(EDITOR’S NOTE: According to sources with direct knowledge of the transaction details, the two properties sold for a total of $5,060,000. The purchase price for 6910 Luther Drive, Sacramento was $2,210,000; 56 Coney Island Drive in Reno sold for $2,850,000.)
Company expands footprint further throughout Western United States with 30th total acquisition
SACRAMENTO, May 10, 2021 — GPR Ventures has completed its 30th total acquisition since 2011 with a multi-market purchase of joint properties in Sacramento and Reno, Nev. Given the unique, dual-market nature of the acquisition, the firm formed a new business entity, NV Sac GPRV Partners 29, LLC, to facilitate the joint purchase of the two industrial properties. The Sacramento asset is a 26,400 square foot building located at 6910 Luther Drive, while the second asset in the portfolio is a 20,000 square foot property at 56 Coney Island Drive in Sparks, Nev. Both buildings are 100 percent occupied.
“We are excited to continue expanding the GPR Ventures footprint across the Western United States, which is a key goal for our company over the next five years,” said GPR Ventures co-founder and Managing Principal Phil Rolla. “The joint purchase of these two properties will allow us to maintain a strong presence in two thriving industrial markets, and we look forward to contributing to both communities through these acquisitions.”
About 6910 Luther Drive, Sacramento
The single-building industrial warehouse acquisition is comprised of 12 separate units and is fully occupied with long term stable tenants, most of which are in the automotive industry. Each suite is equipped with its own secure access, rear loading area, front entrance reception space, bathroom and warehouse space. The property includes a 2,400 square foot paved yard with secure fencing and is situated on a 1.76-acre lot.
The property is centrally located in between Highway 99 and Interstate 5 and is minutes away from two Sacramento light rail stations.
About 56 Coney Island Drive, Sparks
GPR Ventures’ second acquisition in the Reno market is a single-building industrial warehouse that is fully occupied with three different tenants, including local automotive repair shop Lancaster Auto Care & Customs. The building’s location off S. McCarran Blvd provides easy access to Interstate 80.
GPR Ventures closed escrow on Thursday, May 6, and plans to complete minor capital improvements on both properties. Zac Sweet, Senior Vice President with CBRE’s Roseville office, helped broker the Sacramento sale and Eric Bennett, Senior Vice President for CBRE in Reno, helped broker the Coney Island Drive purchase.
About GPR Ventures
Founded in 2011, GPR Ventures is a privately held real estate investment firm with offices in Silicon Valley and Sacramento that specializes in providing real estate opportunities for a select group of sophisticated investors. GPR Ventures uses a dynamic, fully developed process and the acquisition-to-disposition expertise of founders Glen Yonekura and Phillip Rolla to yield consistent results. GPR’s portfolio includes 85 buildings totaling nearly 3 million square feet and an additional 26 acres of land.