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August 10, 2020
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TEXAS/SOUTHWEST NEWS
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Clarion Partners Spends $117 Mil on Nevada Biz Park

1/28/20

In a major Nevada investment buy, Clarion Partners LLC purchased Lear Industrial Center, a four-building, business park totaling 1.4 msf in Reno. The Class A, multi-tenant asset was sold by Panattoni Development Company for $117.3 mil ($84/sf).

Lear Industrial Center was developed by the seller between 2005 and 2008 to the highest institutional standards. The state-of-the-art buildings feature 30-foot clear heights, ESFR sprinklers, flexible floorplans, 164 dock-high doors, 32 grade-level doors and ample parking.

Situated on 73.66 acres at 6640, 6645 and 6650 Echo Ave, and 12995 Echo Court, the park is within the North Valley’s industrial submarket. It is less than a mile from Reno-Stead Airport and less than two miles from U.S. Route 395, which, along with proximity to Interstates 80 and 580, provides tenants access to one- and two-day truck service to Seattle, Phoenix, Denver, Los Angeles, Salt Lake City, Sacramento and San Francisco. Additionally, Lear Industrial Center is less than 12 miles from Union Pacific Intermodal Hub and approximately 13 miles from Reno-Tahoe International Airport.

Mark Detmer and Bo Mills with JLL Capital Markets represented the seller in the deal.

“With its location in a market that boasts high-profile corporate neighbors and 6.68% submarket vacancy, Lear Industrial Center offered investors an opportunity to acquire a rare, scalable portfolio of Class A, institutional-quality warehouse and distribution buildings,” Detmer said. The property’s best-in-class features will drive occupancy for years to come.”






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