Westcore Pays $54M for Reno Industrial Portfolio
- Nov 03, 2016
by Evelina Croitoru
Reno, Nev.—Westcore Properties, a global, entrepreneurial commercial real estate investment firm focusing on western U.S. commercial and industrial properties, has announced the purchase of an approximately 1.2 million-square-foot industrial portfolio in Reno, Nev., for roughly $54 million. The newly acquired asset marks the first purchase of the company in the area.
“Reno is a maturing market that is benefiting from the demand of e-commerce tenants as well as the migration and expansion of California’s industrial users. This portfolio is a natural extension of our other industrial property holdings, increasing our ability to provide for the needs of our existing and future tenants throughout the West,” Peter Mette, director of acquisitions at Westcore Properties, said in prepared remarks.
HFF marketed the larger, approximately 2.6 million-square-foot portfolio on behalf of GLP US and has assisted Westcore in achieving critical mass in the Reno market by acquiring the second and third tranches of the portfolio, as reported by Anthony Brent, senior managing director with HFF. “The properties are proximate to Interstate 80, which is the second largest interstate highway in the United Sates, connecting the east and west coasts, and are within two miles of the Reno Tahoe Airport,” added Brent.
In addition to Brent, Ryan Martin and Scott Pertell with HFF represented GLP US in the transaction. The Reno portfolio was 92 percent leased by 53 tenants at the time of the deal.
Image courtesy of Westcore Properties