Equus Pays $96M for Metro Reno Industrial Portfolio
The transaction marks the firm’s first acquisition of its kind in the market.
An affiliate of Equus Capital Partners Ltd. has acquired a 514,900-square-foot portfolio of four mid-bay and shallow-bay industrial buildings in Sparks, Nev., in metro Reno.
According to Yardi Matrix, Link Logistics sold the assets for $95.9 million. The purchase was made on behalf of a value-add fund sponsored by Equus. BMO Bank provided the acquisition loan.
The Class A portfolio is known as Greg Center and was completed between 1995 and 2000. The buildings are at 150 E. and 50 E. Greg St. and 955 S. McCarran and 995 S. McCarran Blvd. Two are mid-bay buildings and two are shallow-bay; in all, they feature clear heights ranging from 20 to 28 feet and a mix of rear- and front-loading configurations. Suite sizes range from about 5,000 to 73,000 square feet, with additional demising opportunities available.
The four buildings are within the 31 million-square-foot Sparks Industrial District and have averaged a 95 percent occupancy over the past five years, according to Equus.
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Rob Butchenhart, Equus senior vice president of the Western Region, together with Michael Riordan, an Equus associate, negotiated the purchase on behalf of the Equus affiliate.
In a prepared statement, Butchenhart noted that this was Equus’s first industrial acquisition in the Reno area. He added that Reno benefits from its central location in the western U.S. and has enjoyed recent demand tailwinds, having a business-friendly environment, strong population growth and momentum from nearby data-center-related requirements.
Moving forward again, slowly
Metro Reno’s industrial real estate market seems to be gradually recovering from a tough year or two, according to a recent report from Cushman & Wakefield. Although industrial vacancy rose to 14.6 percent in the fourth quarter, driven by more than 4 million square feet of deliveries in 2025, “developers are shifting away from speculative construction toward demand-driven projects signaling a slowdown until commitments materialize,” the report stated.
A net occupancy loss of 1.1 million square feet in the fourth quarter was the first negative absorption of the year, but year-to-date absorption was more than 980,000 square feet net positive. That was a substantial turnaround from the 3.3 million square feet returned to the market in 2024, Cushman & Wakefield commented.
In Sparks specifically, three of the metro’s five biggest industrial leases of the fourth quarter brought overall vacancy to 12.7 percent, on an inventory of 30 million square feet.
This past June, Panattoni Development Co. sold a 169,027-square-foot industrial facility in Reno to an affiliate of ZLINE Kitchen and Bath, a local luxury kitchen and bath appliances supplier, for $20.5 million. Cushman & Wakefield Vice Chairman Mike Nevis and Executive Managing Director Shawn Jaenson worked on behalf of the seller.
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