Welcome to the Northern Nevada Business Weekly

9/5/2008 12:55 PM

Mid-market strength
by John Seelmeyer, 9/1/2008
While some of the giant new industrial buildings on the outskirts of Reno and Sparks have been slow to fill during the economic downturn, medium-sized industrial space sometimes is hard to find. So much so, in fact, that some brokers think landlords may be able to stiffen their rents in the next few months, particularly for quality space. The industrial team at Grubb & Ellis|NCG in Reno estimates that 21 out of the 27 industrial deals inked in the Reno-Sparks market during the second quarter involved spaces of less than 60,000 square feet. “Quality product is getting hard to come by,” says Dan Buhrmann, a senior associate with the firm. Much of the demand comes from companies already located in the Reno-Sparks area, says Mike Nevis, a senior associate with CB Richard Ellis. Some companies are expanding, while others are downsizing and seeking less space. “Tenants are taking advantage of the economics of a slow market,” he says. “The mid-sized users are active and have
Click to read more Blog on this article

NORTHERN NEVADA BUSINESS DAILY

Tahoe lots sell
9/5/2008 9:32:11 AM
DMB Highlands Group LLC of Scottsdale, Ariz., says it sold 25 homesites during the summer at its Martis Camp development next to Northstar-at-Tahoe. The company says the sales generated $21 million.

Reverse split
9/5/2008 9:31:52 AM
Lifeline Biotechnologies of Reno says it undertook a 1-for-150 reverse split of its stock in an effort to get some liquidity into the stock, which was trading at a penny a share today after the split took effect.

Receive FREE daily updates? Just enter your email and we’ll do the rest!

Note: We do not share our email list.

Big cleanup clears way for Wal-Mart Supercenter
by Rob Sabo, 9/1/2008
An old nursery, a paint shop and a radiator repair facility left large swaths of contaminated land that needed to be cleaned up to allow development of a Wal-Mart Supercenter near the intersection of U.S. 395 and East Second Street. By the time the cleanup was done, 5,000 tons of soil —several hundred truckloads — was hauled away from a site that had been used to store oil-filled drums, while another 1,000 tons of soil were excavated and removed from an area that once housed a radiator shop. The 24-acre parcel of land was purchased by the Reno-Sparks Indian Colony and is slated for a new Wal-Mart store to replace the company’s undersized Northtowne Plaza facility. The cleanup was overseen by the Reno office of Kleinfelder Inc. Josh Fortmann, project geologist for Kleinfelder, says the job also included removal of an asbestos cement water line. Clean Harbors Environmental Services performed the soil excavation and hauling, while Diversified Demolition handled removal of the
Click to read more Blog on this article

Eldorado’s Indiana target may be back on block
by John Seelmeyer, 9/1/2008
The company that’s selling an Indiana casino to Reno’s Eldorado Resorts LLC is talking as it if it wants to shop the property around to get a higher bid. But executives of the Eldorado say they’re not concerned about the steps taken by the new managers of Tropicana Entertainment LLC. They say the plans for an auction of the Evansville, Ind., casino have been on the books for a while, and they’re certain that their deal still is on track. In March, Eldorado Resorts — owner of the Eldorado Hotel & Casino and half-owner of the Silver Legacy — struck a deal to buy Casino Aztar, a riverboat casino at Evansville, Ind., from Tropicana Entertainment. The price: $190 million in cash, a $30 million note and an additional payment of $25 million if the Indiana property meets financial benchmarks after the acquisition. In early May, however, troubled Tropicana filed for Chapter 11 bankruptcy protection in Delaware. The story’s latest turn came about 10 days ago, when Tropicana
Click to read more Blog on this article

Click here to submit your event

We serve our community with compelling and essential business information.

Northern Nevada Business Weekly Partners: