Westcore Properties Acquires 1.17 Million-Square-Foot Industrial Portfolio in Nevada

Westcore Properties Acquires 1.17 Million-Square-Foot Industrial Portfolio in Nevada

Twelve-building deal valued at $54.5 million

Reno, Nevada (November 2, 2016) –Westcore Properties, an active investor in industrial and office properties throughout the Western United States, acquired a 1,170,000-square-foot industrial property portfolio in Reno, Nevada from an institutional owner for approximately $54.5 million. The acquisition marks Westcore’s entry into the Reno marketplace.

“Reno is a maturing market that is benefiting from the demand of e-commerce tenants as well as the migration and expansion of California’s industrial users,” said Peter Mette, director of acquisitions at Westcore Properties. “This portfolio is a natural extension of our other industrial property holdings, increasing our ability to provide for the needs of our existing and future tenants throughout the West.”

Properties acquired

550 Coney Island Dr – 152,600 SF

980-996 United Cir – 88,803 SF

960-974 United Cir – 210,215 SF

940-992 Spice Islands Dr – 109,220 SF

750 Spice Islands Dr – 121,600 SF

748 Spice Islands Dr – 11,200 SF

700-742 Spice Islands Dr – 91,444 SF

1750 Purina Way – 133,000 SF

1259-1275 Spice Islands Dr – 51,700 SF

1277-1295 Spice Islands Dr – 51,570 SF

1050 Spice Islands Dr – 27,434 SF

445 E Glendale Ave – 121,365 SF

 

The Reno portfolio is 92 percent leased by 53 tenants, which are focused primarily on distribution. Anthony Brent, Ryan Martin and Scott Pertell of HFF represented the seller in this transaction.

“HFF marketed the larger 2,626,882-square-foot portfolio on behalf of the seller and is pleased to have assisted Westcore achieve critical mass in the Reno market by acquiring the second and third tranches of the portfolio,” said Brent, senior managing director at HFF. “The properties are proximate to Interstate 80, which is the second largest interstate highway in the United Sates, connecting the east and west coasts, and are within two miles of the Reno Tahoe Airport.”

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