Voit To Manage, Reposition 2M-SF Portfolio

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RENO, NV—GlobeSt.com has exclusively learned that the Reno office of Orange County, CA-based Voit Real Estate Services has been selected by Northwestern Mutual to provide property management and repositioning services for two portfolios totaling more than two million square feet here in Reno, NV. Voit was awarded the contract after a “competitive search conducted by the property owner,” according to Rob Cord, managing director of Voit Real Estate Services.

“It is simple, today's owners are seeking a lot more than complex analysis, reporting, in-house IT services, systems integration and banking relationships,” explains Cord. “They need managers to perform; managers who are able to do what they commit to do and deliver the vision for the future.” 

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The Reno portfolio is comprised of the 1.3 million square-foot Sparks Industrial Portfolio, which encompasses 13 buildings and is currently 89% occupied; as well as the 719,419-square-foot South Center Industrial Park, made up of two buildings that are currently 98% occupied. According to Voit, the portfolio is being repositioned to create a sense-of-place and managed to build a community with in the park's tenants with exterior and vacant suite improvements, which will make the properties more competitive within their various submarkets. The improvements, which are well underway, include paving, a full redesign of the exterior of each building, including new paint, signage, and new landscaping throughout.

Cord continues, “At Voit, we act as a surrogate owner in our approach to third-party management and combine a full spectrum of services that allow us to make adjustments and advise ownership on what needs to take place to maximize an investment's performance.”

Voit's Reno real estate management services team will be led by Carole Brill, senior real estate manager, and Ross Tolbert, director of operations. Voit will be working closely in partnership with Mike Nevis of NAI Alliance, who is managing the leasing of the portfolio.

“In the first 30 days we met with each tenant in order to ensure their individual needs were being met,” notes Cord.  “As we communicate with each tenant, we work toward the primary goal of creating the most beneficial place for their business looking into the next decade.”

According to Cord, Voit's new assignment is well-aligned with an increasing trend of tenant demand in Reno.“Reno continues to position itself as a growing regional industrial and warehouse market with excellent potential for future development,” says Cord. “For example, Nevada recently beat out a five state bidding to bring Tesla Motor's gigafactory business to this market.”

Tesla will be building a five-million-square-foot factory to produce its vehicle batteries and charging stations, all of which will be used throughout the US and various international locations, according to Cord. “This is a huge win for Nevada and an absolute coup for Reno,” says Cord. “The Tesla project will generate more than 6,500 jobs for the area and will deliver a 1:80 return on the investment required from the State.”

Cord notes that the Voit team anticipates an increase in tenant demand in the area as a result of this new development, and is well positioned to meet tenant demand at the Sparks Industrial Portfolio and South Center Industrial Park for those tenants seeking expansion or relocation in the Reno market.

In the meantime, Voit plans to host an event at the Sparks Industrial Portfolio and South Center Industrial Park in the near future to further the sense of community being created within the portfolio, according to Cord.

The properties within the portfolio are located at: