SAN RAFAEL, CA – November 15, 2019 – Seagate Properties, Inc. announced today that it has completed its purchase of a 584,866 square-foot, seven-building, industrial/warehouse portfolio in a prime Reno/Sparks location as a partnership with RGA ReCap Incorporated (ReCap Real Estate Investments) on behalf of Reinsurance Group of America, Incorporated (RGA) for approximately $50 million.
The Portfolio includes seven (7) buildings ranging from 60,000 to 149,713 square feet, on four (4) parcels, and 24 tenants averaging about 25,000 square feet each.
Located just south of I-80 in the City of Sparks, Nevada, within five miles of downtown Reno and the Reno-Tahoe International Airport, the Portfolio was 100% leased prior to close.
“We had been looking to expand our industrial portfolio, specifically in Reno, and this opportunity fit what we were looking for. It has a diverse mix of tenants, and its location is central,” said Mike Kamm, principal, Seagate Properties.
This is Seagate Properties’ second investment in the Reno market in recent years. In late 2017, the company purchased Northtowne Apartments a 220 unit property in Reno.
The leasing team will remain Steve Kucera and Mike Nevis of Kidder Mathews.
Seagate Properties, Inc. is a full service real estate investment and operating company based in San Rafael, California. The company specializes in institutional and private direct equity investment in office, industrial, multi-family and mixed-use retail properties.
Seagate focuses on achieving consistent investment objectives by acquiring, renovating, managing and leasing real property located in select urban and suburban markets. For more information about the company, visit the Seagate website at www.seagateproperties.com.
About ReCap Real Estate Investments
ReCap Real Estate Investments, a wholly-owned subsidiary of RGA, is a commercial mortgage lender and real estate equity investor with the strength of a global reinsurer and the spirit of an entrepreneur. ReCap originates and manages a diverse portfolio of loans, with strong relative value and an emphasis on transactions between $3 million and $30 million. In addition, ReCap directly deploys capital across a diverse network of real estate equity investments of over $700 million of total invested assets to date.