|
|
9/27/24
|
EQT Exeter purchased USA Parkway Distribution Center I & II, a state-of-the-art industrial park comprising two, Class A cross-dock distribution buildings totaling 1.09 msf of space. The park, is located within the Tahoe-Reno Industrial Center (TRIC) in Sparks, NV.
The park, situated on 45.9 acres at 3300 Waltham Way and 201 Ireland Drive, features 135 dock-high doors, nine grade-level doors, and 120-130 truck courts with four 60 concrete dock aprons. It is currently 100% leased to five quality tenants, including Tesla and The Tire Rack, which occupy 70% of the property.
USA Parkway Distribution Center is strategically positioned 1.4 miles from I-80, at the entrance to the fast-growing TRIC. TRIC is home to multiple Fortune 500 companies and benefits from layered demand from the EV industry, data centers, and national retailers.
Brett Hartzell, Rebecca Perlmutter and Paige Morgan of CBRE National Partners represented the seller, an institutional investor, in the transaction, with Eric Bennett serving as the local market expert. The price was not disclosed.
This sale is another strong statement as to the desirability of the Reno market for major investment by well-researched and well-capitalized investors. The market continues to perform well and is exceptionally positioned for outsized growth in the near and intermediate future, commented Hartzell.
According to CBRE Research, Reno was a top rent growth market in Q2 2024 with nearly 10% growth YoY. On average, for a five-year lease tenants are seeing a 64% increase when expiring rents reset to current Reno market rates, a clear reflection of soaring demand.
|
|
 Return to the previous page
|
|
|
|
|
Printer-friendly Version
Email an Associate
