Reno, NV
CBRE Negotiates $41.7M Sale of 322,400-SF Industrial Facility Outside Reno, Nevada
July 19, 2024
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CBRE arranged the $41.66 million sale of 500 Denmark Drive, a newly constructed 322,400-sq.-ft. industrial building in McCarran, Nevada to real estate investment firm Clarion Partners.
CBRE National Partners’ Brett Hartzell and Paige Morgan represented the seller, Pure Development, in the transaction. CBRE’s Daniel Buhrmann and Eric Bennett are the exclusive leasing agents for the property.
“Clarion saw the opportunity to acquire this premium industrial building in a high growth submarket in an off-market transaction,” said Paige Morgan, Executive Vice President with CBRE. “The building is surrounded by notable tenants like Tesla, Panasonic, Walmart and others, presenting a unique lease-up opportunity.”
The building will feature 32-foot clear heights, 36 dock doors expandable to 62, two drive-in doors, ample trailer parking, and full drive around capability.
“The acquisition presents an opportunity to expand Clarion’s overall Reno industrial footprint and marks our first entry in one of Reno’s more active submarkets,” said Clarion Partners Managing Director and Portfolio Manager Richard Schaupp. "The area’s value proposition relative to other higher-cost West Coast markets, low-tax and business-friendly environment, and growing data center market all position McCarren for continued growth as industrial users look to expand their regional logistics presence.”
Strategically located in the Tahoe Reno Industrial Center, the building is just 25 minutes from downtown Reno and is surrounded by national tech, big-box and e-retailer tenants such as Home Depot and Chewy.com.
“Pure Development, with our partners at TwoPointO Investor Relations, have developed three buildings totaling over 1 million square feet of new Class A warehouses in Reno’s Tahoe Reno Industrial Center and we remain bullish on the market’s absorption and long-term rent growth. We enjoyed working with CBRE and Clarion on the transaction,” said Pure Development Principal Adam Seger.
The highly coveted Sparks submarket recorded the lowest vacancy rate (4.5%) in all of Reno in Q1 2024, according to CBRE Research .
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
Clarion Partners is a registered investment adviser with over 1,500 properties under management as of March 31, 2024. Clarion Partners has been a leading real estate investment manager for 40 years. Headquartered in New York, the firm maintains strategically located offices across the United States and Europe. With $75.6 billion in total real estate and debt assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to 500 institutional investors across the globe. Clarion is scaled in all major property types and was an early entrant into the Industrial sector. The Firm’s global industrial team manages a 1000+ property portfolio in the U.S. and Europe consisting of more than 255 million square feet.
About Pure Development
Pure Development is a powerful fusion of institutional commercial development experience and bold entrepreneurial spirit. Since 2010, we have been creating highly personalized, highly designed, highly functional places for an impressive roster of discerning clients. With every project, we explore new ways to encourage connectivity and creativity—to help people live the best possible life, professionally and personally. Pure’s focus developments are National Build-to-Suit (Industrial, Manufacturing, Life-science, & Office), Spec Industrial, and Urban / Mountain Mixed-Use.