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6/11/25
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In a northern Nevada industrial deal, a freestanding, 169k sf facility in Reno sold for $20.5 mil, or $121/sf. Located on 6.72 acres at 400 East Parr Blvd, the facility was acquired by an undisclosed owner/occupant in the kitchen and bath appliance industry.
400 East Parr Blvd was originally built in 1972 but completed renovations in 2016. The property features 25’ clear height, 18 dock doors, one grade-door, ESFR sprinklers, and skylights. It had previously been occupied by Sears Outlet Stores.
Mike Nevis and Shawn Jaenson of Cushman & Wakefield represented the seller, Panattoni Development Company, in the transaction. They were joined by Will Strong, Molly Hunt, Michael Matchett, Jack Stamets, and Madeline Warren of the firm’s National Industrial Advisory Group – Mountain West, along with Jeff Chiate, Rick Ellison, Matthew Leupold, and Aubrie Monahan of the IAG – West team.
“This acquisition marks a significant owner/user transaction for the Reno market, taking a meaningful portion of vacancy off the table and contributing to the region’s continued momentum. Located in a prime Northern Nevada location, 400 East Parr offers rail service and excellent access to both I-80 and US 395,” commented Nevis.
According to Cushman & Wakefield’s latest Reno industrial report, overall market vacancy declined in the first quarter of 2025 to 11.4%, down from 11.8% at year-end 2024. Additionally, Reno’s industrial market achieved a momentous nearly 1.1 msf of positive absorption (occupancy growth), marking a quick turnaround from losses incurred during 2024 and back in-line with the positive momentum observed following the pandemic. Leasing activity also rose significantly during Q1 2025.
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