{"id":1004721105,"date":"2024-07-15T04:20:00","date_gmt":"2024-07-15T12:20:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004721105"},"modified":"2024-07-15T04:20:01","modified_gmt":"2024-07-15T12:20:01","slug":"clarion-partners-buys-reno-industrial-facility-for-42m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/clarion-partners-buys-reno-industrial-facility-for-42m\/","title":{"rendered":"Clarion Partners Buys Reno Industrial Facility for $42M"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/500-denmark-image-e1721038843910.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"790\" height=\"593\" data-attachment-id=\"1004721109\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/clarion-partners-buys-reno-industrial-facility-for-42m\/500-denmark-image\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/500-denmark-image-e1721038843910.jpg\" data-orig-size=\"790,593\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"500 denmark image\" data-image-description=\"&lt;p&gt;500 Denmark Dr. Image courtesy of CBRE&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;500 Denmark Dr. Image courtesy of CBRE&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/500-denmark-image-e1721038843910.jpg?w=790\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/500-denmark-image-e1721038843910.jpg\" alt=\"500 Denmark Dr.\" class=\"wp-image-1004721109\" style=\"aspect-ratio:1.3333333333333333;object-fit:cover;width:400px;height:auto\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/500-denmark-image-e1721038843910.jpg 790w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/500-denmark-image-e1721038843910.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/500-denmark-image-e1721038843910.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 790px) 100vw, 790px\" \/><\/a><figcaption class=\"wp-element-caption\">The 500 Denmark Drive property is within an Opportunity Zone. <em>Image courtesy of CBRE<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Clarion Partners has purchased 500 Denmark Drive, a 322,400-square-foot industrial building in McCarran, Nev. Pure Development sold the asset for $41.7 million.<\/p>\n\n\n\n<p>The acquisition expands Clarion\u2019s overall Reno industrial footprint and marks the company\u2019s entry in one of metro\u2019s more active submarkets, Managing Director Richard Schaupp said in prepared remarks.<\/p>\n\n\n\n<p>CBRE brokered the off-market transaction, with Vice Chair Brett Hartzell&nbsp;and&nbsp;Executive Vice President Paige Morgan&nbsp;working on behalf of the seller.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/industrial-property-values-on-the-upswing\/\">Industrial Property Values on the Upswing<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>The newly constructed building features 32-foot clear heights, 36 dock doors expandable to 62, two drive-in doors and ample trailer parking. CBRE Executive Vice Presidents Daniel Buhrmann and Eric Bennett are the exclusive leasing agents for the property.<\/p>\n\n\n\n<p>The facility is part of the Tahoe Reno Industrial Center, thought to be the largest industrial park in the world. Tenants at the 107,000-acre campus include Tesla, Panasonic, Google and Walmart, among others.<\/p>\n\n\n\n<p>The Denmark Drive facility is near Interstate 80 in Reno\u2019s Storey County submarket. Downtown Reno is some 22 miles away.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-reno-s-notable-industrial-market\">Reno\u2019s notable industrial market<\/h2>\n\n\n\n<p>The Reno industrial market totaled approximately 115 million square feet at the end of June, according to a recent CBRE report. More than 180,000 square feet of new industrial space was delivered to the market in the second quarter of 2024, while the construction pipeline had around 930,000 square feet underway, with another 17.3 million square feet in various planning stages. During the second quarter, Reno\u2019s vacancy rate clocked in at 9 percent.<\/p>\n\n\n\n<p>The sale of 500 Denmark Drive marked the second most notable transaction of the second quarter, the same source shows. The first was CapRock Partners\u2019 acquisition of <a href=\"https:\/\/www.commercialsearch.com\/news\/caprock-partners-pays-82m-for-reno-facility\/\">3200 USA Parkway<\/a>, a 707,010-square-foot industrial building in Sparks, Nev., for $81.5 million. That property is also part of Tahoe Reno Industrial Center.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The warehouse is part of the largest industrial park in the world.<\/p>\n","protected":false},"author":3014,"featured_media":1004721109,"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":[32789,32790],"class_list":["post-1004721105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-latest","category-west","tag-cbre","tag-clarion-partners"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Clarion Partners Buys Reno Industrial Facility for $42M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Clarion Partners has purchased 500 Denmark Drive, an industrial building in McCarran, Nev. 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