CHICAGO, RENO, NV—Brennan Investment Group, LLC has just acquired a seven-building industrial portfolio totaling 584,866 square feet in the Sparks submarket of Reno, NV. The Chicago-based firm acquires, develops and operates industrial properties all over the nation, and now sees much of the West, and the metro area around Reno in particular, as a region filled with opportunity.
“We're looking for areas with great business development, and Reno is a young, diverse business center,” Michael Brennan, chairman and managing principal for Brennan Investment Group, tells GlobeSt.com. “Also, we're interested in states that have low taxes, both corporate and personal.”
“A lot of significant new businesses have relocated to Reno, including the Tesla plant,” he adds. The Tesla Gigafactory 1 in Sparks, currently under construction, will be the world's largest lithium-ion battery production site when completed. Any metro area like this, which has a growing population and new high-tech industry such as Tesla, is one where “we usually see industrial absorption follow.”
The purchased properties are:
- 810-830 Meredith Wy., Sparks, NV
- 1420-1470 Kleppe Ln., Sparks, NV
- 910-990 Meredith Wy., Sparks, NV
- 1400-1440 Kleppe Ln., Sparks, NV
- 1480-1498 Kleppe Ln., Sparks, NV
- 980-988 Packer Wy., Sparks, NV
- 990-996 Packer Wy., Sparks, NV
The company cannot disclose the seller or purchase price, but Brennan says all of the buildings are “well-managed, functional, regional distribution spaces.”
“Reno has seen 16 consecutive quarters of positive net absorption, and has a current vacancy rate of 5.9%, the lowest in 10 years,” says Tim Gudim, Brennan's West Coast managing principal, and Sparks is “the strongest and largest industrial submarket in the Reno metropolitan area.”
“The Reno market is strategically located at the epicenter of the western US, within close proximity to air, truck and rail services,” Brennan adds.
CHICAGO, RENO, NV—Brennan Investment Group, LLC has just acquired a seven-building industrial portfolio totaling 584,866 square feet in the Sparks submarket of Reno, NV. The Chicago-based firm acquires, develops and operates industrial properties all over the nation, and now sees much of the West, and the metro area around Reno in particular, as a region filled with opportunity.
“We're looking for areas with great business development, and Reno is a young, diverse business center,” Michael Brennan, chairman and managing principal for Brennan Investment Group, tells GlobeSt.com. “Also, we're interested in states that have low taxes, both corporate and personal.”
“A lot of significant new businesses have relocated to Reno, including the Tesla plant,” he adds. The Tesla Gigafactory 1 in Sparks, currently under construction, will be the world's largest lithium-ion battery production site when completed. Any metro area like this, which has a growing population and new high-tech industry such as Tesla, is one where “we usually see industrial absorption follow.”
The purchased properties are:
- 810-830 Meredith Wy., Sparks, NV
- 1420-1470 Kleppe Ln., Sparks, NV
- 910-990 Meredith Wy., Sparks, NV
- 1400-1440 Kleppe Ln., Sparks, NV
- 1480-1498 Kleppe Ln., Sparks, NV
- 980-988 Packer Wy., Sparks, NV
- 990-996 Packer Wy., Sparks, NV
The company cannot disclose the seller or purchase price, but Brennan says all of the buildings are “well-managed, functional, regional distribution spaces.”
“Reno has seen 16 consecutive quarters of positive net absorption, and has a current vacancy rate of 5.9%, the lowest in 10 years,” says Tim Gudim, Brennan's West Coast managing principal, and Sparks is “the strongest and largest industrial submarket in the Reno metropolitan area.”
“The Reno market is strategically located at the epicenter of the western US, within close proximity to air, truck and rail services,” Brennan adds.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
