Unprecendented Times – 2020 Q2 Review

This quarter the pandemic continued its torment on the nation and the world. Shutdowns were extended as the populace struggled at coming to terms with the newly restricted environment and the effects it will have on the economy, businesses and jobs.  Fortunately, congress acted quickly and implemented the CARES Act, providing a massive financial relief bill to keep most businesses afloat and delay massive layoffs.  Concerns abound however that if the shut down continues for a long period of time, the effects on the economy could be devastating.

In regard to commercial real estate, most energy and activity this quarter has been directed toward damage control rather than new ventures or deals. Investors and tenants alike are circling their wagons and hunkering down in an effort to weather the storm. Landlords are attempting to deal with tenant requests for rental concessions, while still staying current on their own mortgage obligations.  Lenders are striving to understand how the pandemic will affect their portfolios and grappling with determining new underwriting criteria in an era with no precedents.  Development projects have come to a standstill, with developers now focusing most of their efforts on minimizing losses.

Effectively, this has been a “hold-on” and “wait-and-see” quarter with deer-in-the-headlight expressions everywhere.

AVAILABLE FOR SALE - Q2 2020   
LocationSq. Ft.PricePrice/SF
Industrial
11978 Charles Dr, Grass Valley2,500$279,000$111.60
13242 Grass Valley Ave #22-23, Grass Valley2,716$195,000$143.59
13242 Grass Valley Ave #24, Grass Valley1,358$195,000$143.59
371 Railroad Ave, Grass Valley3,740$575,000$153.74
Office
2344 & 2352 Nevada City Hwy, Grass Valley3,212$450,000$140.10
10015 Alta Sierra Dr, Grass Valley4,176$760,000$181.99
675 S Auburn St, Grass Valley1,690$399,000$236.09
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
964 Golden Gate Ter, Grass Valley5,740$825,000$143.73
13421 Grass Valley Ave, Grass Valley13,136$1,395,000$106.20
104 New Mohawk Rd, Nevada City26,336$2,500,000$94.93
Medical/Dental
565 Brunswick Rd # 1, Grass Valley1,075$290,000$269.77
152 Catherine Ln., Suite E & F, Grass Valley1,393$95,000$68.20
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
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$2,000,000$92.27
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
425 Broad St, Nevada City560$399,000$712.50
426 Broad St, Nevada City1,333$545,000$408.85
231 - 233 Colfax Ave, Grass Valley4,440$890,000$200.45
21515 Higgins Rd, Auburn3,192$1,200,000$375.94
104 E Main St, Grass Valley1,387$411,000$296.32
840 E Main St, Grass Valley28,706$4,550,000$158.50
123 Mill St, Grass Valley1,485$795,000$535.35
16282 Mount Olive Rd, Grass Valley5,655$625,000$110.52
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$975,000$298.62

AVAILABLE FOR LEASE Q1 2020   
LocationSq. Ft.Min Base Price/SFMax Base Price/SF
Industrial
13113 John Bauer Ave, Grass Valley2,300$0.80$0.80
13046 Loma Rica Dr, Grass Valley4,000$0.60$0.60
355 Crown Point Cir, Grass Valley4,800$0.60$0.60
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 Valley1,440$1.30$1.30
563-565 Brunswick Rd # 9 & 11, Grass Valley1,015-1,028$1.22$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
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 Valley1,161$1.25$1.25
964 Golden Gate Ter, Grass Valley4,490$0.85$0.85
224 Main St, Nevada City1,650$1.50$1.70
1740 - 1744 E Main St, Grass Valley2,728$1.40$1.40
640 E Main St, Grass Valley3,033$0.70$0.70
900 E Main St, Grass Valley7,700$1.63$2.09
204 W Main St & 215 Richardson St, Grass Valley883$1.45$1.45
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
205 - 207 N Pine St, Nevada City1,250$1.48$1.48
101 - 208 Providence Mine Rd, Nevada City18,453$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 City1,224$1.55$1.55
313 Railroad Ave, Nevada City1,469$1.35$1.35
420 Sierra College Dr, Grass Valley1,750$2.20$2.20
143 Spring Hill Dr Ste 2, Grass Valley5,082$1.08$1.08
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$1.66$1.66
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
114 Argall Way, Nevada City1,160$0.84$0.84
650 Freeman Ln, Grass Valley22,146$1.95$2.95
131-139 Joerschke Dr, Grass Valley4,900$1.10$1.20
840 E Main St, Grass Valley11,727$1.60$1.60
116 W Main St, Grass Valley841$1.21$1.21
138 E Main St & 131 Richardson St, Grass Valley2,190$1.07$1.07
633 - 653 Maltman Dr, Grass Valley4,200$0.63$1.11
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$1.30$1.30
1035-1043 Sutton Way, Grass Valley1,890$1.50$1.50
399-471 Sutton Way, Grass Valley2,285$1.60$1.60
102 - 108 Union St, Nevada City1,873$1.65$1.65
735 Zion St, Nevada City12,800$0.84$0.84

RECENT TRANSACTIONS - Q2 2020   
LocationSq. Ft.Sale/LeaseClose Date
151 Joerschke Dr, Grass Valley3,240Sold4/1/2020
357 Providence Mine Rd, Nevada City1,800Sold4/10/2020
411 Coyote St, Nevada City1,842Sold4/15/2020
170 E Main St, Grass Valley520Leased6/1/2020
110 Spring Hill Dr #19, Grass Valley3,753Sold6/1/2020
488 Crown Point Cir, Grass Valley4,350Leased6/16/2020
200 - 208 Providence Mine Rd, Nevada City1,053Leased6/23/2020

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