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

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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.

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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

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Reno NV Q3 Industrial Market Status and Forecast0

Posted by Thomas Miller, CCIM

Northern Nevada Q3 Industrial Market Status and Forecast
Northern Nevada Q3 Industrial Market Status and Forecast

Northern Nevada Q3 Industrial Market Status and Forecast (PDF)

  • Lease Rates: Rates and concessions are still stable for now will rise as Class A continues to fill.
  • Construction: Two new projects totaling 650,000 SQ FT.
  • Vacancy: Positive absorption but at a slow pace.
  • Outlook: 2011 is expected to produce modest results slowly moving toward a more balanced market.

For more information, please contact Miller Industrial Properties, Reno NV.
www.MillerIndustrialProperties.com

Commercial Real Estate for Sale in Reno NV
Northern Nevada Q3 Industrial Market Status and Forecast

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 Real Estate Firm first to use QR Code for Reno property sales0

Posted by Thomas Miller, CCIM

Miller Industrial Properties is one of the first Commercial and Industrial Real Estate Firms in Reno and Northern Nevada to adopt the QR technology.

What is a QR Code? A QR Code or quick response code is a unique bar code that lets customers instantly learn more about a business or product using a code reader application from their mobile device.

Miller Industrial Properties - Reno Commercial and Industrial Real Estate Miller Industrial Properties - Reno Commercial and Industrial Real Estate alt="Miller Industrial Properties - Reno Commercial and Industrial Real Estate"

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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