Reno-Area Order for E-Commerce
- Jun 26, 2015
By Keith Loria, Contributing Editor
CBRE Global Investors has acquired a single-tenant, Class A warehouse/distribution industrial property in McCarran, Nev., on behalf of a U.S. separate account client.
The 707,010-square-foot property is fully leased on a long-term lease to Zulily Inc., an e-commerce company selling clothing, toys and home products catering towards mothers and children.
Located at 3200 USA Parkway, the property is situated in the Tahoe Reno Industrial Center, a master-planned industrial park located 12 miles east of Reno on I-80.
“Industrial is a very in-demand asset class at this time, and we were able to acquire a newly built, high-quality asset that should deliver a secure income stream to our client, in excess of yields that would be achieved on a similar industrial product,” Mike Everly, CBRE Global Investors’ portfolio manager, said in a company statement.
The property was developed as a build-to-suit basis in 2014 for Zulily Inc., and is among the newest deliveries to the Reno-Sparks MSA. The building contains state-of-the-art features that serve the tenant’s e-commerce requirements and future growth needs. Top features include a 36-foot clear height, ESFR sprinklers, cross-dock loading, 2 percent office build-out, T-5 lighting, and LEED Silver certification (Core + Shell).
The Reno area has become a major player in the e-commerce world, as it provides proximity to major West Coast ports, and has the ability to reach the 11 westernmost states with one-day shipping, and has great access to multimodal transportation corridors.
According to Colliers International’s Reno Q1 Office Market Report & Forecast, the Northern Nevada office market had a respectable level of leasing activity in the first quarter.
In fact, the first quarter finished with 26,166 square feet of positive net absorption. The report predicts annual net absorption of about 100,000 square feet.