Newmark Knight Frank Announces the $157,800,000 (~$89 per square foot) Sale of a 13- Building Industrial Portfolio
Reno, NV (May 21, 2019) – Newmark Knight Frank (NKF) is pleased to announce the sale of a 13-building industrial portfolio totaling 1,776,805 square feet. The portfolio is located in Reno and Sparks Nevada and is 96.5 percent leased to a diverse roster of tenants including: Arrow Electronics, Sysco Corporation, Performance Food Group, JTEKT North American Corp., and DirectTV.
NKF Capital Markets Vice Chairman Steven Golubchik, Vice Chairman Grant Lammersen, Executive Managing Director Edmund Najera, Senior Managing Director Tyler Meyerdirk, and Associate Director Darren Hollak represented the seller Northwestern Mutual in the transaction.
The South Reno and Sparks portfolio contains three industrial parks -Greg Park, Greg Center and South Center. The portfolio’s central location with direct access to interstates 580 and 80 and the Reno-Tahoe International Airport offers companies access to eight states and five major ports in one day to meet the growing demand of consumers for same-day or two-day shipping.
“This sale represents a unique opportunity to acquire a scalable industrial portfolio totaling more than 1.75M square feet of quality bulk/flex assets within two of the strongest performing industrial submarkets of Reno, Nevada.” said Lammersen.
The Reno/Sparks metropolitan area is one of the nation’s top performing and fastest growing industrial markets. Over 100 companies have expanded in Reno since 2014 including Apple, Google, Amazon, and Tesla.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.