CBRE Secures $114 Million in Financing for 890,000 SF New Class A Industrial Park in Reno, NV

CBRE arranged $114 million in financing for Airway Commerce Center in Reno, NV on behalf of Tolles Development Company.

CBRE’s Mike Walker and Brad Zampa on the Debt and Structured Finance team in San Francisco secured the three-year, non-recourse loan from Barings, a  global investment management firm based in Massachusetts. CBRE’s Eric Bennett is leasing the property while CBRE’s Brett Hartzell facilitated the sale.

“The favorable financing execution is a testament to the property’s excellent location, functional design and the Reno market’s strong fundamentals. The market’s low vacancy, limited development sites and top-tier last-mile advantage will position the property for future success,” said Mr. Walker, executive vice president at CBRE.

Located at 3000-3030 Airway Drive in Reno, Airway Commerce Center is a newly constructed Class A industrial park comprised of four buildings totaling 890,000 sq. ft. Airway Commerce Center has high clear heights, ample car and trailer parking, 153 dock-high doors, 28 drive-in doors and multiple points of ingress/egress.

Airway Commerce Center sits adjacent to the Reno-Tahoe International Airport and is within five miles of the regional and national freeways including I-580, I-80 and McCarran Boulevard; Downtown Reno and the California-Nevada border.

Reno is one of the fastest growing industrial markets for its favorable business environment, competitive utility rates, low cost of living and quality of life. In the second quarter this year, there was over 180,000 sq. ft. of new industrial product delivered with an additional 930,000 sq. ft. in the construction pipeline, according to CBRE Research. The Central/Airport submarket had a 5.7% vacancy rate, far below the market average of 9%.