Following its first Northern Nevada acquisition, leading industrial real estate firm quickly bolsters portfolio with two existing Reno assets; brings value-add investment experience to supply-constrained market
RENO, Nev. – August 1, 2024 –Western and Central U.S. industrial real estate investor, developer and asset manager, CapRock Partners, announces its closing on two industrial assets totaling 177,100 square feet in Sparks, Nev. The two buildings, located at 120 and 250 Greg Street, are free-standing mid-bay warehouses within the Reno industrial real estate market’s Sparks infill submarket. CapRock’s acquisition represents a strategic addition to its value-add investment platform, which, including its development pipeline, now totals nearly 20 million square feet of industrial real estate throughout the Western and Central U.S.
CapRock acquired 120 and 250 Greg Street from an owner-user in an off-market transaction. The transaction marks CapRock’s second acquisition in Northern Nevada within 30 days, bringing the firm’s total Nevada portfolio to approximately 5.25 million square feet acquired or developed.
“Reno is a critical location in the Western U.S. supply chain and a leader in sustained industrial rent growth,” said Chad Ridenour, senior associate at CapRock Partners. “120 and 250 Greg Street present an opportunity to bring our team’s depth of experience to improve and modernize two in-demand warehouse properties while enhancing the local business community’s efficiency and appeal and provide returns to our investors.”
120 and 250 Greg Street are neighboring properties sharing a common entrance and truck court. 120 Greg Street totals 94,000 square feet and features eight dock-high doors, and three grade-level doors. Initially constructed in 1995, the building is currently demised into four suites ranging in size from approximately 20,000 square feet to 27,000 square feet. 250 Greg Street totals 83,100 square feet and features three dock-high doors and eight grade-level doors. Constructed in 1980, the building was expanded in 1995 and 2001. Its suite sizes range from approximately 9,000 square feet to 36,000 square feet.
CapRock’s plan is to renovate the two buildings and implement extensive capital improvements to enhance their functionality. Planned renovations include adding storefronts, building new offices, refreshing existing offices, installing LED lighting, new interior and exterior building paint, as well as making improvements to the site’s parking lots and landscaping.
120 and 250 Greg Street are easily accessible to S. McCarran Blvd. (SR 659), a main arterial ring road serving Reno and Sparks, and Interstate 80, a major east-west highway that connects primary Western cities such as San Francisco and Sacramento to Salt Lake City. The properties are approximately three and a half miles from Reno-Tahoe International Airport and approximately five miles to Downtown Reno.
“Sparks is located within the heart of the Reno industrial real estate market, an ideal location for manufacturing and regional distribution with convenient access to key transportation. It is one of the tightest submarkets in Northern Nevada and has experienced sustained rental rate growth,” added Ridenour. “Reno’s significant land constraints, driven by extensive federal land ownership and challenging natural topography, restricts opportunities for new industrial warehouse development, thereby limiting supply.”
The purchase transaction was facilitated by Brian Armon with NAI Alliance and his team, Tony Machabee and Derek Carroll. They are also leading the buildings’ leasing efforts.
“We are pleased to secure 120 and 250 Greg Street, two well-positioned industrial assets in Sparks, marking another step in CapRock’s strategic growth,” said Jon Pharris, co-founder and president of CapRock Partners. “Since we began investing and developing in Nevada in 2017, we have established a strong foothold in the greater Las Vegas market. We are excited to expand our efforts in the northern region, pursuing more strategic value-add industrial properties and land sites for new industrial development.”
CapRock recently announced its acquisition of 3200 USA Parkway, a 707,010-square-foot cross-dock industrial warehouse in Sparks, Nev. The Class A distribution building is within the Tahoe-Reno Industrial Center (“TRIC”), a premier industrial park within the land-constrained Reno industrial real estate market. With these two acquisitions, CapRock is approaching 900,000 square-feet in Reno and is actively looking for additional acquisitions throughout the Western and Central U.S.
ABOUT CAPROCK PARTNERS
Founded in 2009 in Newport Beach, Calif., CapRock Partners is a privately owned investor and developer of industrial real estate in the Western and Central United States. The company specializes in acquiring middle-market value-add industrial assets, developing large-scale institutional-quality Class A industrial warehouse facilities in key locations, and providing third-party asset management services for institutional investors. The firm is actively acquiring land for development and middle market value-add assets across the Western and Central U.S. Since inception, its total investment and development pipeline exceeds 32 million square feet of industrial real estate. Follow the company on Facebook, LinkedIn, X and Instagram.
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Northern Nevada Business Journal, 8/13/24: CapRock acquires industrial buildings in Sparks
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REBusiness, 8/6/24: CapRock Acquires Two Industrial Buildings in Sparks, Nevada Totaling 177,100 SF
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iREOC (IREI), 8/2/24: Caprock Partners acquires two industrial buildings totaling 177,100sf in Sparks, Nev.
