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7/15/24
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Clarion Partners has picked up a newly constructed, 322.4k sf industrial building in McCarran, NV for $41.66 mil ($129/sf).
The property is located at 500 Denmark Drive, south of I-80 and just east of Hwy 439. Strategically located in the Tahoe Reno Industrial Center, the building is just 25 minutes from downtown Reno and is surrounded by national tech, big-box and e-retailer tenants such as Home Depot and Chewy.com.
The building will feature 32-foot clear heights, 36 dock doors expandable to 62, two drive-in doors, ample trailer parking, and full drive around capability.
Brett Hartzell and Paige Morgan with CBRE represented the seller, Pure Development, in the transaction. CBRE’s Daniel Buhrmann and Eric Bennett are the exclusive leasing agents for the property.
“Clarion saw the opportunity to acquire this premium industrial building in a high growth submarket in an off-market transaction,” said Morgan. “The building is surrounded by notable tenants like Tesla, Panasonic, Walmart and others, presenting a unique lease-up opportunity.”
“The acquisition presents an opportunity to expand Clarion’s overall Reno industrial footprint and marks our first entry in one of Reno’s more active submarkets,” said Clarion Partners Managing Director and Portfolio Manager Richard Schaupp. "The area’s value proposition relative to other higher-cost West Coast markets, low-tax and business-friendly environment, and growing data center market all position McCarren for continued growth as industrial users look to expand their regional logistics presence.”
The highly coveted Sparks submarket recorded the lowest vacancy rate (4.5%) in all of Reno in Q1 2024, according to CBRE research.
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