"We would like to find a single tenant [for the first building] but also have plans for multi-tenant leasing," Dobrott says. "Our minimum will be 125,000 sf."

Vacancy in the Reno industrial market was in the single digits at mid-year. While there are other large-box industrial projects under development in the immediate area, Dobrott says the market has a history of strong net absorption because it is a strategic point for distributors to access the Western states, not to mention its lower costs of doing business and regulation-friendly business environment.

In the other land acquisition, Dermody Properties acquired 50 acres with no immediate plans to develop the property, though it is open to build-to-suit deals. Currently in the Reno area, the company is building a 535,000-sf building at its LogistiCourt at Silver Lake property near the Reno-Stead Airport.

Company principal Michael Dermody tells GlobeSt.com the Tahoe-Reno Industrial Center purchase was a "long-term land acquisition" and that it was acquired at "favorable pricing" because the acquisition stems from a purchase option obtained when development of the center began eight years ago.

"We were one of the original developers of the park," he says. "Our price was from the original pricing formula created when the park was started eight years ago, which will allow us to be very competitive on price."