In $50 million deal, Sparks industrial park sells to NorCal company
SPARKS, Nev. — A Northern California real estate investment and operating company recently announced it had completed the purchase of a 584,866-square-foot, seven-building industrial park in Sparks.
Seagate Properties, Inc., based in San Rafael, California, announced the deal on Nov. 15.
The transaction, valued at roughly $50 million, was completed in partnership with ReCap Real Estate Investments, on behalf of parent company Reinsurance Group of America, Inc. (RGA).
The park is located just south of Interstate 80 in Sparks at Kleppe Lane and Sparks Boulevard, and the portfolio was 100 percent leased at the time of the transaction.
Current businesses at the park include Shred-It, Reno Toy Storage and Ultimate RV Service, among others.
According to the Nov. 15 announcement, the complex’s seven buildings — ranging in size from 60,000 to 149,713 square feet — reside on four parcels, with a total of 24 tenants averaging roughly 25,000 square feet each.
“We had been looking to expand our industrial portfolio, specifically in Reno, and this opportunity fit what we were looking for,” Mike Kamm, principal ofSeagate Properties, said in a statement. “It has a diverse mix of tenants, and its location is central.”
According to the press release, the leasing team will remain Steve Kucera and Mike Nevis of Kidder Mathews.
It marks Seagate Properties’ second investment in recent years in NorthernNevada — in late 2017, the company purchased 15 acres of land at 2777 Northtowne Lane in Reno.
Per the agreement, Caesars will continue to operate Harrah’s for the first half of 2020 before it’s redeveloped into a non-gaming hotel and mixed-use development.