Construction will begin next spring on a 251,000-square-foot business park on Vista Boulevard, about a quarter mile north of Interstate 80 in Sparks.
The project developed by Voit Development Co.
of Woodland Hills, Calif.,will be on 14.9 acres adjacent to the former General Motors distribution center at Loop Drive and Vista.
Voit purchased the vacant property from Chicago-based First Industrial Realty Trust.
Jeff Eigenman, project manager for Voit Development, noted that land is scarce for new industrial development in the Truckee Meadows even though demand is high.
"We were lucky to come across this in-fill opportunity in such a strong location," Eigenman said last week.
He said the first phase of the project, about 111,000 square feet of space, is expected to be complete in late 2005.
In the second phase,Voit will provide built-to-suit facilities for users who need as much as eight acres.
The project, known as Vista Business Park, will include buildings for sale or lease ranging from 4,000 square feet to 17,000 square feet.
Commercial Properties of Nevada, which represented First Industrial Realty Trust in the transaction,will market the new project.
Eigenman described demand for industrial space in the Truckee Meadows as "red-hot." He said the market is driven both by companies that want to own rather than lease their space as well as real estate investors who need to acquire investment properties as part of tax-deferred exchange strategies.
The San Ramon, Calif., office ofWare Malcomb is architect for the project, and CFA Engineering of Reno is the project engineer.
Valley Commercial Contractors of Sacramento will be the general
contractor.
