Mohr Capital Breaks Ground on Tahoe-Reno Industrial Center
The nearly 600,000-square-foot property accounts for half of the industrial construction pipeline in the market.
Mohr Capital has broken ground on a Tahoe-Reno Industrial Center, a 596,400-square-foot industrial property in McCarran, Nevada. The property is a massive contribution to the area, accounting for nearly half of the total industrial construction pipeline in the market.
Tahoe-Reno Industrial Center is a state-of-the-art property with 36-foot clear ceiling height, three access points, 96 dock doors, four drive-in doors, 374 car parking spaces and 100 trailer parking spaces and motion-sensor LED lighting. The property is on nearly 40 acres and is a cross-dock facility. In addition the property is located near a popular industrial hub, which includes PetSmart, Hobby Lobby, Tesla, Walmart and Zulily.
Mohr Capital has another industrial project under contract nearby in Fernley, Nevada. The firm is bullish on the market due to increased industrial demand, largely from California. California’s limited supply and high rents have pushed companies east, and Nevada’s low-tax rate has been a top choice for companies looking for new locations.
A report from Colliers at the end of 2020 called the Reno/Sparks industrial market one of the winners of the pandemic. Along with a handful of others, Reno had the largest absorption growth when compared to the size of the total market supply. It’s an impressive accomplishment considering that the industrial market surged across the country, including in already hot markets like Southern California.
The activity has come with several major lease transactions. As one example, Wholesale grocery distributor, Brothers Trading Co. Inc. signed a 258,705-square-foot lease at Trammell Crow Co.’s Golden Triangle Logistics Center in Las Vegas. The company will move its wholesale operations to the newly leased space, located at 3195 E. Washburn Rd., Building 2, in August 2021. The company will occupy a portion of the 652,000-square-foot building 2 within the 127-acre industrial park.
Industrial investors aren’t only in moving into the Nevada market. Northland Investment Corp. entered the market earlier this year with the acquisition of Lumina at Spanish Springs, a 330-unit apartment complex in the Reno-Sparks area after tracking the market for several years. The property is a new-construction garden-style community that had a healthy leasing activity through the pandemic.