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Clarion Partners Buys Reno Industrial Facility for $42M

4 months ago

The warehouse is part of the largest industrial park in the world. The post Clarion Partners Buys Reno Industrial Facility for $42M appeared first on Commercial Property Executive.

The 500 Denmark Drive property is within an Opportunity Zone. Image courtesy of CBRE

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.

The acquisition expands Clarion’s overall Reno industrial footprint and marks the company’s entry in one of metro’s more active submarkets, Managing Director Richard Schaupp said in prepared remarks.

CBRE brokered the off-market transaction, with Vice Chair Brett Hartzell and Executive Vice President Paige Morgan working on behalf of the seller.

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.

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.

The Denmark Drive facility is near Interstate 80 in Reno’s Storey County submarket. Downtown Reno is some 22 miles away.

Reno’s notable industrial market

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’s vacancy rate clocked in at 9 percent.

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’ acquisition of 3200 USA Parkway, a 707,010-square-foot industrial building in Sparks, Nev., for $81.5 million. That property is also part of Tahoe Reno Industrial Center.

The post Clarion Partners Buys Reno Industrial Facility for $42M appeared first on Commercial Property Executive.