Abundance of industrial space boosts vacancy rate
by John Seelmeyer, 5/5/2008
With an abundance of industrial space sitting vacant around northern Nevada, potential tenants push hard for concessions such as a few months of free rent as a reward for signing a lease.
Some of those potential tenants, meanwhile, are getting the biggest concession of all, says Dave Simonsen, an industrial broker with NAI Alliance in Reno.
Some financially weak companies that otherwise wouldn’t get the time of day from landlords are able to lease industrial space, and some of them are even able to get attractive terms.
“For landlords, the alternative to taking a bad credit risk is a vacancy,” says Simonsen.
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‘What foreclosure problem?’ rural areas wonder
by John Seelmeyer, 5/5/2008
Nevada, the headlines say, has the biggest residential foreclosure problem in the nation with one of out 54 households in the state facing foreclosure at the end of this year’s first quarter.
But bankers and real estate agents in much of the state wonder what all the fuss is about.
Statistics unveiled last week by RealtyTrac Inc. — the same figures that sounded alarms about foreclosures across the state — found that five counties in Nevada didn’t have a single foreclosure action in process at the end of March.
Most of the foreclosure-free counties are among the most remote counties in the state — Eureka, Esmeralda, Mineral and
Lincoln — along with Storey County, which is adjacent to fast-growing Washoe and Lyon counties.
Several other rural counties posted foreclosure rates that are miniscule. In White Pine County, only two foreclosure actions were under way at the end of March. Humboldt and Lander County in the gold-rich center of the state posted only three each.
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Thermal-packaging company to launch operation at Stead
by NNBW Staff, 5/5/2008
A Massachusetts company that manufactures thermal-insulated shipping containers will open a manufacturing and distribution center at Stead.
Cold Chain Technologies, which is headquartered at Holliston, Mass., expects the facility will employ about 40 by the end of the year. The company has scheduled a June move into a 42,500-square-foot space in the building developed by Panattoni Development at 6640 Echo Ave.
Bob Bohne, vice president and general manager of Cold Chain Technologies, said the company primarily will serve its West Coast customers from the Reno facility.
Cold Chain’s shipping products are purchased by customers in the pharmaceutical, biotech, medical device and food service industries. Its primary products are molded plastic containers.
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