Prologis to auction buildings

ProLogis plans to sell four office and industrial buildings in Reno, and it's selling them through an unusual auction process.

"We're going to leave the value to the market. It's a very unique set of assets," said Brandon Page, who oversees the northern Nevada operations of Denver-based ProLogis.

The properties include:

* A 40,000-square-foot industrial building at 1201 Industrial Way in Sparks.

* An 8,650-square-foot office building at 5400 Equity Ave. in Reno.

* A 29,395-square-foot office building at 1195 Corporate Blvd. in Reno.

* A 10,869-square-foot building at 1200 Financial Blvd. in Reno. That building's tenants include Dermody Properties, from whom ProLogis purchased the buildings last summer.

Page said the four buildings were part of ProLogis' $1.85 billion acquisition of a portfolio developed by DP Industrial, a joint venture of Dermody Properties and the California State Teachers Retirement System.

As that deal was being put together, ProLogis planned to sell the four buildings because they didn't fit well with its industrial holdings.

"Our long-term philosophy remains to buy, build and hold," Page said.

ProLogis will entertain offers to sell all four of the buildings in one package, to sell the buildings individually, or to sell various combinations of the buildings.

The company will accept offers on the buildings until May 30, and it hopes to close the sales by mid-August.

The office and industrial groups of NAI Alliance won the listing agreement for the properties.