Equus Announces the Acquisition of a Four-Building, 514,900 Square-Foot Industrial Portfolio Located in Sparks, Nevada
An affiliate of Equus Capital Partners, Ltd. (“Equus”) has completed the acquisition of a four-building, 514,900 square foot industrial portfolio located in Sparks, Nevada, approximately four miles east of downtown Reno. The portfolio was acquired on behalf of a value-add fund sponsored by Equus.
Known as Greg Center, the portfolio was constructed between 1995 and 2000 and includes two mid-bay buildings and two shallow-bay buildings with frontage on McCarren Boulevard and Greg Street. The buildings feature clear heights ranging from 20 to 28 feet and a mix of rear- and front-loading configurations. Suite sizes range from approximately 5,000 to 73,000 square feet, with additional demising opportunities available. The properties are located within the Sparks Industrial District, a 31 million square foot industrial submarket that serves a wide base of institutional, regional, and local tenants. Limited availability in small- and mid-bay properties within the market should continue to support stable occupancy and sustained rent performance for such product. Greg Center has averaged 95 percent occupancy over the past five years.
The broader Reno industrial market benefits from its centrally located position in the Western United States, providing one-day truck service to approximately 60 million customers. The region is supported by proximity to the San Francisco Bay Area, access to five deep water ports within a one-day drive, the Union Pacific Intermodal Hub, and the Reno-Tahoe International Airport, which is just 4 miles away.
Industrial demand in the Sparks submarket is driven by growth in e-commerce, third-party logistics, and technology manufacturing, as well as proximity to the Tahoe Reno Industrial Center, which has become one of the largest data center locations in the world due to access to power and fiber connectivity.
“We are excited to close our first industrial acquisition in the Reno, Nevada MSA,” commented Rob Butchenhart, Equus Senior Vice President of the Western Region, who together with Michael Riordan, Equus Associate, negotiated the purchase on behalf of the Equus affiliate. “Reno benefits from its central location in the western U.S. and has enjoyed recent demand tailwinds with a business-friendly environment, strong population growth, and momentum from nearby data-center related requirements. Located at “main and main” in Sparks, Nevada, Greg Center’s industrial properties offer various suites sizes that are flexible options for our tenant customers.”
Equus intends to pursue targeted base-building improvements across the portfolio and a proactive asset management strategy focused on maintaining occupancy and operational flexibility.