CBRE Arranges Sale of USA Parkway Distribution Center I & II in Sparks Nevada

CBRE has arranged the sale of USA Parkway Distribution Center I & II, a state-of-the-art industrial park comprising two, Class A cross-dock distribution buildings totaling 1,089,400 square feet. The park, located in the Tahoe-Reno Industrial Center (TRIC) in Sparks, NV, sold to EQT Exeter for an undisclosed price.

Brett Hartzell, Rebecca Perlmutter and Paige Morgan of CBRE National Partners represented the seller, an institutional investor, in the transaction, with Eric Bennett serving as the local market expert.

“This sale is another strong statement as to the desirability of the Reno market for major investment by well-researched and well-capitalized investors. The market continues to perform well and is exceptionally positioned for outsized growth in the near and intermediate future. We’re pleased to represent sellers looking to monetize their earlier investments in the region, and to assist buyers in growing their holdings to take advantage of the strong growth,” said Mr. Hartzell.

The park, situated on 45.9 acres at 3300 Waltham Way and 201 Ireland Drive, features 135 dock-high doors, nine grade-level doors, and 120’-130’ truck courts with four 60’ concrete dock aprons. It is currently 100% leased to five quality tenants, including Tesla and The Tire Rack, which occupy 70% of the property.

USA Parkway Distribution Center is strategically positioned 1.4 miles from I-80, at the entrance to the fast-growing TRIC. TRIC is home to multiple Fortune 500 companies and benefits from layered demand from the EV industry, data centers, and national retailers.

According to CBRE Research, Reno was a top rent growth market in Q2 2024 with nearly 10% growth YoY. On average, for a 5-year lease tenants are seeing a 64% increase when expiring rents reset to current Reno market rates, a clear reflection of soaring demand.