AEW Spends $83M for Reno Industrial Portfolio

February 26, 2026

A mix of tenants occupies more than 90 percent of the campus.

Aerial view of Greg Center, a four-building industrial campus that includes mid- and shallow-bay properties in Sparks, Nev., in metro Reno — AEW Capital Management’s acquisition comes on the heels of another industrial transaction in Reno metro. Greg Center, a portfolio in Sparks, Nev., sold for roughly $96 million. Image courtesy of Equus Capital Partners

AEW Capital Management has paid $83.2 million for a 392,900-square-foot industrial campus in Reno, Nev., according to Washoe County public records. Private family investment firm WHI and McKenzie Properties sold the three-building portfolio.

Cushman & Wakefield negotiated on behalf of the sellers and procured the buyer.

A mix of logistics, e-commerce and advanced manufacturing tenants occupy the buildings, with the overall occupancy at 92.1 percent at the time of the sale.

The buildings are at 12910, 12920 and 12930 Old Virginia Road, encompassing nearly 25 acres. The campus is 8 miles from Reno-Tahoe International Airport. U.S. Route 395 and interstates 580 and 80 are nearby, providing good access to Reno, Las Vegas and Sacramento, Calif.

The 2022-built buildings A, B and C measure 126,880, 124,580 and 141,440 square feet, respectively. Their features include 30-, 24- and 32-foot clear heights, a total of 61 dock-high doors. The buildings also have office components, along with energy-efficient systems and a total of 479 car parking spots.

Cushman & Wakefield’s team that represented the seller comprised Executive Vice Chairmen Will Strong, Jeff Chiate, Rick Ellison and Mike Nevis; Vice President Jack Stamets; Executive Managing Director Shawn Jaenson; Directors Michael Matchett, Molly Miller and Aubrie Monahan; Senior Associate Madeline Warren and Associate Matthew Leuopold.

Reno to restore balance in 2026

Metro Reno’s industrial vacancy rate reached 14.6 percent in 2025’s fourth quarter, according to a recent report from Cushman & Wakefield. This was a 210-basis-point jump from the previous quarter, and a 220-basis-point increase year-over-year.

New supply has yet to be absorbed in the metro, as there were more than 4 million square feet of completions last year. Developers are shifting away from speculative development toward more demand-driven projects, allowing for a recalibration in Reno’s supply and demand in 2026, according to the same report.

Another significant transaction closed earlier this month. An affiliate of Equus Capital Partners paid $96 million for Greg Center in Sparks, Nev. The deal represented Equus’ first industrial investment in the Reno metro region.