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July 25, 2024
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North Palisade Partners Buys 6.4-Acre Industrial Dev Site in Nevada


North Palisade Partners acquired a nearly 6.4-acre site in the Reno, NV area, where it plans to develop Palisade Wild Horse Commerce Center, a 141.9k sf, Class A industrial property. The property, located at 99 Wild Horse Canyon Drive in McCarran, NV, is situated within Tahoe Reno Industrial Center (TRIC). It is near facilities for Apple, Tesla Gigafactory 1, Walmart and Google.

The property is well situated within the largest industrial park in the world, which currently contains 15,000 acres that is pre-zoned, fully entitled, and actively being developed for all warehouse industrial uses. The property is located along the I-80 Corridor and is the closest site within the Tahoe Reno Industrial Center to the Reno-Sparks MSA, which delivers benefits such as easy access to transportation corridors and the labor pool.

When completed in mid-2024, Palisade Wild Horse Commerce Center will feature 36-foot clear heights, more than 80 parking spaces, ESFR sprinklers, 18 dock-high loading positions, two grade-level doors, LED lighting and 2,000 AMPS of power with the ability to quickly expand power capabilities. The building will also be demisable to spaces of 90k sf and 50k sf.

“The Reno industrial market is less than one percent vacant and is experiencing both a lack of supply and continued tenant demand,” notes Chris Fairchild, SIOR, CCIM, with Colliers International. “We are seeing amazing activity in the 50k sf to 200k sf category. That is the sweet spot in the Reno market typically. Historically, it is where the market has been uniformly active throughout the year, and we see more deals in that sector every year, plus we have a lack of product inventory to boot.” Fairchild was involved in brokering this transaction.

In 2022, North Palisade added eight industrial, IOS, and self-storage development properties to its portfolio with a total capitalization of approximately $225 mil. Currently, North Palisade has eleven projects under development, inclusive of five industrial buildings, four IOS projects and two self-storage facilities for a total capitalization of over $265 mil. Additionally, the company has nearly $500 mil of projects under contract in key logistics markets in Northern California, Southern California, and Las Vegas.

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