Panattoni Development Co. has sold Lear Industrial Center, a four-building business park encompassing 1.4 million square feet in Reno. Nev. Clarion Partners paid $117.3 million for the asset. JLL Capital Markets represented the seller in the transaction.
Developed by Panattoni between 2005 and 2008, the property sits on 73.7 acres and encompasses four buildings located at 6640, 6645 and 6650 Echo Ave. and 12995 Echo Court. The Class A structures feature 30-foot clear heights, ESFR sprinklers, adjustable floorplans, 164 dock-high doors and 32 grade-level doors. The multi-tenant property houses national companies such as Urban Outfitters, Cold Chain Technologies, Burrows Packaging, SA Automotive and InMusic Brands.
The business park is situated within the North Valleys region, an industrial submarket with a 6.68 percent vacancy, according to Mark Detmer, JLL senior managing director. The center is also 2 miles from Reno-Stead Airport, 16 miles from Reno-Tahoe International Airport and roughly 3.5 miles from State Route 395, which offers access to interstates 80 and 580.
Detmer and Senior Managing Director Bo Mills negotiated the deal on behalf of the seller. Last December, the team brokered the $39 million sale of a 181,730-square-foot industrial property in Los Angeles.