The New “Coronaverse” – 2020 Q1 Review

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 FOR SALE - Q1 2020   
LocationSq. Ft.List PricePrice/SF
Industrial
13242 Grass Valley Ave #22, Grass Valley1,358$195,000$143.59
13242 Grass Valley Ave #23, Grass Valley1,358$195,000$143.59
13242 Grass Valley Ave #24, Grass Valley1,358$195,000$143.59
11978 Charles Dr, Grass Valley2,500$279,000$110.00
110 Spring Hill Dr #19, Grass Valley3,753$374,900$99.89
Office
675 S Auburn St, Grass Valley1,690$399,000$236.09
565 Brunswick Rd # 9, Grass Valley1,387$190,000$136.99
563 Brunswick Rd # 11, Grass Valley1,272$229,000$180.03
565 Brunswick Rd # 11, Grass Valley1,028$125,000$121.60
13100 Grass Valley Ave, Grass Valley30,600$2,795,000$91.34
964 Golden Gate Ter, Grass Valley5,740$825,000$143.73
104 New Mohawk Rd, Nevada City26,336$2,500,000$94.93
715 Zion St, Nevada City2,074$579,000$279.17
Medical/Dental
148 Catherine Ln, Grass Valley1,250$409,000$327.20
152 Catherine Ln., Suite E & F, Grass Valley1,393$95,000$68.20
411 Coyote St, Nevada City1,842$519,000$281.76
300 Sierra College Dr #165, Grass Valley4,787$1,578,000$302.90
300 Sierra College Dr #250, Grass Valley1,740$635,000$364.94
404 Sierra College Dr, Grass Valley5,376$1,625,000$302.27
Retail
147 S Auburn St, Grass Valley3,666$595,000$162.30
210 Broad St, Nevada City21,675$2,100,000$96.89
311 Broad St, Nevada City1,320$599,000$453.79
312 Broad St, Nevada City3,538$835,000$236.01
315 Broad St, Nevada City4,979$1,350,000$271.14
426 Broad St, Nevada City1,333$545,000$408.85
231 - 233 Colfax Ave, Grass Valley4,440$890,000$200.45
104 E Main St, Grass Valley1,387$411,000$296.32
206 W Main St, Grass Valley3,950$850,000$215.19
840 E Main St, Grass Valley28,706$5,450,000$189.86
123 Mill St, Grass Valley1,485$795,000$535.35
16282 Mount Olive Rd, Grass Valley5,655$660,000$116.71
1125-1165 Sutton Way, Grass Valley24,539$3,500,000$142.63
102 - 108 Union St, Nevada City14,000$3,200,000$228.57
504 Whiting St, Grass Valley4,972$597,000$120.07
203 York St, Nevada City3,265$1,300,000$398.16
AVAILABLE FOR FOR LEASE - Q1 2020   
LocationSq. Ft.Min Base Price/SFMax Base Price/SF
Industrial
972 Golden Gate Ter, Grass Valley4,864$1.00$1.00
13321 Grass Valley Ave, Grass Valley2,280$0.86$0.86
13113 John Bauer Ave, Grass Valley2,300$0.80$0.80
13185 Nevada City Ave, Grass Valley1,900$0.65$0.65
Office
131 S Auburn St, Grass Valley921$1.51$1.51
375 Brunswick Rd, Grass Valley5,798$1.28$1.28
464-458 Brunswick Rd, Grass Valley5,398$1.58$1.88
512 - 528 Brunswick Rd, Grass Valley720$1.00$1.00
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 Valley6,649$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$1.80$1.80
149 Crown Point Ct, Grass Valley1,161$1.25$1.25
964 Golden Gate Ter, Grass Valley4,490$0.85$0.85
175 Joerschke Dr, Grass Valley2,119$1.37$1.37
200 Litton Dr, Grass Valley3,000$1.40$1.40
224 Main St, Nevada City1,650$1.80$1.80
1740 - 1744 E Main St, Grass Valley530$1.60$1.60
640 E Main St, Grass Valley1,579$0.66$0.66
900 E Main St, Grass Valley7,700$1.63$2.09
970 E Main St, Grass Valley1,150$1.35$1.35
944 - 1020 McCourtney Rd, Grass Valley5,639$1.68$1.68
205 - 207 N Pine St, Nevada City1,250$1.48$1.48
101 - 106 Providence Mine Rd, Nevada City3,369$1.55$1.55
200 - 208 Providence Mine Rd, Nevada City15,084$1.55$1.55
357 Providence Mine Rd, Nevada City1,800$1.70$1.80
400 Providence Mine Rd, Nevada City72,110$0.95$0.95
305 Railroad Ave, Nevada City1,224$1.30$1.30
313 Railroad Ave, Nevada City1,469$1.35$1.35
420 Sierra College Dr, Grass Valley1,750$2.20$2.20
165 Spring Hill Dr, Grass Valley2,500$1.00$1.00
1012 Sutton Way, Grass Valley3,200$1.87$1.87
426 Sutton Way, Grass Valley1,500$1.47$1.47
908 Taylorville Rd, Grass Valley2,904$1.15$1.15
1415 Whispering Pines Ln, Grass Valley15,357$1.60$1.60
Medical/Dental
152 Catherine Ln., Suite E & F, Grass Valley1,393$0.86$0.86
123 Margaret Ln, Grass Valley1,200$1.40$1.40
113 Presley Way, Grass Valley1,100$0.86$0.86
Retail
101 - 109 Argall Way, Nevada City900$1.11$1.11
320 Broad St & 315 Commercial St, Nevada City3,500$1.26$1.26
650 Freeman Ln, Grass Valley21,296$1.95$2.40
840 E Main St, Grass Valley11,727$1.60$1.60
111 W McKnight Way, Grass Valley10,580$2.06$2.06
2032 - 2118 Nevada City Hwy, Grass Valley7,250$1.76$1.76
984 Plaza Dr, Grass Valley6,300$1.38$1.49
521 Searls Ave, Nevada City6,250$1.00$1.00
1035-1043 Sutton Way, Grass Valley1,890$1.50$1.50
102 - 108 Union St, Nevada City1,873$1.65$1.65
RECENT TRANSACTIONS - Q1 2020   
LocationSq. Ft.Sale/LeaseClose Date
105 Margaret Ln, Grass Valley2,460Sold1/31/2020
159 S Auburn St, Grass Valley2,242Sold2/7/2020
351-353 Providence Mine Road, Nevada City4,386Leased2/7/2020
120 Richardson St, Grass Valley5,200Sold2/18/2020
11209 La Barr Meadows Rd, Grass Valley1,650Sold3/23/2020

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