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CapRock Spends $82M for Nevada Warehouse

Orange County real estate investors continue to find opportunities, particularly in the industrial sector, in the Silver State.

CapRock Partners, a Newport Beach-based industrial investor and developer, last month paid $81.5 million for a 707,010-square-foot warehouse in Sparks, Nev., in the Reno industrial real estate market.

The deal for the Class A distribution building, located in the Tahoe-Reno Industrial Center (TRIC)—one of the largest industrial parks in the world—worked out to about $115 per square foot. The seller is Toronto-based Manulife Investment Management.

The acquisition follows a couple of other notable acquisitions by OC investors. Costa Mesa-based Chartwell Real Estate Development and David Wilson, owner of Tustin-based Wilson Automotive Group—the largest collection of car dealerships in OC—each bought a roughly 100,000-square-foot industrial property in Las Vegas this year.

NAI Alliance Commercial Real Estate Services’ Brian Armon, Anthony Machabee and Derek Carroll negotiated the deal on behalf of CapRock. The warehouse is currently fully available to lease.

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CapRock has acquired industrial real estate in Nevada before. However, the TRIC property, located at 3200 USA Parkway, is the firm’s first purchase in northern Nevada.

The 48-acre warehouse “is ideal for companies looking to leverage Reno’s advantageous business climate, wide distribution reach and readily available utilities, including power,” CapRock Senior Associate of Acquisitions Chad Ridenour said in a statement.

Utility rates for Reno businesses are about half as much as those in California, according to the company.

The industrial complex is roughly three miles from the Dwight D. Eisenhower (80) Highway, which connects San Francisco, Sacramento and Salt Lake City. TRIC is also about 16 miles east of the Reno-Tahoe International Airport, according to officials.

The property additionally is located near the California-Nevada state border, enhancing “its appeal for businesses that operate across state boundaries and require efficient interstate logistics,” the company said.

Notable tenants at TRIC include Tesla, which has its Gigafactory 1 at the industrial park, Walmart, Home Depot and Panasonic. Prologis, Blackstone and Majestic Realty have invested in TRIC properties.

CapRock has acquired, developed and entitled over 30 million square feet of industrial real estate in Southern California, Nevada, Arizona and Texas. The company has owned or developed about 5 million square feet in Nevada.

CapRock began investing in Nevada’s industrial real estate in 2017. The land constraints of Reno and Las Vegas’ industrial markets have limited opportunities for new inventory of large warehouses, which has driven demand and rent growth, according to officials.

“Reno has been a consistent national leader in rent growth in recent years, supported by its business-friendly environment, favorable regulations, pro-business tax climate and strategic locations,” CapRock President Jon Pharris said in a statement.

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Sonia Chung
Sonia Chung
Sonia Chung joined the Orange County Business Journal in 2021 as their Marketing Creative Director. In her role she creates all visual content as it relates to the marketing needs for the sales and events teams. Her responsibilities include the creation of marketing materials for six annual corporate events, weekly print advertisements, sales flyers in correspondence to the editorial calendar, social media graphics, PowerPoint presentation decks, e-blasts, and maintains the online presence for Orange County Business Journal’s corporate events.
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