$45 million industrial sale closes in Fernley; second largest in Nevada
FERNLEY, Nev. — A Southern California real estate investment and development firm has closed on a $45 million industrial sale of more than 4,000 acres of land east of Reno-Sparks.
According to a news release provided July 9 from Reno-based PR firm Neon Agency, Newport Beach, Calif.-based Mark IV Capital recently purchased roughly 4,100 acres of industrial land, including over 4,000 acres on what’s known as the Crossroads Commerce Center, in the city of Fernley.
The deal includes additional industrial-zoned land on the west end of town owned by the Logan Family Trust, according to the press release.
The sellers were represented by Brian Armon, CCIM, SIOR, of Cushman & Wakefield’s Reno office on the Crossroads Commerce Center; and David Schuster, CCIM, SIOR, of Avison Young on the Logan Family Land. Mark IV Capital was represented by Brett Edwards of CBRE.
According to the press release, the $45 million purchase comes out to $10,981 per acre — which is “representative of the increasing demand for raw land in Northern Nevada.”
The land sale goes down as the second largest industrial land transaction in Nevada history, behind the 2018 purchase by Blockchains, LLC of roughly 67,000 acres in the Tahoe Reno Industrial Center in Storey County.
The Crossroads Commerce Center is located on both sides of Interstate 80 at the confluence of highways 95/395 (north/south) and Highway 50 in Fernley, roughly a half hour east of Reno, and is traversed by the Union Pacific main line.
“The park is particularly well situated for major manufacturing and distribution centers serving the western states,” according to a property brochure from Cushman & Wakefield. “The park offers an abundance of level buildable land with nearly no topographical constraints, excellent soils, and ample water reserved exclusively for our industrial and commercial development. All necessary zoning and public infrastructure is in place and ready to serve immediate development.”
The center is home to several larger companies, including most recently Polaris, which broke ground last spring on a $47 million distribution center. It marked the first time in several years a company committed to building in the Crossroads Commerce Center, said Fernley Mayor Roy Edgington.
Mark IV Capital has properties in five states, including the Valley View Corporate Center In Las Vegas.
The Regional Transportation Commission is grappling with how to have developers pay for the traffic impact of new development in Carson City.