Reno, NV, October 5, 2022 – North Palisade Partners, a development and investment firm focused on industrial, industrial outdoor storage (IOS), and self-storage properties, acquired a nearly 6.4-acre site in Reno, NV where it plans to develop Palisade Wild Horse Commerce Center, a 141,882-square-foot Class A industrial property. The property, located at 99 Wild Horse Canyon Drive in McCarran, NV, is located within Tahoe Reno Industrial Center (TRIC).
Joe Mishurda, Managing Partner of Los Angeles-based North Palisade Partners, said, “Reno, with the third lowest vacancy rate in the country, is a market North Palisade has targeted for growth, and this development is an exciting inaugural project for us in that market. We are confident that Palisade Wild Horse Commerce Center will appeal to retailers, 3PL’s, supply chain and logistics firms, manufacturers seeking suitable zoning, and other potential occupiers requiring operational speed to market for a warehouse or West Coast distribution facility. Our site is located near facilities for Apple, Tesla Gigafactory 1, Walmart and Google, among a host of other retailers who have located facilities within the Tahoe Reno Industrial Center.”
Colliers International’s Chris Fairchild, SIOR, CCIM, Executive Vice President, brokered the deal. He notes, “The Reno industrial market is less than one percent vacant and is experiencing both a lack of supply and continued tenant demand. We are seeing amazing activity in the 50,000- to 200,000-square-foot category. That is the sweet spot in the Reno market typically. Historically, it is where the market has been uniformly active throughout the year, and we see more deals in that sector every year, plus we have a lack of product inventory to boot.”
The property is well situated within the largest industrial park in the world, which currently contains 15,000 acres that is pre-zoned, fully entitled, and actively being developed for all warehouse industrial uses. The property is located along the I-80 Corridor and is the closest site within the Tahoe Reno Industrial Center to the Reno-Sparks MSA, which delivers benefits such as easy access to transportation corridors and the labor pool.
When completed in mid-2024, Palisade Wild Horse Commerce Center will feature 36-foot clear heights, more than 80 parking spaces, ESFR sprinklers, 18 dock-high loading positions, two grade-level doors, LED lighting and 2,000 AMPS of power with the ability to quickly expand power capabilities. The building will also be demisable to spaces of 90,000 and 50,000 square feet.
North Palisade continues to expand its footprint in core Western U.S. supply chain and logistics markets. In 2022, North Palisade has added eight industrial, IOS, and self-storage development properties to its portfolio with a total capitalization of approximately $225 million. Currently, North Palisade has eleven projects under development, inclusive of five industrial buildings, four IOS projects and two self-storage facilities for a total capitalization of over $265 million. Additionally, the company has nearly $500 million of projects under contract in key logistics markets in Northern California, Southern California, and Las Vegas.
About North Palisade Partners
Based in Los Angeles, California, North Palisade Partners is a real estate development and investment firm focused on industrial and self-storage real estate in California and select western markets. Since its founding in 2018, the company has acquired 17 industrial and self-storage assets representing nearly $700 million of total value. North Palisade Partners specializes in opportunistic and value-add investment strategies, including land entitlement, ground-up development and existing value-add properties.