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Reno is rising to the top of investment lists for 2020. The market is a cheaper alternative in Nevada for investment, and it is showing significant growth potential. The Lear Industrial Center in Reno recently traded hands for $117 million, illustrating the activity and growth in the market. Clarion Partners purchased of the property, a 1.4 million-square-foot four-building class-A business park, from Panattoni Development Co.

“This deal shows the continuing trend of compression in cap rates and increase in dollars per square foot,” Mark Detmer, senior managing director at JLL, tells GlobeSt.com. “Also the buyer of Lear is looking to add value by further demising the vacant unit and pushing rents 23% in the near term.” Detmer represented the seller in the deal along with JLL’s Bo Mills.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance writer and editor living in Los Angeles whose work has appeared in such publications as Travel + Leisure, Angeleno and Los Angeles Magazine.

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