A maker of automotive parts has leased nearly 200,000 square feet of distribution center space at Stead.
Centrum Equities XV, which sells automotive parts such as alternators and radiators under the Visteon Aftermarket brand, leased the 198,496-square-foot space that is being vacated by PetSmart. The pet retailer built a major new distribution center at Tahoe Reno Industrial Center.
The Centrum Equities lease is effective Sept. 1, the day after the PetSmart lease runs out.
The distribution center is owned by Gallagher Properties. With the Centrum lease, the 263,000-square-foot building at 9175 Moya Blvd. will be fully occupied. The building was constructed in 2002.
Executives of Centrum Equities, a unit of Chicago Centrum Properties, didn't return calls asking for details about the company's plans.
Dave Simonsen, a senior vice president with NAI Alliance in Reno, represented Gallagher Properties in the transaction. He said the lease reduces the vacancy rate in industrial properties in the North Valleys region to 11.46 percent from 12.82 percent.
"We are pleased to have this space backfilled so quickly," Simonsen said.
NNBW staff
