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July 12, 2024
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CapRock Partners Buys 700k sf Industrial Warehouse in the Reno, NV Area


CapRock Partners has acquired 3200 USA Parkway, a 707k sf, cross-dock industrial warehouse in Sparks, NV. The Class A distribution building is within the Tahoe-Reno Industrial Center ("TRIC"), a premier industrial park within the land-constrained Reno industrial real estate market.

CapRock acquired the 48-acre property from an institutional investor in an off-market transaction. While CapRock is one of the more active investors and developers in Las Vegas, 3200 USA Parkway is CapRock’s first acquisition in northern Nevada, marking a milestone in the firm’s ongoing strategic portfolio expansion.

Built in 2014, 3200 USA Parkway is a Class A cross-dock warehouse featuring 36-foot clear height, up to 131 dock-high doors, three grade-level doors, and 14.9k sf of office space, as well as ESFR sprinklers, ample power, and LED lighting and 435 skylights. The property includes 190-foot secured truck courts with multiple dedicated truck access points.

3200 USA Parkway is approximately three miles to Interstate 80, a major east-west highway that connects key cities such as San Francisco and Sacramento to Salt Lake City. The property is approximately 16 miles east of downtown Reno and Reno-Tahoe International Airport.

The property’s location offers easy access to the California/Nevada state line, enhancing its appeal for businesses that operate across state boundaries and require efficient interstate logistics. TRIC tenants are able to reach the eight most Western states within one-to-two days, covering a market of more than 60 million people. Additionally, Reno businesses benefit from competitive utility rates, approximately 50% lower than California's, providing significant operational cost savings.

TRIC is one of the largest industrial parks globally, serving as a significant center for industrial manufacturing and distribution operations. The park is notably home to Tesla Gigafactory 1, a critical facility for Tesla's electric vehicle production and energy storage products. TRIC has attracted prominent institutional investors and owners, including Prologis, Blackstone/Link, Majestic Realty, and GIC. Major tenants such as Tesla, Walmart, Tire Rack, Home Depot, and Panasonic also operate within the park.

Similar to Nevada’s Las Vegas industrial market, Reno is extremely land-constrained due to the U.S. government’s broad land ownership and the region’s challenging natural topography. These constraints limit opportunities for new large-scale industrial warehouse development, driving up demand and subsequent rent growth.

“CapRock is continuing its strategic growth, and our acquisition of 3200 USA Parkway is a deliberate step in expanding into key markets in the Western and Central U.S.,” said Jon Pharris, co-founder and president of CapRock Partners. “Reno has been a consistent national leader in industrial rent growth in recent years, supported by its business-friendly environment, favorable regulations, pro-business tax climate, and strategic location.”

Brian Armon with NAI Alliance represented CapRock Partners in the 3200 USA Parkway purchase transaction. He and his team are leading the building’s leasing efforts.

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