East Carson City’s new Irwin Union building sells for $9.8 million
Appeal Staff Writer
A Bay area investment company purchased a 33,000-square-foot east Carson City building for $9.8 million, completing what the local broker described as a speedy sale for commercial property.
Bruce Robertson, an associate with Sperry Van Ness/Gold Dust Commercial, said Tuesday that the property was under contract after just 15 days on the market and closed escrow with Leefco in 60 days.
“This went very fast,” he said. “We took it to the market two weeks before Christmas and had over 30 inquiries. As a result we received four offers.
“For a transaction of this size, it’s unusual.”
He said in a typical transaction of this size, the buyer would conduct a lengthy investigation, which could take twice as long. The sale finalized Feb. 28. The building is one of six planned for the Irwin Bank Financial Center, 1818 E. College Parkway, owned by Carson City-based Connemara Park LLC.
Michael Baron, of Sperry Van Ness in Redmond, Ore., represented the buyer. Leefco, a privately owned commercial real estate investor, was attracted to the building’s tenant mix, quality construction and the location near the new freeway, according to Sperry Van Ness.
Completed this year, the building is leased to Irwin Union Bank, Irwin Financial and Country Insurance. It’s expected to be occupied by late April. The 78,000-square-foot financial center includes six buildings, ranging from 3,000 square feet to 33,000 square feet. The center is a quarter-mile from the College Parkway/freeway interchange. The second building should have tenants by August.
The $15 million financial center surrounds the Sonic drive-in.
Robertson said the owners could put the other buildings in the center for sale. Connemara is operated by Robertson, John Griffin, Carrie McAninch and Michael Bayliss.
n Contact reporter Becky Bosshart at email@example.com or 881-1212.