

Posted by Thomas Miller, CCIM

The traditional product fulfillment triangle between the supplier, your warehouse and the customer has evolved in the past decade into a highly complex, fast-moving and ever-changing arena. Even if we exclude the added options of third-party fulfillment and direct shipping from supplier to customer, more traditional warehouse fulfillment remains a complex area to manage within the overall logistical network. It only makes sense to look closely at freight costs and fulfillment times when considering a new or expanded West Coast location. … Read more →

Our posts are intended to educate commercial real estate users so they can make better decisions in their real estate use, investments, buying and selling. We encourage your input and commentary. If you are enjoying these posts and finding them useful, help spread the word via Facebook, Twitter, LinkedIn, Google + or email with the buttons above.

Four Reasons to Make Miller Industrial Properties Your Industrial Real Estate Firm0

Posted by Thomas Miller, CCIM

miller-industrial-properties-northern-nevadaMiller Industrial Properties has differentiated itself in the industrial real estate market of northern Nevada for more than twenty years. Here are four reasons you should consider Miller Industrial Properties first if you’re considering purchasing or leasing industrial real estate in our market. … Read more →

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Industrial Real Estate FAQ for Northern Nevada0

Posted by Thomas Miller, CCIM

FAQsA FAQ page is fairly standard on websites. It’s a page dedicated to frequently asked questions, and it’s usually presented in a standard question-and-answer format. If you’re searching industrial real estate FAQ for northern Nevada, you’ll find the Miller Industrial Properties website at the beginning of the search results. And yet, Miller Industrial does not have a FAQ page. Here’s why. … Read more →

Our posts are intended to educate commercial real estate users so they can make better decisions in their real estate use, investments, buying and selling. We encourage your input and commentary. If you are enjoying these posts and finding them useful, help spread the word via Facebook, Twitter, LinkedIn, Google + or email with the buttons above.

Why Northern Nevada Should be Your Western Distribution Point0

Posted by Thomas Miller, CCIM

Miller Industrial Properties - Northern Nevada's Commercial Real EstateMiller Industrial Properties recently worked with a client who was looking to open two new locations. One facility was going to open in New Jersey, and the other was going to be somewhere on the West Coast. A mutual acquaintance put the client in touch with Miller Industrial, and they flew out to see what Reno might have to offer. Long story short, they’ll be taking occupancy of their new Reno facility on October 1, having pushed the New Jersey plan for another few years.

I share this story to make a point – northern Nevada is a prime location for businesses looking to expand or relocate. We offer in-depth information on our website, but here’s a snapshot: … Read more →

Our posts are intended to educate commercial real estate users so they can make better decisions in their real estate use, investments, buying and selling. We encourage your input and commentary. If you are enjoying these posts and finding them useful, help spread the word via Facebook, Twitter, LinkedIn, Google + or email with the buttons above.

Launching a New Business in Northern Nevada? Start Here.0

Posted by Thomas Miller, CCIM

Miller Industrial Properties - Northern Nevada's Commercial Real EstateIf you’re at all familiar with our website, you know that Miller Industrial Properties sings the praises of northern Nevada as an ideal location for new or expanding businesses. From the ease of incorporation, tax incentives and technology level to quality of life and cost of living, there’s no shortage of reasons that make Nevada stand out from the rest of the country. Just ask Tesla! If you’re considering launching or expanding a business to our neighborhood, we’ve prepared a little something just for you. … Read more →

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Dare We Say It? Northern Nevada’s Industrial Real Estate Market Turns the Corner0

Posted by Thomas Miller, CCIM

Northern Nevada’s Industrial Real Estate Market Turns the Corner

Since 2008, we have heard positive economic predictions that have flopped time and time again. The fallout of those sadly mistaken forecasts was that over the past few years, no one dared to make any “We’ve turned the corner!” predictions. Until now, that is, because northern Nevada’s industrial real estate market really has! Onto the proof:

  • Through 2013, we have had excellent market activity approaching record absorption rates. Certain market size segments are all but unavailable, with only two locations remaining for 200,000 sf and up, and nothing available for 400,000 sf and up. The ‘big box’ market segment has already experienced raising rents in the 15% range due to the final few transactions realizing supply/demand economics. Furthermore, next quarter has already logged in some substantial deals and we are looking for a sixth consecutive quarter of decreasing vacancy.
  • Another factor is that in previous quarters, positive absorptions were balanced by firms downsizing or moving out of the market. This had the effect of keeping the area’s net absorption rate modest, maintaining overall vacancy high and keeping rents low. The recent strong net absorptions are signs that overall economic recovery is gaining footing.
  • Another observation is the return of the midsized transaction, defined as the 30,000 to 60,000 sf sized user. I characterize these firms as the small to midsized firms with a base operation on the East Coast or in the Midwest. These firms have been servicing their West Coast clients via truck freight. Now we are seeing these firms coming back into the market to build their Western presence, cut freight costs and improve delivery times to their eleven Western state customers. I view it as a very positive sign that these smaller firms feel confident enough with their mid and long range business models to use resources to expand in this way.  

The year is shaping up to the point that it should become the one we can point to and say, “After seeing the all-time market lows, 2013 saw the beginning stages of recovery in this economic cycle.” If the current trends continue, we should be seeing new industrial real estate ‘big box’ products built on speculation by early 2014. Rents should be able to bridge the gap to allow a reasonable return on investment, and we will be moving ahead to a balanced market where landlords are no longer required to be the last man standing to secure a lease transaction. And because all boats rise together on the tide, that’s the type of market that will benefit both landlords and tenants alike.

Our posts are intended to educate commercial real estate users so they can make better decisions in their real estate use, investments, buying and selling. We encourage your input and commentary. If you are enjoying these posts and finding them useful, help spread the word via Facebook, Twitter, LinkedIn, Google + or email with the buttons above.

Manufacturing Property Changes Hands in Reno, Nevada0

Posted by Thomas Miller, CCIM

Truckee Tahoe Lumber Company

Truckee Tahoe Lumber Company is the new owner of the 32,000 sf warehouse at 1550 Hymer Avenue in Sparks, Nevada. Carole Brill and the team at Miller Industrial Properties successfully negotiated the final sale of the circa 1965 property for previous owner Marquez Brothers International, Inc., after its decision to consolidate the Sparks-based operation into its Sacramento distribution center.

While the property was in good standing and well situated, challenges of the listing included dated features and deferred maintenance. To combat this, Miller Industrial Properties executed a targeted marketing plan designed to reach users that would benefit from the facility’s structure and make use of its unique features. The property is ideally suited to manufacturing, which has been a dead spot in the local market for the last few years, and Miller Industrial highlighted this attribute in its marketing efforts. “They worked diligently on the disbursement of the building over a two-year period,” said David Villanueva, CEO of Marquez Brothers. “Through consistent and creative marketing, a buyer was procured that concluded in a sale most suitable to all parties.”

After attracting Truckee Tahoe Lumber Co., Miller Industrial worked to ensure that both buyer and seller would be well served. Following a lengthy investigation and challenging due diligence, all parties completed a successful transaction.

Our posts are intended to educate commercial real estate users so they can make better decisions in their real estate use, investments, buying and selling. We encourage your input and commentary. If you are enjoying these posts and finding them useful, help spread the word via Facebook, Twitter, LinkedIn, Google + or email with the buttons above.

Western Expansion Brings Medical Distributor to Reno, Nevada0

Posted by Thomas Miller, CCIM

Southern Anesthesia & Surgical, Inc. (SAS)

After considering several western locations as part of a plan to expand its national presence, Southern Anesthesia & Surgical, Inc. (SAS) selected Miller Industrial Properties to locate the ideal property for its new pharmaceutical operation in Reno, Nevada. The 25-year old company, a distributor of surgical devices, medical supplies and controlled drugs to the medical industry, had specific property requirements that included a safe, high-security neighborhood, specialized offices that would accommodate their security needs, a fully air-conditioned warehouse and a high degree of control over access into the site.

Miller Industrial Properties located and presented all properties matching these criteria and after review, SAS chose a new facility at 1155 South Rock Boulevard that is close to both FedEx and the Reno-Tahoe International Airport. The owners of the 16,125 sf facility accommodated SAS’ requirements and the custom tenant build out has already begun.

“I believe we made the right choice by using Miller Industrial Properties as our partner in finding the right Reno location,” says Gregg Erickson, vice president of operation at SAS.

 

Our posts are intended to educate commercial real estate users so they can make better decisions in their real estate use, investments, buying and selling. We encourage your input and commentary. If you are enjoying these posts and finding them useful, help spread the word via Facebook, Twitter, LinkedIn, Google + or email with the buttons above.

Industrial Real Estate Agents are All the Same – Just Pick One and Be Done0

Posted by Thomas Miller, CCIM

This is part of our ongoing series that debunks commercial real estate myths.

Myth #4: “Industrial or commercial real estate agents are all the same – they search the same listings and know the same people, so it really doesn’t matter who you choose.”

Industrial Real Estate Agents are All the Same – Just Pick One and Be DoneThe short answer to this myth is no, industrial real estate agents are not all the same. If that’s what you believe, you’re shortchanging them as industry professionals with strengths and weaknesses. Still, if we’re going to generalize, there’s a better way to do it. Industrial real estate agents and brokers can be divvied into two categories – they’re either in the business of solving problems or taking orders. Here’s how to differentiate between the two and find out which one you need for your industrial or commercial property transaction.

The Problem Solver

1. How to Spot One

This agent exhibits sign of the “driver” or “analytical thinker” personality. Once they understand your needs, they’re quick to develop a clear direction of how to achieve your goal to the best of their abilities. This is based on their experience finding real estate solutions that best serve the needs of their clients.

2. What to Expect

The best way to get the most out of this type of agent is to tell him what you’re looking for and then stand back. This agent knows how to navigate the tough territory. Once you’ve told him what you need, keep your input, suggestions and recommendations to a minimum. However well intentioned they are, they may do more harm than good by interfering with the seasoned work your agent is doing for you. The best of these agents will reflect on your input and adjust course if it’s valid. If your suggestions aren’t useful, this kind of agent will explain why.

3. Why You Want this Agent

The problem solver takes each business relationship personally and becomes deeply invested in order to provide the best service possible. You’ll enjoy the range of his experience, his expertise, his valued council, his ability to streamline the entire process, and his ability to find the solution to your commercial or industrial real estate dilemma.

4. Why You Don’t Want this Agent

If you’re the kind of client who prefers to be in absolute control of the real estate process, hiring a problem solver agent tends to result in a highly charged relationship. Unless you can allow the professional you’ve chosen to do what he has been hired to do, you won’t get the best of his ability – and ultimately, that will negatively affect your real estate deal.

The Order Taker

Industrial Real Estate Agents are All the Same – Just Pick One and Be Done1. How to Spot One

This agent is agreeable and expressive. He or she is fun to be around and strives to please a client by agreeing and supporting him and his ideas totally.

2. What to Expect

These agents are best suited to working with clients that feel they can pretty much handle their real estate needs themselves, but may as well use an agent to make things easier. In this scenario, the client typically calls the shots and the agents follow up with little council back to the client (for better or for worse).

3. Why You Want this Agent

Clients of the order taker agent will complete their transaction feeling that their assessments were correct all along. They’ll likely feel that their directives directed the majority of the transaction and that the agent merely handled the paperwork.

4. Why You Don’t Want this Agent

The order taker agents are unlikely to advise their clients when they are misjudging or incorrect about a transaction matter. They will not resist a client order nor will they insist that a client reassesses his or her position. The results of a transaction with this type of agent tend to lag well behind the results garnered by a problem solver agent.

So which one is right for you – the problem solver or the order taker?

Do you truly feel you can handle an industrial real estate transaction yourself? If you honestly believe that you a more skilled negotiator than the professionals who do this day in and day out, find yourself an order taker.

If, on the other hand, you feel that a professional agent who performs these transactions for a living might be better suited to guiding you through the process, you will do well with a problem solver. That’s what we are, and we welcome the opportunity to show you why. Please contact us today.

Our posts are intended to educate commercial real estate users so they can make better decisions in their real estate use, investments, buying and selling. We encourage your input and commentary. If you are enjoying these posts and finding them useful, help spread the word via Facebook, Twitter, LinkedIn, Google + or email with the buttons above.

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