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1/20/17
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Capstone Advisors recently acquired 98 acres of commercial and residential land known as Sky Vista in Reno, NV. The price was not given out.
Sky Vista consists of a 1.91-acre pad site immediately adjacent to an existing Walmart Supercenter and a nearly 96-acre parcel of adjacent land entitled and planned for residential, retail and industrial development. The project enjoys a high visibility location and tremendous access adjacent to U.S. Highway 395 in the North Valley region of northern Reno.
Capstone intends to develop a 10k sf retail building on the out-parcel adjacent to Walmart and hold the balance of the land for future development.
Economic growth and development activity has been exceptionally strong in the surrounding market, spearheaded by Tesla’s $5 bil, 10 msf Gigafactory. Other prominent companies such as Amazon, Apple and Switch have also made significant investments in new facilities in the Reno market.
Sky Vista is located directly in the path of this growth. It is surrounded by new commercial and residential development activity, including Amazon’s 1.2 msf state-of-the-art distribution facility, and other major manufacturing and distribution facilities owned by well-known companies such as Petco and Urban Outfitters. The project is also located near the Stead Reno Airport, chosen by the FAA as a UAV Drone Test Facility and is expected to be a significant economic driver in the region as the drone industry continues to emerge.
Capstone represented itself in the purchase. The seller was not disclosed.
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