2020 – GOOD RIDDANCE! – 2020 Q4 Review

I suspect most folks are extremely happy to see 2020 coming to a close! This was a year of much heartache and suffering. Covid was a game changer that permanently changed social norms and likely the course of (at least US) history as well!

In the commercial real estate realm, Covid definitely created distinct categories of winners and losers. The winners included manufacturers and owners of industrial properties. With people staying home and not spending money on travel, discretionary income poured into manufactured products for homes and personal use. Industrial vacancies remain historically tight.

The losers included many owners of office and retail properties. Numerous white collar workers transitioned to “working from home”, which has now become professionally and culturally acceptable – meaning that largescale telecommuting is now fully viable and here to stay. As office leases expire, many are not being renewed or tenants are requesting reduced square footage, thereby increasing office vacancy. The one exception to this appears to be small individual office spaces or executive suites, which are seeing good demand in popular “in-migration” areas such as Nevada County.

In the retail sector, typical brick and mortar stores have suffered immensely. Once the pandemic starts to fade they will in large part be replaced by service- and entertainment-based retailers that can more effectively compete with the likes of Amazon.

AVAILABLE FOR SALE - Q4 2020   
LocationSq. Ft.PricePrice/SF
Industrial
875 Idaho Maryland, Grass Valley4,320$599,000$138.66
810 Whispering Pines Ln, Grass Valley5,097$850,000$166.76
Office
2344 & 2352 Nevada City Hwy, Grass Valley3,212$450,000$140.10
563 Brunswick Rd # 11, Grass Valley1,272$229,000$180.03
565 Brunswick Rd # 11, Grass Valley1,028$125,000$121.60
565 Brunswick Rd # 9, Grass Valley1,387$190,000$136.99
360 Crown Point Cir, Grass Valley20,542$3,700,000$180.12
964 Golden Gate Ter, Grass Valley5,740$825,000$143.73
13421 Grass Valley Ave, Grass Valley13,136$1,395,000$106.20
220 Main St, Nevada City3,169$849,000$267.91
1740 - 1744 E Main St, Grass Valley7,139$1,750,000$245.13
1781 E Main St, Grass Valley1,945$697,000$358.35
1784 E Main St, Grass Valley907$398,000$438.81
900 E Main St, Grass Valley23,137$3,699,500$159.90
734 Maltman Drive, Grass Valley2,000$349,000$174.50
2428 Nevada City Hwy, Grass Valley1,853$560,000$302.21
104 New Mohawk Rd, Nevada City26,336$2,500,000$94.93
Medical/Dental
123 Margaret Ln, Grass Valley2,936$199,000$67.78
300 Sierra College Dr #250, Grass Valley1,740$635,000$364.94
300 Sierra College Dr #165, Grass Valley4,787$1,578,000$302.90
700 Zion St, Nevada City12,000$2,500,000$208.33
Retail
210 Broad St, Nevada City21,675$2,000,000$92.27
233 Broad St, Nevada City7,927$1,695,000$213.83
311 Broad St, Nevada City1,320$495,000$375.00
315 Broad St, Nevada City4,979$1,350,000$271.14
250 Colfax Ave, Grass Valley1,531$469,000$306.34
21515 Higgins Rd, Auburn3,192$1,200,000$375.94
104 E Main St, Grass Valley1,387$399,000$287.67
106 E Main St, Grass Valley4,240$1,350,000$318.40
124 E Main St, Grass Valley6,000$650,000$108.33
840 E Main St, Grass Valley28,706$4,550,000$158.50
123 Mill St, Grass Valley5,000$795,000$159.00
150 - 152 Mill St, Grass Valley5,586$899,950$161.11
131 - 137 Olympia Park Rd, Grass Valley5,808$1,325,000$228.13
102 - 108 Union St, Nevada City14,000$3,200,000$228.57

AVAILABLE FOR LEASE Q4 2020   
LocationSq. Ft.Min Base Price/SFMax Base Price/SF
Industrial
410 Crown Point Cir, Grass Valley7,104$0.63$0.63
13046 Loma Rica Dr, Grass Valley2,400$0.60$0.60
13185 Nevada City Ave, Grass Valley1,900$0.65$0.65
545 Searls Ave, Nevada City4,500$2.85$2.85
810 Whispering Pines Ln, Grass Valley5,097$1.10$1.10
Office
126 S Auburn St, Grass Valley5,100$0.45$0.45
131 S Auburn St, Grass Valley921$1.51$1.51
463 - 465 S Auburn St, Grass Valley1,200$1.33$1.33
605 S Auburn St, Grass Valley5,463$1.35$1.45
375 Brunswick Rd, Grass Valley5,798$1.28$1.28
464-458 Brunswick Rd, Grass Valley6,814$1.58$1.88
563 Brunswick Rd # 9, Grass Valley1,015$1.35$1.35
124 Clydesdale Ct, Grass Valley7,352$0.75$0.75
428 Colfax Ave, Grass Valley1,154$1.20$1.20
333 Crown Point Cir, Grass Valley7,925$1.70$1.70
350 Crown Point Cir, Grass Valley6,469$1.55$1.55
355 Crown Point Cir, Grass Valley4,800$0.60$0.60
360 Crown Point Cir, Grass Valley9,603$1.39$1.49
431 Crown Point Cir, Grass Valley11,100$0.85$0.85
488 Crown Point Cir, Grass Valley5,168$1.60$1.80
149 Crown Point Ct, Grass Valley728 - 1,161$1.25$1.25
962 Golden Gate Ter, Grass Valley6,206$1.50$1.50
964 Golden Gate Ter, Grass Valley3,040$0.85$0.85
13100 Grass Valley & 12438 Loma Rica,Grass Valley3,600$0.75$0.75
200 Litton Dr, Grass Valley3,000$1.40$1.40
224 Main St, Nevada City1,400$1.50$1.70
1740 - 1744 E Main St, Grass Valley2,728$1.40$1.40
900 E Main St, Grass Valley4,625$1.63$1.83
970 E Main St, Grass Valley1,150$1.35$1.35
944 - 1020 McCourtney Rd, Grass Valley5,639$1.68$1.68
117 New Mohawk Rd, Nevada City1,625$1.30$1.30
138 New Mohawk Rd, Nevada City5,700$2.25$2.25
101 - 106 Providence Mine Rd, Nevada City8,202$1.55$1.55
200 - 208 Providence Mine Rd, Nevada City19,468$1.55$1.55
310 Providence Mine Rd, Nevada City15,089$1.75$1.75
400 Providence Mine Rd, Nevada City72,110$0.95$0.95
305 Railroad Ave, Nevada City1,500$1.55$1.55
313 Railroad Ave, Nevada City1,469$1.35$1.35
420 Sierra College Dr, Grass Valley1,750$2.00$2.00
1012 Sutton Way, Grass Valley3,200$1.87$1.87
426 Sutton Way, Grass Valley850$1.41$1.41
908 Taylorville Rd, Grass Valley2,870$1.66$1.66
1415 Whispering Pines Ln, Grass Valley15,357$0.95$1.25
819 Whispering Pines Ln, Grass Valley3,375$0.75$0.75
692- 698 Whiting St, Grass Valley952$1.16$1.16
Medical/Dental
470 S Auburn St, Grass Valley1,066$1.22$1.22
563 Brunswick Rd # 5, Grass Valley1,473$1.55$1.55
123 Margaret Ln, Grass Valley2,700$1.20$1.20
Retail
114 Argall Way, Nevada City1,160$1.21$1.21
306-308 Broad St, Nevada City500$1.77$1.77
650 Freeman Ln, Grass Valley19,596$1.95$2.20
130 Joerschke Dr, Grass Valley800$1.30$1.30
131-139 Joerschke Dr, Grass Valley3,928$1.10$1.20
840 E Main St, Grass Valley11,727$1.60$1.60
633 - 653 Maltman Dr, Grass Valley4,200$0.63$1.11
111 W McKnight Way, Grass Valley9,375$1.50$2.15
2032 - 2118 Nevada City Hwy, Grass Valley9,392$1.76$1.76
984 Plaza Dr, Grass Valley6,300$1.30$1.30
1035-1043 Sutton Way, Grass Valley3,890$1.70$1.70
399-471 Sutton Way, Grass Valley2,285$1.60$1.60
735 Zion St, Nevada City3,200$0.84$0.84

RECENT TRANSACTIONS - Q4 2020   
LocationSq. Ft.Sale/LeaseClose Date
312 Broad St, Nevada City5,155Sold10/8/2020
355 Providence Mine Rd, Nevada City1,302Leased10/27/2020
231 - 233 Colfax Ave, Grass Valley4,440Sold11/5/2020
141 - 143 E Main St, Grass Valley7,750Sold11/6/2020
117 Neal St, Grass Valley7,040Sold12/18/2020
426 Sutton Way, #104, Grass Valley850Leased12/27/2020

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