2 buildings at North Valleys Commerce Center sold for $81 million
RENO, Nev. — Doug Roberts, partner with Panattoni Development Company, announced June 20 the sale of buildings A1 and B of the North Valleys Commerce Center.
According to a news release provided on behalf of the company, the two Class-A industrial buildings — totaling more than 1 million square feet combined — were sold to PRISM-IQ NEVADA, LLC, and GOF NEVADA, LLC, for $81.1 million.
NVCC Building A1, totaling 352,957 square feet, and NVCC Building B, totaling 707,660 square feet, are located at 9460 N. Virginia St. in Reno on 56 acres of land and currently house Trademark Global, LLC, Exxel Outdoors, LLC, Microflex Corporation and SupplyHouse.com.
According to the news release, both buildings were completed in 2018 and are “state-of-the-art, cross-dock distribution facilities with best-in-class features including a 36-foot clear height and low cost LED lighting.”
“North Reno is one of the most desirable locations for manufacturing and distribution in the state and region,” Roberts said in a statement. “North Valleys Commerce Center offers quick access to Interstates 80 and I-580 and US 395 making it a one-day drive to major cities like Los Angeles, Portland, Seattle, and San Francisco all while being located within proximity to a concentration of housing for employees.”
JLL and Kidder Mathews represented the sellers — CP Logistics NVCC, LLC and CP Logistics NVCC Building A-1, LLC, both joint ventures between a prominent public retirement fund and Panattoni Development Company — in the transaction.
Transient Occupancy Tax collection from April to June totalled $3.8 million, up 15% from the same period last year, an increase of $519,000. Tax collection from January through March was up 12% from that period last year, a $773,000 increase, totalling $6.8 million.