Rendering of the building under construction at 1500 Waltham Way in McCarran, at the Tahoe Reno Industrial Center.
Courtesy: Mohr Capital
Mohr Capital, a Dallas-based real estate investment firm, has started construction on a 596,400-square-foot speculative industrial facility at the Tahoe-Reno Industrial Center, the company announced July 12.
Located at 1500 Waltham Way in McCarran, the building marks Mohr Capital’s first industrial development in Nevada.
According to Storey County records, Mohr Capital acquired the property in a $26.547 million deal, effective June 16.
Greg Shutt, Senior Vice President of CBRE, assisted Mohr Capital on the land acquisition and will handle leasing for the property, according to a July 12 press release from Mohr Capital.
“Tenant demand for industrial space in Northern Nevada continues to rise as e-commerce activities ramp up,” Tom Theobald, Senior Vice President of Development for Mohr Capital, said in a statement. “Moreover, high asking rents and low vacancy in the Northern California submarkets and Southern California’s Inland Empire have contributed to companies looking eastward in search of cost-effective real estate.
“These factors, combined with Nevada’s low taxes and Reno’s pro-business environment, leave us confident we’ll secure a credit tenant quickly.”
According to the company, the cross-dock facility is being built on a 39.64-acre site and will feature 36-foot clear ceiling height, three access points, 96 dock doors, four 14-foot by 16-foot drive-in doors and 374 auto and 100 trailer parking spaces.
Tectonics Design Group is serving as architectural engineer on the project, with ARCO Construction as general contractor.
“We’re pleased to expand our development footprint into the Nevada market with a facility that will help meet the increasing demand for industrial product in the Reno-Sparks metro area,” said Bob Mohr, Chairman of Mohr Capital, in a statement. “The region’s cost of living, growing workforce and location along Interstate 80 is ideal for companies throughout the country seeking to quickly distribute their products to 11 western states.
"We’re excited to add this facility to our portfolio and invest in this rapidly growing industrial market.”
Mohr Capital also announced July 12 has another development property under contract in Fernley.
When asked, a company spokesperson said it was “too early” to provide details.