It seems everywhere you look there are headlines about shuttered storefronts, the death of retail and the economic “doom loop” of big cities. But when you look at smaller communities, the opposite seems to be true. While big cities across the country are still navigating the long recovery from the pandemic, smaller communities such as Fernley are continuing to grow.

In short: Small communities are seeing big ideas pay off – and Fernley is a prime example.

With a steady population growth and recorded population of nearly 23,000 in 2020, Fernley is located 35 miles from Reno and is literally and figuratively positioned to be an economic hub of Northern Nevada. For starters, its infrastructure: The city has a nearby cargo airport located in Reno, adjacent rail lines and Interstate 80 that can transport goods easily and swiftly. In addition, Fernley has strong market fundamentals: a growing population, a business­ friendly political climate and increasing employment opportunities.

This growth cycle in the past decade was sparked in large part by the addition of Tesla, Panasonic and Apple in nearby Reno. The difference, however, is that, unlike Reno, Fernley has ample affordable housing. People are more likely to buy a home there – and with more job opportunities there’s no reason to commute to the bigger city.

After more than two decades in the industry, I’ve developed a keen sense of small markets bound for big growth – and Fernley is definitely at an inflection point. Victory Logistics District and the Tesla Gigafactory at TRIC have spurred a large influx of people to the region, with Fernley’s population growing as a result. And retail development is still a huge opportunity that has yet to be fully tapped.

This starts with awareness.

The growth that is happening in northwestern Nevada is real and will only continue. As a developer, my biggest struggle is how to educate people on what Fernley is. While national brands have been here for years, a lot of upcoming brands have yet to discover it. Currently, if you want to spend the day shopping for apparel residents have to travel to Fallon or Reno. But I would argue that Fernley isn’t just primed for residential growth, but retail growth as well.

And why not? With more people living in Fernley, it makes sense to build out a retail sector, create more jobs, attract more visitors and drive the local economy. Some may call this a long shot, but I can attest that it’s already happening. My company, LRE & Companies, chose Fernley as an ideal spot for the Fernley Promenade, a 13-acre mixed-used development project consisting of industrial, retail and a hotel.

As headlines elevate the struggles of big cities, it’s easy to overlook the progress being made in smaller markets. But that would be a mistake. The time to look is now – as small markets continue to do big things.

Akki Patel launched LRE & Companies in 1999. He holds an accounting and finance degree from University of San Diego and is an active member of the Young Presidents Organization as well as several other business advisory boards. He writes about business trends and outlooks at AkkiPatel.net. He also serves on Dignity Moves Advisory Board.

New Starbucks is coming to Eureka

LRE & Companies has partnered with Starbucks to establish a new location at 1905 Fourth St. in Eureka. The spot allows the caffeine supplier to face both sides of U.S. Highway 101.

“LRE & Companies builds strong communities through strong partnerships with cities and brands,” Akki Patel, CEO of LRE & Companies, said in a prepared statement. “I am thrilled that this project will be bringing Starbucks to this high-paced intersection in Eureka, where residents and visitors can easily pick up and enjoy their cups of Starbucks coffee.”

LRE & Companies also plans to announce a new tenant that will be located next door.

Construction will be completed by the end of the year.

“We are thrilled to be bringing these great projects in prime locations in Eureka, where the community and opportunities continue to grow,” Patel said.

Yurok Tribe receives Cessna aircraft

Textron Aviation Inc. delivered a Cessna Grand Caravan EX aircraft to the Yurok Tribe’s Condor Aviation. The special missions Grand Caravan EX aircraft will increase the tribe’s capacity to perform large-scale environmental restoration projects, evaluate long-term natural resource management decisions and quantify the effects of climate change.

The Yurok Tribe will make use of state-of-the-art LiDAR systems and high-end aerial imaging equipment to create extremely accurate three-dimensional maps of the earth’s surface and collect a broad range of data regarding terrestrial and aquatic habitats, including rivers, lakes and oceans.

“This new aircraft will significantly enhance our ability to holistically restore salmon-spawning streams and make our landscape more resilient to climate change,” said Yurok Vice Chairman Frankie Myers. “We employ LiDAR data and high-definition aerial imagery to maximize the efficacy of our efforts to rebuild biologically diverse ecosystems and repair fire-damaged forests in Northern California.”

UPLIFT Eureka offers several programs

The City of Eureka’s UPLIFT Eureka program has a few upcoming free programs.

The next Pathway to Payday Free Employment Workshop Series will take place July 31 to Aug. 3. The four-day program guides community members through the job hunting process, via resume building and job application help, mock interviews, and real interviews with real employers.

There also is a new co-pilot program designed to foster positive one-on-one relationships between volunteer co-pilots and community members looking for guidance and support in identifying and achieving their goals. The program will start in mid-July.

For more information, go to www.uplifteureka.com.

Vineyard Offshore names new director

Vineyard Offshore today announced that Erik Peckar has joined the company as West Coast director of external affairs, the company announced this week. In that position, Peckar will be responsible for all aspects of local government and stakeholder engagement associated with Vineyard Offshore’s floating projects off the West Coast, principally the development of the lease area OCS-P 0562 off the Humboldt County coast.

“We are excited to have Erik join the Vineyard Offshore team to take on a critical role for our West Coast projects,” Christian Scorzoni, VP and head of external affairs at Vineyard Offshore, said in a prepared statement. “Erik was a leader in the development and implementation of the nation’s first Community Benefit Agreement for an offshore wind project with Vineyard Wind. His ability to work with local officials, fishermen, tribal members, and others toward mutually beneficial results makes him the perfect person to engage with communities that have stakes in offshore wind development in Northern California.”

Peckar voiced his excitement in a news release.

“I couldn’t be more excited to take on this incredible opportunity,” stated Peckar. “In Massachusetts, we showed that offshore wind could reap dividends far and wide, in particular for our local communities, thanks to deep engagement by all constituencies. I look forward to working with another incredible community in and around Humboldt County to ensure that Vineyard Offshore’s projects are beneficial to the people of Northern California.”

EUREKA, Calif. – PrZen — LRE & Companies, a full spectrum real estate development, asset manager, construction, and hotel management company, has partnered with Starbucks on a project that will bring the iconic coffeehouse to Eureka Gateway, the highly anticipated project located at the prime intersection in Eureka at 1905 4th Street, which faces both the north and south sides of Highway 101.

“LRE & Companies builds strong communities through strong partnerships with cities and brands,” says Akki Patel, CEO of LRE & Companies. “I am thrilled that this project will be bringing Starbucks to this high-paced intersection in Eureka, where residents and visitors can easily pick up and enjoy their cups of Starbucks coffee.”

LRE & Companies will soon be announcing an exciting new tenant that will occupy the 2,400-square-foot space with a drive-thru next door to Starbucks. Eureka Gateway is located in a prime, high-traffic location off Highway 101, with access and visibility from 4th and 5th streets, and T and U streets.

The project marks the third for LRE & Companies, including a site located at 2411 Broadway Street, just off of US 101. Once the site of an abandoned, aging motel, this prominent space will now be a welcoming retail hub anchored by a new Starbucks. Construction will be completed by the end of the year.

“We are thrilled to be bringing these great projects in prime locations in Eureka, where the community and opportunities continue to grow,” says Patel.

About LRE & Co

The LRE & Co is a family organization that has been in real estate development, construction and the food and beverage business since 1999. It is present in major markets throughout Northern California and northwest Nevada. It is an ever-growing organization consisting of a group of diverse and dynamic people who strive for excellence. LRE & Co currently employs 1,500 employees within California. The food and beverage arm of LRE & Co and its affiliates comprise franchise restaurants and master agreements for national franchises. The commercial real estate arm consists of partners with national hotel brands.

SAN RAFAEL, CA – LRE & Companies, a real estate development, asset manager, construction, and hotel management company, has revealed the plans for University Square, a 10-acre mixed-use development project at the intersection of Sunset Boulevard and University Avenue in Rocklin, CA. With retail and hospitality components, University Square is the developer’s first project in the city but second in Placer County. The project is slated to be completed by year-end 2025.

University Square is another example of us following through with our approach of developing at dynamic intersections in growing markets we have identified over the years as a developer on the West Coast. We are proud to be a part of Rocklin’s ongoing development and committed to driving growth and progress in the community with this mixed-used development, offering a range of retail and hospitality options for residents and travelers. Akki Patel, CEO of LRE & Companies

University Square will have more than 20,000 square feet of retail space and 5,000 square feet of space for quick service restaurant (QSRs) with drive-thrus; a 123-room Hilton Garden Inn; a 10,000 square-foot daycare center; a 3,700-square-foot convenience store; and a car wash. The site is adjacent to Estia Rocklin, a build-to-rent townhome community with 181 units, and across the street from William Jessup University, a private Christian university with more than 3,000 students.

The project is just east of the 8,497-acre Sunset Area development. The Sunset Area plan is centered around a new California State University, Sacramento and Sierra College campus.

This part of Rocklin is seeing tremendous growth. By prioritizing smart growth and responsible development practices, we can create something special that will stand the test of time. We are honored to be involved in shaping the future of the Rocklin community. Victor Chiang, VP of development at LRE & Companies

Rocklin is home to Quarry Park, the city’s downtown community gathering space, offering rock climbing, paddle boats, and ziplining; more than 380 acres of open space, walking trails, and parks; and two higher education institutions: Sierra College and William Jessup University. The city also has panoramic views of the Sierra Nevada and Sutter-Butte mountain ranges. Rocklin is within a 20-minute drive of Folsom Lake, a 30-minute drive of downtown and Old Sacramento, and less than a two-hour drive from Lake Tahoe, the Pacific Ocean, and San Francisco.

Most of the area’s major employers, including Oracle, UNFI, K-LOVE, and Thunder Valley Casino, are within a two-mile radius of the project.

The project is less than seven miles from another one of LRE & Companies’ commercial development projects. Announced in November 2022, Roseville Junction, a new mixed-use development project in Roseville, CA, will have two select-service hotels, three restaurants, an outdoor gathering space, and an entertainment and sports complex once completed.

About LRE & Companies

The LRE & Co. is a family organization in real estate development, construction, and food and beverage businesses since 1999. It has been present in major markets throughout northern California and northwest Nevada. It is an ever-growing organization consisting of a group of diverse and dynamic people who strive for excellence. LRE & Co. & affiliates’ food and beverage arm comprise franchise restaurants and master development agreements for national franchises. The commercial real estate arm comprises investments in commercial land space and partnerships with major fast casual/QSR brands, Marriott, Hilton & Hyatt groups of hotels. LRE & Co. has a diverse portfolio of office buildings, retail properties, multi-family holdings as well as hospitality. Over the last 15 years, LRE & Co. has leveraged its experience in the real estate space, leading to the inception of the real estate Investment and development arm of the company. Several projects are underway or completed in a very short span due to prior knowledge of the commercial space, including AC by Marriott in Sacramento downtown, Courtyard by Marriott in Woodland, H2 Suites by Hilton & multi-family development in Sacramento.

LRE & Companies, a real estate development, asset manager, construction and hotel management company, has revealed plans for University Square, a 10-acre mixed-use development project at the intersection of Sunset Blvd. and University Ave. in Rocklin, CA.

With retail and hospitality components, University Square is the developer’s first project in the city, but second in Placer County. The project is slated to be completed by year-end 2025.

“University Square is another example of us following through with our approach of developing at dynamic intersections in growing markets we have identified over the years as a developer on the West Coast,” said Akki Patel, CEO, LRE & Companies. “We are proud to be a part of Rocklin’s ongoing development and committed to driving growth and progress in the community with this mixed-used development, offering a range of retail and hospitality options for residents and travelers.”

University Square will have more than 20,000 sq. ft. of retail space and 5,000 sq. ft. of space for quick service restaurant (QSRs) with drive-thrus; a 123-room Hilton Garden Inn; a 10,000 sq.-ft. daycare center; a 3,700-sq.-ft. convenience store; and a car wash. The site is adjacent to Estia Rocklin, a build-to-rent townhome community with 181 units, and across the street from William Jessup University, a private Christian university with more than 3,000 students.

The project is just east of the 8,497-acre Sunset Area development. The Sunset Area plan is centered around a new California State University, Sacramento and Sierra College campus.

“This part of Rocklin is seeing tremendous growth,” said Victor Chiang, VP, development, LRE & Companies. “By prioritizing smart growth and responsible development practices, we can create something special that will stand the test of time. We are honored to be involved in shaping the future of the Rocklin community.”

Rocklin is home to Quarry Park, the city’s downtown community gathering space, offering rock climbing, paddle boats and ziplining; more than 380 acres of open space, walking trails and parks; and two higher education institutions: Sierra College and William Jessup University. The city also has panoramic views of the Sierra Nevada and Sutter-Butte mountain ranges. Rocklin is within a 20-minute drive of Folsom Lake, a 30-minute drive of downtown and Old Sacramento and less than a two-hour drive from Lake Tahoe, the Pacific Ocean and San Francisco.

Most of the area’s major employers, including Oracle, UNFI, K-LOVE and Thunder Valley Casino, are within a two-mile radius of the project.

The project is less than seven miles from another one of LRE & Companies’ commercial development projects. Announced in November 2022, Roseville Junction, a new mixed-use development project in Roseville, CA, will have two select-service hotels, three restaurants, an outdoor gathering space and an entertainment and sports complex once completed.

LRE & Companies has unveiled plans for Fernley Promenade, a 13-acre mixed-used development project comprising of industrial, retail and hotel, in Fernley, NV

Fernley Promenade will have a 98-room hotel, three quick-service restaurants, three large junior anchors, and 16,000 square-feet of shop space. An extended-stay lodging facility, the four-story Home2 Suites at Fernley Promenade will have a swimming pool, fitness center, guest laundry room, breakfast room, and sundries shop. LRE & Companies is in the process

1. A new mixed-use development project will be adding a hotel,restaurants, retail and industrial space to Fernley just east of Reno-Sparks.The Fernley Promenade project, on 13 acres south of Interstate 80,will be betweena Walmart Supercenter and Lowe’s HomeImprovement store on Stanley Drive.More: Fernleyto get 4,300-acre industrial park after 2nd biggest landsale in Nevada history Scheduled to be completed by the end of 2024, Fernley Promenade isthe first project in Northern Nevada by San Rafael, California-basedLRE & Cos. The real estate company hasexperience developingproperties in northern California and western Nevada.
2. 

   The company cited Fernley’s demographics and location for itsdecision to develop Fernley Promenade.The city is 20 minutes away from the Tahoe Reno Industrial Center,site of Tesla’s first Gigafactory.Fernley itself is thesite of the Victory Logistics District, which, at4,300 acres, was the second largest land sale in Nevada history when itclosed in 2019. Only Blockchains’ 65,000-acre purchase at the TahoeReno Industrial Center in 2018 is bigger.Add Nevada’s business-friendly environment and access to I-80 andtwo rail lines that connect to the port of Oakland and the decision is ano-brainer, according to CEO Akki Patel.
3. 

   “Fernley is a natural area of growth,” Patel said. “All the cropped-upbusinesses surrounding the Gigafactory, such as Redwood Materials,are also very convenient.”The first confirmed development is the 98-room Home2 Suites atFernley Promenade, an extended stay hotel with swimming pool,fitness center and other amenities.“After the pandemic, there is a huge demand for extended-stay hotels,”Patel said. “It also helps with the customer base who is staying fromMonday to Friday working at these distribution facilities.”The Fernley Promenade also will have a shopping center, and LRE isfinalizing three large junior anchor tenants.Dining will also feature prominently on the site, according to Patel.
4. 

   “Restaurants will be a combination of national brands and local fare,”Patel said. “We have lots of interest from national quick service andfast casual brands.”Development of the Fernley Promenade is gearing up at a time whenthe economy has gone through ahistoric pandemic and also facingrumblings about a potential recession this year. Patel, however,expressed confidence in the project moving forward.Coroner identifies all five victims in crash near Salton SeaOxnard’s top finance officer to depart afterless than 2 yearsRoad closures in Flagstaff, Grand Canyon as winter storm passes through ArizonaHowto view rare green comet’s fly by in the High DesertInvestigation underway after human remains foundon UC Berkeley campus
5. 

   The company is “cautiously optimistic that our tenant mix wouldbenefit from a downturn,” according to Patel.Patel also believes that the project can weather any challenges arisingfrom COVID should it make a comeback.“Fernley Promenade was already designed as an open-air shoppingcenter,” Patel said.“We have not had to make any changes due to COVID, and we wouldhave great potential to provide outdoor seating should the need arise.”

The largest retail shopping center to be built in more than a decade in Fernley is underway.

There have been some big box retail buildings constructed in Fernley over the past decade, but Fernley Promenade is the first large-scale retail center with multiple junior anchors, drive-through eateries and an extended-stay hotel. Privately held LRE & Companies of San Rafael, Calif. is the developer of the 13-acre project that will include:

A 68,000-square-foot Home2 Suites by Hilton. The hotel will have 98 rooms over five floors.

Two 20,000 square foot spaces for junior anchor tenants

16,600 square feet of shop space spread across two buildings for smaller retailers

Three retail spaces totaling 9,500 square feet for quick-serve drive-through eateries

The project will occupy vacant land between Lowe’s and Walmart supercenter with excellent visibility from Interstate 80.

Shawn Smith, executive vice president of the retail team at Reno’s Kidder Mathews office, said Fernley is poised for commercial growth following the development of Victory Logistics District, a 4,300-acre project under development by Mark IV Capital of Newport Beach, Calif. Mark IV has already completed and leased an 815,000-square-foot warehouse and logistics facility to Redwood Materials of Carson City, and work is underway to build and lease the next slate of industrial buildings at the site.

“Retail follows rooftops, and a lot of the industrial boxes were first to lead the development charge in Fernley,” Smith said. “Now other rooftops are catching up, which is creating demand for retail.

“(Fernley’s) residential real estate is doing well, and the jobs are going to be there with the success of the industrial park,” he added. “Mark IV plans to develop millions of square feet of industrial over the years, and that will bring more rooftops and employees and help Fernley increase in population.”

Akki Patel, founder and chief executive officer of LRE & Companies, told NNBW his company acquired the land in 2021. With a lease already signed for the Hilton-branded extended-stay hotel, that building will be the first vertical development at Fernley Promenade.

Patel said the extended-stay Home2 Suites flag made more sense for the hotel than other types of standard overnight hotel brands because many executives visiting the new businesses cropping up in Fernley and nearby Tahoe Reno Industrial Center require longer stays.

“People are coming in for longer periods than one-day, one-night transit,” Patel said. “They need a great place to stay. Home2 is a great-looking product that fits the profile of people who want to stay longer nights and want a kitchenette and a larger room.”

The hotel also provides a captive audience of customers to frequent the new eateries that will be at Fernley Promenade, Patel added. Groundbreaking for the hotel depends on how fast LRE & Companies can get its hotel plans approved, a process that could take several more months, he added.

“We would like to break ground this fall in a perfect scenario,” Patel said. “The whole site is already entitled, and we will parcel out the retail projects. We plan on doing all the site work at the same time and securing the junior anchors before we start marketing the smaller shop spaces.”

Smith told NNBW that the Kidder Mathews retail team is negotiating with several national apparel retailers to lease the two 20,000-square foot junior anchor spaces. Currently, the only place to buy clothing in Fernley is at Walmart.

“Fernley doesn’t have any (clothing retailers), and that’s the draw – they can capture all the market share for Fernley,” Smith said.

Patel said that Victory Logistics District and the Tesla Gigafactory at TRIC have spurred a large influx of people to the region, with Fernley’s population growing as a result, but retail development has lagged.

“Compared to all the growth you have seen (in Reno-Sparks), Fernley is definitely an underserved market,” Patel said. “A lot of people who work at the Tesla Gigafactory have been priced out (of Reno-Sparks) and live in Fernley. It has grown substantially, and those people need some new clothing and restaurant spaces. There’s a need for all of it.”

Fernley may lack many key services, but convincing a certain segment of retailers that the time is right to expand their physical footprint has taken a bit more convincing, Smith noted.

“The national tenants are self-financed and don’t care about construction costs as much as mom and pops and franchisees,” Smith said. “They are still active, but on the other side we are seeing a slowdown in regional and local tenants because construction costs are still high for tenant improvements. They usually pay for that with SBA loans, and with interest rates as high as they are, it is starting to become cost-prohibitive for tenant improvements.”

Rents also are on the rise due to high construction costs, Smith added.

“We are kind of in a perfect storm with high TI dollars, high interest rates, and high rents.”

Patel said that one big challenge with developing commercial real estate in smaller markets is the fact that national site selectors often don’t fully understand the economic strength of smaller regional markets.

“We know what’s happening in Fernley and understand the growth, but a lot of times, national (site selectors) don’t even know where Fernley is until they go there,” he said. “The growth that is happening in northwest Nevada for real. There’s tremendous growth out there, and it will continue to grow. My biggest struggle is how to educate people on what Fernley is. Some national brands have been there for years, but a lot of upcoming brands don’t know about it.”

Kidder Mathews Smith said that as Reno and Sparks continue to grow, tertiary Northern Nevada markets such as Fernley will continue to benefit — especially since housing costs are typically lower than in the Truckee Meadows.

“The more services and shopping that are there, the easier it will be to attract people to move to Fernley,” Smith said. “(Fernley Promenade) will serve existing residents and help attract more. Right now if you want apparel, you have to go to Fallon or Reno. This will help keep money in Fernley, it will create jobs, and it will help the town expand.”