RENO, NV-Seattle area-based Lake Washington Partners has broken ground for phased development of 1.5 million square feet of distribution/warehouse space within Spanish Springs Business Center near Reno, NV. Although sources involved could not disclose a construction cost to GlobeSt.com at this time, but we did learn that there is an anticipated completion in late 2014, with the first phase being a 750,000-square-foot distribution center for SanMar Corp.
SanMar occupies another Lake Washington Partners property—a 622,000-square-foot distribution center at 555 Vista Blvd. in Sparks, NV.
Lake Washington Partners purchased the 66-acre site from Spanish Springs Limited Partnership in October, 2013. Lake Washington Partners' president, Jordan Lott, will aggressively seek build-to-suit tenants for the additional 800,000 square feet of industrial development at Spanish Springs. The company also plans to spend $3 million to renovate the to-be-vacated property in Sparks for re-introduction to the leasing market.
In ceremonies, Lake Washington Partners executives were joined by representatives of Spanish Springs Limited Partnership, the Economic Development Authority of Western Nevada and Washoe County officials. Reno-based United Construction Co. has been selected as general contractor.
"We're bullish about the area and the opportunities it presents for our tenants," Lott says. "It's a prime strategic location and provides tenants with a business-friendly environment and excellent quality of life."
Lott noted the Spanish Springs Business Center is particularly suited to meet tenants' big-box distribution needs with excellent access to Interstate 80 and US Hwy 395 through the adjacent Pyramid Highway corridor.
Lake Washington Partners' portfolio includes properties for lease or build-to-suit development in multiple markets in the US.
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