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11/14/23
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Westcore acquired a 632.1k sf distribution center in the Tahoe-Reno Industrial Center (TRIC) for $82.5 mil ($130/sf). The modern, cross-loaded distribution center, located at 700 Milan Dr in Reno, includes more than 200 trailer stalls on 34 acres.
The facility’s energy-efficient design earned it a LEED Gold Certification from the U.S. Green Building Council. Contributing factors include 2% skylights, insulated Low E-glass, premium HVAC units, energy-efficient lighting and recycled steel. Other building features include ESFR sprinklers and the ability to secure the site.
The distribution center is 100% leased. Tenants enjoy one-day truck service to seven states. The Reno Tahoe International Airport and the Union Pacific Intermodal Hub in Sparks are just 20 minutes east.
The distribution is adjacent to Gigafactory Nevada, which represents a $6.2 bil investment in this market by Tesla. The Gigafactory generates substantial demand for real estate not only from Tesla but also its numerous suppliers.
“We believe the maturing Reno industrial market has good runway for growth,” said Westcore Managing Director Peter Mette. “Part of that dynamic includes a great business climate for tenants, with lower occupancy costs, a more tenable regulatory environment and lower labor costs than other West Coast markets.”
In 2019, Westcore divested an approximately 1.2 msf industrial portfolio in Reno. 700 Milan Drive is its first purchase in this market since that time.
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