“Industrial” 2018’s Shining Star – 2018 Q4 Review

Of the 3 product types tracked by this report (office / industrial / retail) the industrial sector was the big winner in 2018. The industrial vacancy rate remained below that of the office and retail segments at only approximately 2.3%, meaning the Grass Valley / Nevada City region ended the year with less than 50,000 square feet of available industrial space for lease. In comparison, retail vacancy stood at approximately 3.2% equating to roughly 87,000 of available retail space; while office vacancy came in at about 12.8% representing over 300,000 square feet available.

It should be noted, however, that about one-half of the vacant office space in Western Nevada County stems from only one project – the former Grass Valley Group Nevada City campus – which is now somewhat functionally obsolete due to its massive size and limited divisibility. If this particular property is excluded from the analysis, the office vacancy rate falls to only about 6% representing ±150,000 square feet of available office space. A positive sign for the office sector is that while office space remains by far our softest market segment, the office vacancy rate is falling at a faster rate than both retail and industrial.

Asking sale prices for all sectors creeped up over the year between 5-6%, and industrial asking rents increased during 2018 by roughly 17% – a direct result of the very low industrial vacancy rate. As we enter 2019, the big question on everyone’s mind will be, “How long will the economic expansion continue?”

AVAILABLE FOR SALE Q4 2018   
LocationSq. Ft.PricePrice/SF
Industrial
11976 Charles Dr, Grass Valley2,550$355,000$139.22
174-178 Lower Grass Valley Rd, Nevada City8,320$1,249,000$150.12
310 Railroad Ave #300, Grass Valley2,736$399,000$145.83
Office
563 Brunswick Rd # 7, Grass Valley1,591$199,000$125.08
224 Church St, Nevada City5,590$697,000$124.69
154 Hughes Rd, Grass Valley6,650$850,000$127.82
154 Hughes Rd # 2, 5, 7 & 10, Grass Valley650From $130,000$200.00
154 Hughes Rd #6/8, Grass Valley1,442From $250,000$173.37
154 Hughes Rd #1, Grass Valley1,350$280,000$207.41
216 Main St, Nevada City2,598$549,000$211.32
944 - 1020 McCourtney Rd, Grass Valley48,336$6,600,000$129.58
104 New Mohawk Rd, Nevada City26,336$3,495,000$132.71
351-357 Providence Mine Rd, Nevada City10,554$1,583,000$149.99
146 Scandling Ave, Grass Valley1,316$349,950$265.92
143 Spring Hill Dr Ste 1A, Grass Valley5,200$995,000$191.35
Medical/Dental
225 Colfax Ave, Grass Valley2,545$569,000$223.58
411 Coyote St, Nevada City1,842$629,000$341.48
150 Glasson Way, Grass Valley6,462$990,000$153.20
1061 E Main St # 103, Grass Valley1,224$146,800$119.93
1061 E Main St # 201, Grass Valley1,137$179,000$157.43
105 Margaret Ln, Grass Valley2,460$399,000$162.20
590 Searls Ave, Nevada City5,575$2,000,000$358.74
300 Sierra College Dr #250, Grass Valley1,740$595,000$341.95
300 Sierra College Dr #165, Grass Valley4,787$1,450,000$302.90
Retail
210 Broad St, Nevada City21,675$2,275,000$104.96
216 Broad St, Nevada City2,550$366,000$143.53
231 - 233 Colfax Ave, Grass Valley4,440$1,450,000$326.58
232 Commercial St, Nevada City1,710$695,000$406.43
840 E Main St, Grass Valley28,706$5,450,000$189.86
206 W Main St, Grass Valley3,950$949,000$240.25
11229 McCourtney Rd, Grass Valley6,000$599,000$99.83
123 Mill St, Grass Valley1,485$923,000$621.55
16282 Mount Olive Rd, Grass Valley5,655$695,000$122.90
1125-1165 Sutton Way, Grass Valley24,539$3,500,000$142.63
AVAILABLE FOR LEASE Q4 2018   
LocationSq. Ft.Min Base Price/SFMax Base Price/SF
Industrial
12048 - 12050 Charles Dr, Grass Valley2,000$0.99$0.99
13340-13346 Grass Valley Ave, Grass Valley3,514$0.70$0.70
13355 Grass Valley Ave, Grass Valley2,680$0.71$0.71
13366 Grass Valley Ave, Grass Valley7,850$0.66$0.66
12506 Loma Rica Dr, Grass Valley1,600$0.93$0.93
1020 Whispering Pines Ln, Grass Valley2,132$0.79$0.79
Office
10015 Alta Sierra Dr, Grass Valley830$1.05$1.05
124 S Auburn St, Grass Valley5,100$0.55$0.55
131 S Auburn St, Grass Valley1,994$1.51$1.51
375 Brunswick Rd, Grass Valley6,791$1.28$1.28
464-458 Brunswick Rd, Grass Valley4,970$1.58$1.88
563 Brunswick Rd # 7, Grass Valley1,591$1.26$1.26
256 Buena Vista St A-F, Grass Valley2,216$0.85$0.85
224 Church St, Nevada City5,590$0.89$0.89
124 Clydesdale Ct, Grass Valley10,866$0.75$0.75
333 Crown Point Cir, Grass Valley10,241$1.70$1.70
350 Crown Point Cir, Grass Valley5,550$1.40$1.40
355 Crown Point Cir, Grass Valley12,000$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$1.62$1.62
13100 Grass Valley Ave, Grass Valley9,312$0.66$0.66
154 Hughes Rd #6/8, Grass Valley520$0.95$0.95
154 Hughes Rd #10, Grass Valley650$0.95$0.95
154 Hughes Rd #7, Grass Valley650$0.95$0.95
154 Hughes Rd #5, Grass Valley650$0.95$0.95
154 Hughes Rd #9, Grass Valley1,442$0.95$0.95
200 Litton Dr, Grass Valley3,000$1.40$1.40
900 E Main St, Grass Valley6,227$1.63$2.09
111 Margaret Lane, Grass Valley2,900$1.25$1.25
944 - 1020 McCourtney Rd, Grass Valley4,030$1.55$1.55
208 Gold Flat Ct, Nevada City3,000$0.80$0.80
205 - 207 N Pine St, Nevada City1,250$1.40$1.40
101 - 106 Providence Mine Rd, Nevada City1,650$1.41$1.43
200 - 208 Providence Mine Rd, Nevada City13,529$1.47$1.48
351 Providence Mine Rd, Nevada City1,152$1.80$1.80
352 Providence Mine Rd, Nevada City1,530$1.60$1.60
353 Providence Mine Rd, Nevada City1,704$1.70$1.70
355 Providence Mine Rd, Nevada City1,302$1.75$1.75
357 Providence Mine Rd, Nevada City1,800$1.75$1.75
400 Providence Mine Rd, Nevada City6,265$0.95$0.95
400 Providence Mine Rd, Nevada City72,110$0.95$0.95
400 Providence Mine Rd, Nevada City71,985$0.95$0.95
360 Sierra College Dr, Grass Valley2,519$1.96$1.96
420 Sierra College Dr, Grass Valley1,750$2.20$2.20
143 Spring Hill Dr Ste 1A, Grass Valley5,082$1.23$1.23
165 Spring Hill Dr, Grass Valley2,500$1.00$1.00
1012 Sutton Way, Grass Valley3,200$1.87$1.87
1415 Whispering Pines Ln, Grass Valley8,009$1.60$1.60
Medical/Dental
470 S Auburn St, Grass Valley1,045$1.20$1.20
563 Brunswick Rd # 10, Grass Valley1,463$1.20$1.20
150 Glasson Way, Grass Valley5,720$1.35$1.55
105 Margaret Ln, Grass Valley1,100$1.30$1.30
123 Margaret Ln, Grass Valley1,200$1.30$1.30
113 Presley Way, Grass Valley918$0.98$0.98
590 Searls Ave, Nevada City1,492$1.87$1.87
404 Sierra College Dr, Grass Valley1,000$2.04$2.04
Retail
650 Freeman Ln, Grass Valley15,717$2.20$2.20
128 - 132 E Main St, Grass Valley960$1.40$1.40
462 - 470 E Main St, Grass Valley1,600$1.00$1.00
533-537 E Main St, Grass Valley14,300$1.20$1.20
840 E Main St, Grass Valley6,727$1.60$1.60
633 - 653 Maltman Dr, Grass Valley8,175$1.01$1.38
111 W McKnight Way, Grass Valley10,275$2.06$2.06
311 Neal St, Grass Valley500$1.20$1.20
2032 - 2118 Nevada City Hwy, Grass Valley9,769$1.76$1.76
984 Plaza Dr, Grass Valley5,000$1.35$1.35
1035-1043 Sutton Way, Grass Valley2,600$1.00$1.62
RECENT TRANSACTIONS Q4 2018   
LocationSq. Ft.Sale/LeaseClose Date
960 McCourtney Rd, Grass Valley1,507Lease10/6/2018
305 Richardson St, Grass Valley1,352Sale10/10/2018
12521 Loma Rica Dr, #10, Grass Valley1,344Sale10/23/2018
580 Brunswick Rd, Grass Valley1,458Lease10/29/2018
256 Buena Vista St A-F, Grass Valley7,156Sale10/30/2018
800 S Auburn St, Grass Valley9,600Sale10/31/2018
1050 Whispering Pines Ln, Grass Valley1,638Lease10/31/2018
840 E Main St, Grass Valley1,358Lease11/1/2018
150 Crown Point Ct, Grass Valley20,000Lease11/3/2018
431 Uren St, Nevada City2,200Lease11/8/2018

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