GPR Ventures recently purchased its third commercial property in Northern Nevada, 144,000-square-foot manufacturing building at 101 Evans Ave. in Dayton.
According to an Aug. 24 press release from the Silicon Valley, Calif., real estate investment firm, the building is 100% leased by Bruce Aerospace, an producer of aircraft interior lighting systems, which has occupied the facility since moving its operations from Southern California to Nevada in 1987.
Financial terms of the transaction were not disclosed.
The concrete tilt-up building is situated on an 11.73-acre parcel at the Dayton Airpark. While mainly dedicated to open manufacturing space, it also includes 25,600 square feet of office space.
It marks the firm’s 31st acquisition overall and third in Northern Nevada since entering the market in December 2020 with the $21.98 million purchase of a 331,623-square-foot industrial warehouse at 4910 Longley Lane, which is home to Powertrain Industries, Inc., and Hamilton Company.
GPR also acquired a 20,000-square-foot industrial property at 56 Coney Island Drive in Sparks in May.
“GPR Ventures is committed to expanding its presence throughout the West Coast, and the fast-growing business hub of Northern Nevada is an important part of our strategy,” GPR Ventures’ co-founder and Managing Principal Glen Yonekura said in an Aug. 24 statement. “More and more companies are looking to locate here because of the state’s favorable business climate, and much of that growth is driven by technology and advanced manufacturing. This property fits that profile extremely well.”
“The region is one of the fastest-growing areas in the country and was rated among the nation’s top metro areas in a recent Milken Institute report,” company co-founder and managing principal Phillip Rolla said in a statement. “The property’s strong tenant base was very attractive to us, and we plan to make several building improvements, including exterior painting, asphalt improvements and upgraded lighting to increase the value.”
