The Secret to Hiring the Right Industrial Real Estate Agent0

Posted by Thomas Miller, CCIM

real-estate-for-dummiesDoes a real estate license alone mean that an agent is qualified to perform industrial or commercial real estate services for your business? Unfortunately, no. All real estate agents must have a valid state real estate license to operate legally in the state, but the acquisition alone doesn’t make them experts. So what does? … 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.

Miller Industrial Properties Announces New Associate Hire0

Posted by Thomas Miller, CCIM

miller-industrial-properties-ali-formaMiller Industrial Properties is expanding its expertise in property management with the recent hire of associate Ali Forma. The East Coast transplant has lived in and around northern Nevada on and off since 2010, making the move permanent in 2015. With a background in property management and residential real estate, Ali transitioned to commercial and industrial this past summer. … 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.

Buying an Older Industrial or Commercial Building? Here’s What to Know0

Posted by Thomas Miller, CCIM

miller-industrial-properties-older-buildings-what-to-knowWhile new builds may be considered newsworthy these days, older industrial and commercial buildings can have characteristics that make them worth a second look – with one caveat. Environmental concerns in older buildings should be carefully reviewed, as they can mean potential liability issues down the line, complete with big economic impacts. If you’re considering an older industrial or commercial building, here’s what to know.  … 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.

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.

True or False? Industrial Real Estate Agents Only Show Their Own Listings0

Posted by Thomas Miller, CCIM

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

Myth #5: “Hiring an agent for my commercial real estate deal will just limit me – everyone knows industrial property agents only show their own listings.”

Industrial Real Estate - Reno NevadaThis myth is dead wrong, but there’s actually only one reason why – and it makes perfect senses when you think it through. All agents want to make a commission. Period. There is no debate over this fact. When a prospect and an agent team up to find a real estate solution, there is a significant amount (or at least there should be) of time and effort the agent puts forth in proper due diligence, which is included but not limited to:

  • Locating all potential locations that meet the client’s needs and assembling them into an easily understood format
  • Assisting in the vetting process, gaining additional data, setting a property tour and touring the properties
  • Assisting in developing the short list and obtaining landlord pricing and terms to meet the client’s needs
  • Analyzing this returned information and presenting it in an easy to understand format
  • Assisting with the lease draft and helping negotiate the lease points
  • And the list goes on and on

Hopefully, completing these tasks successfully leads to some sort of a payday for the agent.

Real estate services are one of the few industries in which a professional engages his expertise, experience, his office staff and resources, his time, effort and his own money to serve your needs in the HOPES he can earn a fee. He has no guarantees. And this means he wants to be in a position to maximize his chances for success, which translates directly to exposing you, the client, to every potential real estate solution that is available. To do anything less is to jeopardize his chance to make his fees. And that simply won’t happen.

Have a commercial real estate question? Post your question in the comments and we’ll answer it with a post on our blog. And if you’re considering the northern Nevada market and want to explore our local industrial real estate options, browse our many current listings via our homepage.

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.

Miller Industrial Properties Assisted Franklin Armory Locate and Purchase their New Facility0

Posted by Thomas Miller, CCIM

Miller Industrial Properties Assisted Franklin Armory Locate and Purchase their New Facility.

Franklin Armory has expanded their manufacturing operations to Nevada. Franklin currently manufactures their hand built, high quality products in Morgan Hill, Ca. Their new Minden location will add needed volume to their ability to meet sales demands for their rifles, pistols and accessory lines. They plan to set up operations there immediately. Franklin provides products to retail firearms dealers throughout the nation.

Miller Industrial Properties assisted Franklin Armory locate and purchase their new facility.

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.

29,000 SF Manufacturing Facility with Expansion Possible0

Posted by Thomas Miller, CCIM

Located in the heart of the Stead (Reno), NV industrial area, the Lear Industrial Center is just a short distance off US 395 and ten minutes from I-80. The area is home to Fortune 500 neighbors, including Dupont, Mercedes, General Motors, Firestone, and J.C. Penney.

  • Close to local labor.
  • Airstrip and golf course nearby.
  • Excellent location for a west coast manufacturing facility.

Details:

  • Available Immediately
  • Located Near US 395
  • Minutes From Reno/Sparks
  • Corner Lot in Lear Industrial Park
  • Freestanding
  • Expandable

For more information on this available property, visit Miller Industrial Properties.

Download PDF Flyer.

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.

Miller Industrial Properties Completes 17 Deals in Q1, 20120

Posted by Thomas Miller, CCIM

Despite the slow market, Miller Industrial Properties completed 17 transactions in Q1,2012.

Miller Industrial Properties
Reno NV Commercial and Industrial Real Estate

The quarter recorded a net increase in vacancy, however, this was more of an accounting result than actual firms leaving the market in Q1, since we recorded earlier departures in this period.

For the Q1 2012, market summary report see http://bit.ly/K8DZKW

Miller Industrial Properties continues our track record of completing a high number of transaction per quarter. This transaction volume not only keeps us abreast of the latest market trades information, but landlords are mindful that when we bring a prospective tenant to their property we get excellent rates and terms for our clients, since landlords know that out firm know to complete transaction.

Miller Industrial Properties is available to assist you with your Industrial / Commercial Real Estate needs. Please contact us at 775-828-4665 (office) or saless@mipnv.com for further information on properties that are currently available.
http://www.millerindustrialproperties.com

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.

Miller Industrial Properties looking at the future of commercial growth in Northern Nevada0

Posted by MIP

After spending the majority of the past two days out stopping in to talk to past clients and potential new clients and reflecting on these conversations with Tenants, building owners, as well as conversations with various other brokers in this market and others throughout the past few months, I offer my $ .02:

Miller Industrial Properties looking at the future of commercial growth in Reno and Northern Nevada
Miller Industrial Properties looking at the future of commercial growth in Reno and Northern Nevada

While I hear that other industrial markets such as the inland empire & other areas of So. Cal, Salt Lake, Phoenix, Seattle-Tacoma, etc. have seen rents come back up and in some cases get back to pre-recession rates, the Northern Nevada market is basically handcuffed by the fact that an unnamed “Institutional Industrial Property Owner” owns such a huge percentage of this market’s industrial space.  The “Industrial Property Owner” is not bound by the same constraints that individual building owners and even other decent sized institutional owners are & they are hell-bent on winning every deal and are providing rates that are hard to stomach for most.  The other phenomenon that has developed is that there are not as many price-point breaks in relation to size compared to how it used to be in a healthy market…again mostly driven by this “Institutional Industrial Property Owner” for the most part.  It used to be that you had price-point breaks that were as follows: 5k, 5-10, 10-20, 30-50, 50-100, 100-200, & 200+.  Now it is: under 10k, 10-30, & 30+ & that is it!  A Tenant can get the same screaming low rates for 35k that they can for 400k.  For owners that can offer 30 ft clear heights, ESFR sprinklers, and maybe a one or two other amenities, their niche sub-market is maybe a bit stronger as they have far less competition and there are not near as many options for Tenants that require these specs…however, the rates for those buildings are not substantially higher, maybe just less concessions and a penny or two psf difference effective over a given term / rate schedule.

Bottom line – if an industrial property owner wants to do deals in the next year, they will unfortunately be forced to compete with the current “Institutional Industrial Property Owner’s”   numbers.  We don’t like it any more than our building owner clients do as it drastically effects our business and as inflation across the board is rumored to be pushing 30%, building owners and anyone tied to this business is not maintaining cash flows with increases anywhere close to the rapidly increasing cost of gas and groceries.  All we (owners of industrial and anyone tied to N NV real estate) can really hope to do for the next year is break even on our cash flows & it will take a focus on continued hard work & fighting like a dog to be involved in as many potential real estate decisions as possible.  Activity is picking up & more businesses are doing better every day but, most still do not have much optimism that the fundamentals in N Nevada will be changing in regards to industrial real estate any time soon.

What does that mean to me?  If you are a current owner and have survived the past few years, congratulations, you have done better than many others and keep doing whatever you have been doing to survive a bit longer & keep hoping for the uptick…or cut your losses and get out but, be prepared to do so at very low numbers.  If you are a buyer for investment or as a business owner-user, this is as good of a time as any if you have the ability & desire to spend the capital required to obtain a loan at today’s 30 year historic low rates & lots of inventory to choose from….just make sure you focus on quality property (see above on the competitive advantages of higher caliber buildings) & if you are an owner-user the quality will provide for a far better exit strategy someday when you need to unload the asset.  If you are a Tenant, re-negotiate & renew your lease now or go find the new location that will work for your business for at least the next 5 years and lock in at today’s historic low rates for at least 5 years.  Whatever you do, just make sure you have a hard working knowledgeable brokerage team on your roster when you try to make sense of how to best approach the ever-changing N NV market and expect them to provide solutions to the seemingly insurmountable challenges and decisions.  If you are an industrial real estate broker, try to keep smiling….  No matter who you are, don’t forget to spend time with your family, remember what is most important in life, & keep it all in perspective!

We take it with a grain of salt but, Miller Industrial had a GREAT year in 2010, and a VERY GOOD year in 2011 market share wise, in regards to company growth, and, most importantly, in consideration of the results we have continued to provide for our highly valued clients.  And we are getting better every day – we look forward to looking back on these times someday with our clients / friends and toasting to a job well done by all.  We can’t do it without guys like you, so thank you for your loyalty and past business.

For more information please contact:  Brad Lancaster @ 775-690-0535 or brad@mipnv.com.

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.

Aramark Uniforms works with Brad Lancaster for Renewal of Sparks Location Lease0

Posted by Thomas Miller, CCIM

Aramark Uniforms, a national based firm with locations in all 50 States, worked with Brad Lancaster of Miller Industrial Properties in the renewal negotiation of their Sparks, Nevada location at 655 Spice Island Drive.Aramark Uniform Services Logo

Brad Lancaster - Miller Industrial Properties

Brad Lancaster, Vice President

Career Summary
Brad has been working full time in the commercial real estate business since June of 2007 and joined the Miller Industrial team in April of 2009 to focus exclusively on the Industrial segment of the Commercial Real Estate industry and assist the firm with it’s aggressive growth strategy. Brad is consistently providing excellent client services, benchmark market knowledge, and highly effective guidance to support Investors, Tenants, Buyers, Landlords, Sellers, and Developers in reaching their business goals.

Read Full Biography

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.

Commercial and Industrial Properties Commercial and Industrial Properties Commercial and Industrial Properties Commercial and Industrial Properties Commercial and Industrial Properties