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6/08/16
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The Bendetti Company recently closed on two acquisitions in Nevada, adding to its investment portfolio which now totals more than 2 msf of industrial property. The first acquisition was Southern Way, a three-building portfolio consisting of 631.1k sf located in the Reno/Sparks area, while the other purchase was Spice Island, a 165k sf building, also located in Sparks.
Southern way, which sits on approximately 21 acres, features three single- and multi-tenant industrial buildings -- including nine fully occupied units, the majority with below market rents. The units range from 12.2k sf to 149.6k sf, for a total of 631.1k sf. The Class B properties, which also include a 12.2k sf cold-storage unit, were purchased as light value-add investments and closed in just over two months.
Bendetti was able to complete the all-cash transaction quickly through short-term financing from its partner, JCR Capital, after which the project was recapitalized for a longer hold period with Reinsurance Group of America as the equity provider and Wells Fargo financing the debt. Both RGA and Wells Fargo were sourced through Holliday Fenoglio Fowler (HFF).
Bendetti also recently purchased the 165k sf Spice Island multi-tenant industrial building as a light value-add opportunity. The Class B property, which sits on approximately 8.3 acres in the Sparks area, is comprised of five units averaging 20k sf to 46.6k sf each with 100 percent occupancy.
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