The distribution heart additionally serves the close by Tesla Gigafactory. Picture courtesy of Westcore Properties
Westcore Properties has bought a 632,130-square-foot distribution heart within the Tahoe-Reno Industrial Middle in McCarran, Nev., for $82.5 million. Washington Capital Administration offered the LEED Gold-certified asset, in response to CommercialEdge knowledge.
Accomplished in 2008, the Class A industrial property contains 200 trailer stalls on a 34-acre website. The cross-load distribution heart options skylights, insulated Low E-glass, premium HVAC items, energy-efficient lighting and ESFR sprinklers.
The tenant roster on the industrial heart consists of Panasonic, Thrive Market and Tesla, CommercialEdge knowledge reveals. On the time of the sale, the property was 100% leased.
The property is at 700 Milan Drive, inside an Alternative Zone. Tenants are in a position to entry the broader metropolitan space through Interstate 80, in addition to the close by Union Pacific Intermodal Hub and Reno Tahoe Worldwide Airport.
Westcore Properties has lately acquired a 16-building industrial portfolio in California, unfold throughout Livermore, Valencia and Chino. MEPT offered the three.5 million-square-foot Odyssey Portfolio. This month, the corporate additionally obtained $25 million in financing for Rockwall Distribution Middle, a 301,120-square-foot industrial constructing in Rockwall, Texas.
Reno’s industrial market reveals important progress
The Reno industrial market has grown this yr with the addition of 6.4 million sq. toes of latest house, in response to a current CBRE report. The development pipeline options a number of tasks totaling over 2.8 million sq. toes, whereas round 16.1 million sq. toes are in numerous planning levels.
The identical report reveals that absorption charges have remained elevated, indicating continued demand for extra space. Roughly 1.8 million sq. toes was absorbed within the third quarter, whereas the year-to-date whole clocked in at 3.6 million sq. toes, as a big quantity of tasks had been delivered preleased.
