Westcore Properties, an active investor in industrial and office properties throughout the Western United States, acquired a 1,170,000-square-foot industrial property portfolio in Reno, Nevada from an institutional owner for approximately $54.5 million. The acquisition marks Westcore’s entry into the Reno marketplace.
“Reno is a maturing market that is benefiting from the demand of e-commerce tenants as well as the migration and expansion of California’s industrial users,” said Peter Mette, director of acquisitions at Westcore Properties in a press release. “This portfolio is a natural extension of our other industrial property holdings, increasing our ability to provide for the needs of our existing and future tenants throughout the West.”
Properties acquired
550 Coney Island Dr – 152,600 SF
980-996 United Cir – 88,803 SF
960-974 United Cir – 210,215 SF
940-992 Spice Islands Dr – 109,220 SF
750 Spice Islands Dr – 121,600 SF
748 Spice Islands Dr – 11,200 SF
700-742 Spice Islands Dr – 91,444 SF
1750 Purina Way – 133,000 SF
1259-1275 Spice Islands Dr – 51,700 SF
1277-1295 Spice Islands Dr – 51,570 SF
1050 Spice Islands Dr – 27,434 SF
445 E Glendale Ave – 121,365 SF
The Reno portfolio is 92 percent leased by 53 tenants, which are focused primarily on distribution. Kidder Mathews industrial brokers J. Michael Hoeck, SIOR, Michael Nevis, SIOR, CCIM, Dave Simonsen, SIOR, CCIM, and Steve Kucera, CCIM represented the seller as the local leasing and market experts, along with Holliday Fenoglio Fowler’s (HFF) Anthony Brent, Ryan Martin, and Scott Pertel, who represented the seller in this transaction.
“HFF marketed the larger 2,626,882-square-foot portfolio on behalf of the seller and is pleased to have assisted Westcore achieve critical mass in the Reno market by acquiring the second and third tranches of the portfolio,” said Brent, senior managing director at HFF in a press release. “The properties are proximate to Interstate 80, which is the second largest interstate highway in the United Sates, connecting the east and west coasts, and are within two miles of the Reno Tahoe Airport.”
The 12-building portfolio is located within the Sparks industrial submarket and contains a total of 1,170,151 square feet. “Combined with the purchase of Tranche 1 (five industrial buildings) on October 3, 2016, this is one of the three largest industrial investment portfolio sales in northern Nevada,” said Hoeck in a press release. “The northern Nevada market remains desirable due to its relatively low entry point when compared to neighboring California. Reno/Sparks is a good alternative investment position as the premium West Coast distribution location,” he added.
Westcore Properties has retained Kidder Mathews as the listing brokerage and property manager for their Sparks portfolio.
