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8/02/24
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CapRock Partners has acquired two industrial assets totaling 177.1k sf in Sparks, NV in an off-market transaction. The two buildings, located at 120 and 250 Greg Street, are freestanding, mid-bay warehouses that were sold by an unnamed owner/user. The price was not disclosed.
120 and 250 Greg Street are neighboring properties sharing a common entrance and truck court. 120 Greg Street totals 94k sf and features eight dock-high doors, and three grade-level doors. Initially constructed in 1995, the building is currently demised into four suites ranging in size from approximately 20k sf to 27k sf.
The building at 250 Greg Street totals 83.1k sf and features three dock-high doors and eight grade-level doors. Constructed in 1980, the building was expanded in 1995 and 2001. Its suite sizes range from approximately 9k sf to 36k sf.
CapRock’s plan is to renovate the two buildings and implement extensive capital improvements to enhance their functionality. Planned renovations include adding storefronts, building new offices, refreshing existing offices, installing LED lighting, new interior and exterior building paint, as well as making improvements to the site’s parking lots and landscaping.
120 and 250 Greg Street are easily accessible to S. McCarran Blvd. (SR 659), a main arterial ring road serving Reno and Sparks, and Interstate 80, a major east-west highway that connects primary Western cities such as San Francisco and Sacramento to Salt Lake City. The properties are approximately three and a half miles from Reno-Tahoe International Airport and approximately five miles to Downtown Reno.
The purchase transaction was facilitated by Brian Armon with NAI Alliance and his team, Tony Machabee and Derek Carroll. They are also leading the buildings’ leasing efforts. The deal brings CapRock’s total Nevada portfolio to approximately 5.25 msf acquired or developed.
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