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11/04/16
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Westcore Properties has acquired a 1.17 msf industrial property portfolio in Reno, NV from an institutional owner for approximately $54.5 mil ($46.50/sf). 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. “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 – 152.6k sf
980-996 United Cir – 88.8k sf
960-974 United Cir – 210.2k sf
940-992 Spice Islands Dr – 109.2k sf
750 Spice Islands Dr – 121.6k sf
748 Spice Islands Dr – 11.2k sf
700-742 Spice Islands Dr – 91.4k sf
1750 Purina Way – 133k sf
1259-1275 Spice Islands Dr – 51.7k sf
1277-1295 Spice Islands Dr – 51.6k sf
1050 Spice Islands Dr – 27.4k sf
445 E Glendale Ave – 121.4k sf
The Reno portfolio is 92 percent leased by 53 tenants, which are focused primarily on distribution. Anthony Brent, Ryan Martin and Scott Pertell of HFF represented the seller in this transaction.
“HFF marketed the larger 2.63 msf 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. “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.”
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