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2M-SF Nevada Industrial Portfolio Comes to Market

LAS VEGAS-Built by Panattoni over the past few years, the seven-building package includes 267,500 sf in Las Vegas, 1.4 million sf in Reno and 337,500 sf in Fernley.

By Brian K. Miller | Updated on July 29, 2008

LAS VEGAS-Panattoni is selling seven class A industrial buildings totaling 2.02 million sf in Reno and Las Vegas in order to recycle the capital. The Sacramento, CA-based real estate company has retained CB Richard Ellis to market the portfolio for sale to one buyer or in a couple of different pieces to multiple buyers.

One of the brokers in the deal, CBRE’s investment properties director Rebecca Perlmutter Finkel tells GlobeSt.com that the portfolio has been attracting the interest of institutional buyers looking for core properties. “The buildings are well-built, well located distribution operations with quality tenants,” says Finkel, who is working the listing with lead brokers Jack Fraker and Darla Longo, and several others. A call for offers is expected in late August. The sale is expected to be completed by the end of the year.

All of the buildings were built between 2005 and 2008. Approximately 70% of the portfolio’s square footage is located in the Lear Industrial Center, which sits within the Cheyenne Industrial Center in Reno, NV. The portfolio also includes one 337,000-sf building in Fernley, NV, which is east of Reno, and two buildings totaling 267,500 sf in the Cheyenne Industrial Center in Las Vegas.

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