Westcore recently acquired a modern, cross-loaded distribution center in the Tahoe-Reno Industrial Center (TRIC) for $82.5 million. The 632,000-square-foot facility at 700 Milan Dr in Reno boasts over 200 trailer stalls on a spacious 34-acre lot.
The distribution center is currently fully leased and offers tenants one-day truck service to seven states. It also benefits from its close proximity to both the Reno Tahoe International Airport and the Union Pacific Intermodal Hub in Sparks, just a short drive away.
Notably, this site is situated next to Gigafactory Nevada – Tesla’s massive investment of $6.2 billion in this market – which has created significant demand for real estate from both Tesla and its many suppliers. According to Westcore’s Peter Mette, doing business here is highly attractive due to factors such as lower occupancy costs, favorable regulatory environment and more affordable labor compared with other West Coast markets.
In addition to this recent acquisition, Westcore also divested approximately 1.2 million square feet of industrial portfolio space in Reno during the year of 2019.
This news was originally published by Connect CRE.
