Voit to Manage, Reposition 2 MSF Industrial Portfolio in Reno
- Oct 24, 2014
The Reno office of Voit Real Estate Services will provide property management and repositioning services for two industrial portfolios totaling more than 2 million square feet in Reno for property owner Northwestern Mutual.
The portfolio consists of the 1.3 million square-foot Sparks Industrial Portfolio, which encompasses 13 buildings and is currently 89 percent occupied; and 719,419 square-foot South Center Industrial Park, comprised of two buildings that are currently 98 percent occupied.
“The location is ideally suited to the growth of business in the Reno Sparks Market en-route to the new Tesla Giga Factory,” Rob Cord, Voit Real Estate Services’ managing director, told Commercial Property Executive. “The properties offer a wide range of suite sizes, ideal bay depths, both dock and grade level doors, and offer growth through a business-life cycle from start-up through growth phases and expansion working with one owner.”
The portfolio is being repositioned to create a sense-of-place and managed to build a community with in the park’s tenants with exterior and vacant suite improvements, including paving, a full redesign of the exterior of each building, new paint, signage, and new landscaping throughout.
“Voit manages our client’s properties as though we are the surrogate owner. Our management and accounting teams are paired together to work on-site, and virtually to ensure a level of attention that we have been told is atypical in the commercial real estate management practice today,” Cord added. “We can work with any governance guidelines or offer our own should a client need structure or direction. Most importantly we create an asset business plan for each assignment and do what we promise to execute.”
Voit specializes in the management of industrial parks, large retail centers and office high-rise properties. According to Cord, Northwestern Mutual is an owner with whom Voit has worked for many years.
“Their pride of ownership and the respect for which they hold their tenants and all those involved in the management, operation and leasing of their properties is unparalleled,” he said. “Voit’s culture places its personnel and clients together as each is essential to the success of the organization. Being privately held and debt-free allows Voit to focus on the client, not worry about shareholder expectations.”
Recent studies by Voit show that the Reno market is improving and leasing activity is rising.
“National attention has recently looked to Reno with the new Tesla Giga Plant announcement,” Cord concluded. “The timing is ideal for the Reno Industrial portfolio with the improvement of the economy, new tenant activity and business-friendly environment. We are fortunate to have this opportunity to work for Northwestern Mutual and look forward to meeting if not exceeding their expectations.”