An overhead view of 3223 Mill St. in Reno, with the property outlined.
Chicago-based real estate investment firm Industrial Outdoor Ventures (IOV) has entered the Reno industrial market with the acquisition of a vacant equipment maintenance facility at 3223 Mill St.
According to Washoe County records, IOV purchased the property from National Sierra, LLC, for roughly $4.4 million.
Matthew Harris, Benjamin Harris and Ronald Sheehan of Avison Young represented IOV in the transaction, according to a May 24 press release from IOV, while Ryan Johnson of Chase-Johnson Commercial Real Estate represented National Sierra.
The 33,962-square-foot facility sits on 3.6 acres and features 14 service bays and a drive-through service area.
IOV will “immediately begin renovations to the property,” according to the company. Plans include replacing the roof, renovating the facade, installing new overhead service doors and major parking lot repairs.
IOV says the property is an “ideal site for material yard and storage, equipment rental and transportation companies.”
“We continue to heavily invest and grow our presence in the Western half of the U.S.,” IOV CEO Tom Barbera said in a statement. “Reno is a business-friendly environment and a target market for future investments.”
IOV refers to itself as “one of the most active buyers of real estate in the U.S.”
“The firm seeks to acquire $250 million in assets over the next 12 to 24 months — with a five-year plan to amass more than $1 billion in product type,” according to the press release.
Its portfolio includes properties in major markets such as Atlanta, Denver, Dallas, Chicago and Southern California, among others.