{"id":1004690268,"date":"2023-11-14T04:45:34","date_gmt":"2023-11-14T12:45:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004690268"},"modified":"2023-11-14T04:56:09","modified_gmt":"2023-11-14T12:56:09","slug":"westcore-buys-nevada-industrial-asset-for-83m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/westcore-buys-nevada-industrial-asset-for-83m\/","title":{"rendered":"Westcore Buys Nevada Industrial Asset for $83M"},"content":{"rendered":"
\"Completed<\/a>

The distribution center also serves the nearby Tesla Gigafactory. Image courtesy of Westcore Properties<\/em><\/p><\/div>\n

Westcore Properties<\/strong> has purchased a 632,130-square-foot distribution center in the Tahoe-Reno Industrial Center in McCarran, Nev., for $82.5 million. Washington Capital Management<\/strong> sold the LEED Gold-certified asset, according to CommercialEdge data.<\/p>\n

Completed in 2008, the Class A industrial property comprises 200 trailer stalls on a 34-acre site. The cross-load distribution center features skylights, insulated Low E-glass, premium HVAC units, energy-efficient lighting and ESFR sprinklers.<\/p>\n

The tenant roster at the industrial center includes Panasonic, Thrive Market and Tesla, CommercialEdge data shows. At the time of the sale, the property was 100 percent leased.<\/p>\n

The property is at 700 Milan Drive, within an Opportunity Zone. Tenants are able to access the wider metropolitan area via Interstate 80, as well as the nearby Union Pacific Intermodal Hub and Reno Tahoe International Airport.<\/p>\n

Westcore Properties\u00a0has recently acquired a 16-building industrial portfolio<\/a> in California, spread across Livermore, Valencia and Chino.\u00a0MEPT\u00a0sold the 3.5 million-square-foot Odyssey Portfolio. This month, the company also obtained $25 million in financing<\/a> for Rockwall Distribution Center, a 301,120-square-foot industrial building in Rockwall, Texas.<\/p>\n

Reno\u2019s industrial market shows significant growth<\/h2>\n

The Reno industrial market has grown this year with the addition of 6.4 million square feet of new space, according to a recent CBRE<\/strong> report. The construction pipeline features multiple projects totaling over 2.8 million square feet, while around 16.1 million square feet are in different planning stages.<\/p>\n

The same report shows that absorption rates have remained elevated, indicating continued demand for more space. Roughly 1.8 million square feet was absorbed in the third quarter, while the year-to-date total clocked in at 3.6 million square feet, as a significant amount of projects were delivered preleased.<\/p>\n","protected":false},"excerpt":{"rendered":"

Washington Capital Management sold the fully occupied distribution center.<\/p>\n","protected":false},"author":3014,"featured_media":1004690271,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,21742,15],"tags":[32779,33953,34163],"class_list":["post-1004690268","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-latest","category-west","tag-leed","tag-washington-capital-management","tag-westcore-properties"],"acf":[],"yoast_head":"\nWestcore Buys Nevada Industrial Asset for $83M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Westcore Properties has acquired a 632,130-square-foot distribution center in the Tahoe-Reno Industrial Center in McCarran, Nev.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/westcore-buys-nevada-industrial-asset-for-83m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Westcore Buys Nevada Industrial Asset for $83M\" \/>\n<meta property=\"og:description\" content=\"Westcore Properties has acquired a 632,130-square-foot distribution center in the Tahoe-Reno Industrial Center in McCarran, Nev.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/westcore-buys-nevada-industrial-asset-for-83m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-14T12:45:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-14T12:56:09+00:00\" \/>\n<meta name=\"author\" content=\"Diana Firtea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/700-Milan-aerial-1-e1699962299615.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/westcore-buys-nevada-industrial-asset-for-83m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/westcore-buys-nevada-industrial-asset-for-83m\/\",\"name\":\"Westcore Buys Nevada Industrial Asset for $83M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/westcore-buys-nevada-industrial-asset-for-83m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/westcore-buys-nevada-industrial-asset-for-83m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/700-Milan-aerial-1-e1699962299615.jpg\",\"datePublished\":\"2023-11-14T12:45:34+00:00\",\"dateModified\":\"2023-11-14T12:56:09+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a0c04b9de1387474e28c9ebdb0444e59\"},\"description\":\"Westcore Properties has acquired a 632,130-square-foot distribution center in the Tahoe-Reno Industrial Center in McCarran, Nev.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/westcore-buys-nevada-industrial-asset-for-83m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/westcore-buys-nevada-industrial-asset-for-83m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/westcore-buys-nevada-industrial-asset-for-83m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/700-Milan-aerial-1-e1699962299615.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/11\/700-Milan-aerial-1-e1699962299615.jpg\",\"width\":3830,\"height\":2874,\"caption\":\"Completed in 2008, the Class A industrial asset comprises 200 trailer stalls on a 34-acre site. 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