EQT Exeter, a real estate investment firm, has recently acquired the USA Parkway Distribution Center located in Sparks, Nevada. The property consists of two buildings totaling 1.1 million square feet and is situated in the Reno submarket. According to Commercial Edge, Altus Group sold the asset for $140 million.
The distribution center sits on a 45.9-acre lot at 3300 Waltham Way and 201 Ireland Drive and is currently fully leased to five tenants including Tesla and The Tire Rack who occupy approximately 70% of the space.
Strategically located just 1.4 miles from I-80 at the entrance to TRIC (Tahoe-Reno Industrial Center), one of Nevada’s fastest-growing areas, USA Parkway Distribution Center offers easy access for its tenants to multiple Fortune 500 companies as well as demand from various industries such as electric vehicles (EVs), data centers, and national retailers.
CBRE National Partners’ Brett Hartzell, Rebecca Perlmutter ,and Paige Morgan represented Altus in this transaction. CBRE Research shows that Reno was among one of the top markets with rent growth during Q2 of2024 with nearly a10% increase year-over-year (YoY). On average,t enants signing new leases are seeing an impressive64% increase when their current lease expires due to rising market rates in Reno,a clear indicationof high demand for commercial propertiesin this area.
This recent sale by Altus highlightsthe strong performanceof industrial propertiesinReno’s growing marketand further solidifies itas an attractive locationfor investors lookingto capitalizeonthe city’s booming economy.
