Home Real Estate Reno Industrial Site Trades for $82.5M
Real Estate

Reno Industrial Site Trades for $82.5M

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.

Source link

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Real Estate

Memphis Dermon Building Converting to 150-Room Hotel

The Dermon Building in Memphis was built 99 years ago, designed as...

Real Estate

Developer Duo Secures $120M Refi for Charleston Harbor Rental Community

Woodfield Investments and Argosy Real Estate Partners have secured $120 million to...

Real Estate

Bonita Springs Site for 252-Unit Apartment Community

Madison Communities and Heitman have closed a $44 million construction loan for...

Real Estate

$21.5M Loan for Tacoma Apartments Secured by Berkadia

Berkadia has secured financing for the acquisition of The Duo Apartments, a...