AEW Capital Management Nabs 1 MSF Industrial Park
- Dec 15, 2017
AEW Capital Management has purchased the Southwest Commerce Center in Reno, Nev., for $93.2 million. The property consists of 1,029,700 square feet of industrial space across six buildings. The seller, Barings Real Estate Advisers, acquired the property in 2014 for $63 million.
The six buildings, located at 875 and 895 E. Patriot Blvd., 450 Maestro Drive, 7525 Colbert Drive, 3450 Airport Drive and 5555 Quail Manor Court, sit near Interstate 580 along an industrial and retail corridor. Each warehouse is fully leased by a range of tenants, including National Business Furniture, Monark Premium Appliance Co. and North Safety Products. The buildings sit on more than 50 acres and were constructed between 1997 and 2001.
An NKF Capital Markets team led by Kevin Shannon, Steven Golubchik and Bret Hardy represented the seller in the transaction, and AEW represented itself.
“Southwest Commerce Center was a rare opportunity for an investor to acquire a critical mass of core, Class A industrial assets, within the best submarket in Reno,” said Hardy, executive managing director, in a prepared release. “South Reno boasts a vacancy rate of just over one percent and SWCC represents some of the best product in this high barrier to entry market. With major corporations like Tesla, Apple, Google and Amazon making huge investments in Reno, we foresee this market continuing its ascent in tenant demand and industrial asset values.”
On the opposite side of town, a cross-dock industrial property recently sold for nearly $53 million.
Image courtesy of Newmark Knight Frank