Westcore acquired a 632,000-square-foot distribution center in the Tahoe-Reno Industrial Center (TRIC) for $82.5 million. The modern, cross-loaded distribution center at 700 Milan Dr in Reno includes over 200 trailer stalls on 34 acres.
The distribution center is 100% leased. Tenants enjoy one-day truck service to seven states. The Reno Tahoe International Airport and the Union Pacific Intermodal Hub in Sparks are just 20 minutes east.
The distribution is adjacent to Gigafactory Nevada, representing a $6.2 billion investment in this market by Tesla. The Gigafactory generates substantial demand for real estate from Tesla and its numerous suppliers. Westcore’s Peter Mette likes doing business in Reno, “Part of that dynamic includes a great business climate for tenants, with lower occupancy costs, a more tenable regulatory environment and lower labor costs than other West Coast markets.”
In 2019, Westcore divested approximately 1.2 million square feet of industrial portfolio in Reno.