This quarter we were hit by an unprecedented (in modern times) pandemic. Economic shutdowns and self-quarantine regulations were instituted globally and California took an early and firm lead in such restrictions. During the last month of this quarter economic activity came to a standstill. Most real estate transactions then underway either fell out completely or were renegotiated with significantly reduced pricing and/or long term closing extensions.
The pandemic’s effects on commercial real estate may vary significantly depending on product type and geographic location. Hospitality, retail and office sectors will be hardest hit. With stay-at-home orders and travel restrictions in place, the negative repercussions on hotels and non-essential stores are obvious. The outcome for the office sector, however, may actually turn out to be structural and the longest-lived due to the effectiveness at which employers transitioned their employees to working from home and the ultimate realization of the opportunity for huge bottom-line savings by continuing this practice post-covid.
Geography will also play a major role. Sierra Foothill counties are generally perceived as much less dense and therefore safer than larger metro areas. The negative economic consequences of the pandemic for Nevada County commercial property owners should be at least partially offset by expected population and job movement to this area.
| AVAILABLE FOR SALE - Q1 2020 | |||
|---|---|---|---|
| Location | Sq. Ft. | List Price | Price/SF |
| Industrial | |||
| 13242 Grass Valley Ave #22, Grass Valley | 1,358 | $195,000 | $143.59 |
| 13242 Grass Valley Ave #23, Grass Valley | 1,358 | $195,000 | $143.59 |
| 13242 Grass Valley Ave #24, Grass Valley | 1,358 | $195,000 | $143.59 |
| 11978 Charles Dr, Grass Valley | 2,500 | $279,000 | $110.00 |
| 110 Spring Hill Dr #19, Grass Valley | 3,753 | $374,900 | $99.89 |
| Office | |||
| 675 S Auburn St, Grass Valley | 1,690 | $399,000 | $236.09 |
| 565 Brunswick Rd # 9, Grass Valley | 1,387 | $190,000 | $136.99 |
| 563 Brunswick Rd # 11, Grass Valley | 1,272 | $229,000 | $180.03 |
| 565 Brunswick Rd # 11, Grass Valley | 1,028 | $125,000 | $121.60 |
| 13100 Grass Valley Ave, Grass Valley | 30,600 | $2,795,000 | $91.34 |
| 964 Golden Gate Ter, Grass Valley | 5,740 | $825,000 | $143.73 |
| 104 New Mohawk Rd, Nevada City | 26,336 | $2,500,000 | $94.93 |
| 715 Zion St, Nevada City | 2,074 | $579,000 | $279.17 |
| Medical/Dental | |||
| 148 Catherine Ln, Grass Valley | 1,250 | $409,000 | $327.20 |
| 152 Catherine Ln., Suite E & F, Grass Valley | 1,393 | $95,000 | $68.20 |
| 411 Coyote St, Nevada City | 1,842 | $519,000 | $281.76 |
| 300 Sierra College Dr #165, Grass Valley | 4,787 | $1,578,000 | $302.90 |
| 300 Sierra College Dr #250, Grass Valley | 1,740 | $635,000 | $364.94 |
| 404 Sierra College Dr, Grass Valley | 5,376 | $1,625,000 | $302.27 |
| Retail | |||
| 147 S Auburn St, Grass Valley | 3,666 | $595,000 | $162.30 |
| 210 Broad St, Nevada City | 21,675 | $2,100,000 | $96.89 |
| 311 Broad St, Nevada City | 1,320 | $599,000 | $453.79 |
| 312 Broad St, Nevada City | 3,538 | $835,000 | $236.01 |
| 315 Broad St, Nevada City | 4,979 | $1,350,000 | $271.14 |
| 426 Broad St, Nevada City | 1,333 | $545,000 | $408.85 |
| 231 - 233 Colfax Ave, Grass Valley | 4,440 | $890,000 | $200.45 |
| 104 E Main St, Grass Valley | 1,387 | $411,000 | $296.32 |
| 206 W Main St, Grass Valley | 3,950 | $850,000 | $215.19 |
| 840 E Main St, Grass Valley | 28,706 | $5,450,000 | $189.86 |
| 123 Mill St, Grass Valley | 1,485 | $795,000 | $535.35 |
| 16282 Mount Olive Rd, Grass Valley | 5,655 | $660,000 | $116.71 |
| 1125-1165 Sutton Way, Grass Valley | 24,539 | $3,500,000 | $142.63 |
| 102 - 108 Union St, Nevada City | 14,000 | $3,200,000 | $228.57 |
| 504 Whiting St, Grass Valley | 4,972 | $597,000 | $120.07 |
| 203 York St, Nevada City | 3,265 | $1,300,000 | $398.16 |
| AVAILABLE FOR LEASE - Q1 2020 | |||
|---|---|---|---|
| Location | Sq. Ft. | Min Base Price/SF | Max Base Price/SF |
| Industrial | |||
| 972 Golden Gate Ter, Grass Valley | 4,864 | $1.00 | $1.00 |
| 13321 Grass Valley Ave, Grass Valley | 2,280 | $0.86 | $0.86 |
| 13113 John Bauer Ave, Grass Valley | 2,300 | $0.80 | $0.80 |
| 13185 Nevada City Ave, Grass Valley | 1,900 | $0.65 | $0.65 |
| Office | |||
| 131 S Auburn St, Grass Valley | 921 | $1.51 | $1.51 |
| 375 Brunswick Rd, Grass Valley | 5,798 | $1.28 | $1.28 |
| 464-458 Brunswick Rd, Grass Valley | 5,398 | $1.58 | $1.88 |
| 512 - 528 Brunswick Rd, Grass Valley | 720 | $1.00 | $1.00 |
| 563 Brunswick Rd # 9, Grass Valley | 1,015 | $1.35 | $1.35 |
| 124 Clydesdale Ct, Grass Valley | 7,352 | $0.75 | $0.75 |
| 428 Colfax Ave, Grass Valley | 1,154 | $1.20 | $1.20 |
| 333 Crown Point Cir, Grass Valley | 7,925 | $1.70 | $1.70 |
| 350 Crown Point Cir, Grass Valley | 6,649 | $1.55 | $1.55 |
| 355 Crown Point Cir, Grass Valley | 4,800 | $0.60 | $0.60 |
| 360 Crown Point Cir, Grass Valley | 9,603 | $1.39 | $1.49 |
| 431 Crown Point Cir, Grass Valley | 11,100 | $0.85 | $0.85 |
| 488 Crown Point Cir, Grass Valley | 5,168 | $1.80 | $1.80 |
| 149 Crown Point Ct, Grass Valley | 1,161 | $1.25 | $1.25 |
| 964 Golden Gate Ter, Grass Valley | 4,490 | $0.85 | $0.85 |
| 175 Joerschke Dr, Grass Valley | 2,119 | $1.37 | $1.37 |
| 200 Litton Dr, Grass Valley | 3,000 | $1.40 | $1.40 |
| 224 Main St, Nevada City | 1,650 | $1.80 | $1.80 |
| 1740 - 1744 E Main St, Grass Valley | 530 | $1.60 | $1.60 |
| 640 E Main St, Grass Valley | 1,579 | $0.66 | $0.66 |
| 900 E Main St, Grass Valley | 7,700 | $1.63 | $2.09 |
| 970 E Main St, Grass Valley | 1,150 | $1.35 | $1.35 |
| 944 - 1020 McCourtney Rd, Grass Valley | 5,639 | $1.68 | $1.68 |
| 205 - 207 N Pine St, Nevada City | 1,250 | $1.48 | $1.48 |
| 101 - 106 Providence Mine Rd, Nevada City | 3,369 | $1.55 | $1.55 |
| 200 - 208 Providence Mine Rd, Nevada City | 15,084 | $1.55 | $1.55 |
| 357 Providence Mine Rd, Nevada City | 1,800 | $1.70 | $1.80 |
| 400 Providence Mine Rd, Nevada City | 72,110 | $0.95 | $0.95 |
| 305 Railroad Ave, Nevada City | 1,224 | $1.30 | $1.30 |
| 313 Railroad Ave, Nevada City | 1,469 | $1.35 | $1.35 |
| 420 Sierra College Dr, Grass Valley | 1,750 | $2.20 | $2.20 |
| 165 Spring Hill Dr, Grass Valley | 2,500 | $1.00 | $1.00 |
| 1012 Sutton Way, Grass Valley | 3,200 | $1.87 | $1.87 |
| 426 Sutton Way, Grass Valley | 1,500 | $1.47 | $1.47 |
| 908 Taylorville Rd, Grass Valley | 2,904 | $1.15 | $1.15 |
| 1415 Whispering Pines Ln, Grass Valley | 15,357 | $1.60 | $1.60 |
| Medical/Dental | |||
| 152 Catherine Ln., Suite E & F, Grass Valley | 1,393 | $0.86 | $0.86 |
| 123 Margaret Ln, Grass Valley | 1,200 | $1.40 | $1.40 |
| 113 Presley Way, Grass Valley | 1,100 | $0.86 | $0.86 |
| Retail | |||
| 101 - 109 Argall Way, Nevada City | 900 | $1.11 | $1.11 |
| 320 Broad St & 315 Commercial St, Nevada City | 3,500 | $1.26 | $1.26 |
| 650 Freeman Ln, Grass Valley | 21,296 | $1.95 | $2.40 |
| 840 E Main St, Grass Valley | 11,727 | $1.60 | $1.60 |
| 111 W McKnight Way, Grass Valley | 10,580 | $2.06 | $2.06 |
| 2032 - 2118 Nevada City Hwy, Grass Valley | 7,250 | $1.76 | $1.76 |
| 984 Plaza Dr, Grass Valley | 6,300 | $1.38 | $1.49 |
| 521 Searls Ave, Nevada City | 6,250 | $1.00 | $1.00 |
| 1035-1043 Sutton Way, Grass Valley | 1,890 | $1.50 | $1.50 |
| 102 - 108 Union St, Nevada City | 1,873 | $1.65 | $1.65 |
| RECENT TRANSACTIONS - Q1 2020 | |||
|---|---|---|---|
| Location | Sq. Ft. | Sale/Lease | Close Date |
| 105 Margaret Ln, Grass Valley | 2,460 | Sold | 1/31/2020 |
| 159 S Auburn St, Grass Valley | 2,242 | Sold | 2/7/2020 |
| 351-353 Providence Mine Road, Nevada City | 4,386 | Leased | 2/7/2020 |
| 120 Richardson St, Grass Valley | 5,200 | Sold | 2/18/2020 |
| 11209 La Barr Meadows Rd, Grass Valley | 1,650 | Sold | 3/23/2020 |
