The flex industrial building at 155 Glendale Ave. was built in 1982.
Schnabel Ventures and Blackfire Real Estate Ventures have partnered on their second acquisition in the Sparks industrial market.
The two firms last week finalized purchase of a 56,188-square-foot flex building at 155 Glendale Ave. for $1.8 million. Their prior acquisition was the Truckee Meadows Business Park on Coney Island, which they purchased last summer.
Schnabel and Blackfire’s focus is on renovating older, undercapitalized industrial properties with high vacancy rates that other investors overlook, says Tilio Legatta, managing partner of Blackfire.
Vacancy at Truckee Meadows Business Park was running just over 50 percent when the building was acquired in July of 2013. After repainting, installing new monument and client signage and other cosmetic upgrades, the partnership landed six new tenants at the property, which is now more than 70 percent occupied, Legatta says.
The partnership plans to take the same approach at 155 Glendale: Repave the asphalt parking lot, paint the building, renovate its landscaping, add new monument and tenant signage and upgrade the interior suites.
Tommy Jo Lynch of Sperry Van Ness will handle leasing on the project. Existing businesses at 155 Glendale, which was constructed in 1982, include the Flag Store, Vonz Diner and Safety on Site.
Legatta says Brad Elgin at Stark & Associates Commercial Real Estate/TCN Worldwide represented the seller, Dawn G. Helios LLC.
155 Glendale has spaces as large as 9,000 square feet and several smaller suites at 1,200 square feet.
“Those spaces are well suited to small businesses that need office and warehouse space,” Legatta says. “We have seen some great momentum in the industrial flex marketplace in Greater Reno-Tahoe, and that helped pique our interest in this particular project.”
