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October 23, 2018
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AEW Capital Management Pays $93 Mil for Reno Industrial Portfolio


AEW Capital Management paid $93.2 mil for Southwest Commerce Center (SWCC), a fully occupied portfolio of six industrial buildings totaling 1.03 msf ($90/sf) within the South Reno submarket of Reno.

Southwest Commerce Center is located at 875 and 895 E. Patriot Blvd, 450 Maestro Dr, 7525 Colbert Dr, 3450 Airway Dr and 5555 Quail Manor Ct. The six single- and multi-tenant buildings were built in four phases between 1997 and 2001 and the overall project is situated on more than 50 acres.

Kevin Shannon, Steve Golubchik and Bret Hardy with NKF Capital Markets represented the seller, Barings Real Estate Advisers on behalf of an institutional investor. AEW was self-represented.

“Southwest Commerce Center was a rare opportunity for an investor to acquire a critical mass of core, Class A industrial assets, within the best submarket in Reno,” said Hardy. “South Reno boasts a vacancy rate of just over one percent and SWCC represents some of the best product in this high barrier to entry market. With major corporations like Tesla, Apple, Google and Amazon making huge investments in Reno, we foresee this market continuing its ascent in tenant demand and industrial asset values.”

“Barings purchased this industrial project in 2014 for $63 mil on behalf of an institutional investor after recognizing the region’s growth potential and the disconnect in the capital markets when comparing pricing in Reno to major industrial markets across the country,” stated Chris Black, a Managing Director for Barings.

Reno is one of the nation’s top performing industrial markets and one of the nation’s most business-friendly environments. Southwest Commerce Center’s central location offers tenants same-day access to every major West Coast metropolitan area – a population greater than 60 million people.

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