In December, MEPT acquired USA Parkway Distribution Center I & II for $41.7 million. The two recently completed industrial buildings total 800,000 sf and are fully leased. One of the buildings, totaling 310,960 sf, is fully leased, and MEPT has an option to expand the facility by 287,000 sf on an adjacent parcel. The 491,400-sf second building is currently unoccupied.
The cost of the land acquisition was $10.2 million, a local industry source tells GlobeSt.com. In explaining the acquisitions, MEPT describes the Reno-Tahoe Industrial Complex as an "attractive distribution hub for companies trying to capitalize on the region's low cost of doing business, favorable tax environment, and ready access to the Western US."
MEPT is not a newcomer to the Reno market. Previously, Trammell Crow developed on its behalf the one-million-sf Southwest Commerce Center.
Gary Duhon, managing director of Trammell Crow Co.'s Northern Nevada office, represented Kennedy Associates. Duhon says recent additions to the Reno-Tahoe Industrial Center include distribution facilities for PetSmart, Wal-Mart, Kuehne Nagel, Dell Computers and James Hardie Products. L. Lance Gilman Real Estate Services is the exclusive broker for the Tahoe-Reno Industrial Center.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
