GPR Ventures, a real estate investment firm based in Silicon Valley, Calif., recently completed its 30th acquisition since 2011 by way of a multi-market purchase of joint properties in Northern Nevada and Sacramento. According to a May 10 press release from the company, the Northern Nevada asset is a 20,000-square-foot industrial property at 56 Coney Island Drive in Sparks, which is home to three tenants, including local automotive repair shop Lancaster Auto Care & Customs; the Sacramento acquisition is a 26,400-square-foot building at 6910 Luther Drive. Both buildings are 100 percent occupied. “We are excited to continue expanding the GPR Ventures footprint across the Western United States, which is a key goal for our company over the next five years,” GPR Ventures co-founder and Managing Principal Phil Rolla said in a statement. “The joint purchase of these two properties will allow us to maintain a strong presence in two thriving industrial markets, and we look forward to contributing to both communities through these acquisitions.”
Per the release, given the unique, dual-market nature of the acquisition, the firm formed a new business entity, NV Sac GPRV Partners 29, LLC, to facilitate the joint purchase.
The single-building warehouse in Sparks marks the company’s second purchase in the region; in December 2020, in a $21.98 million deal, GPR Ventures acquired a 331,623-square-foot industrial warehouse at 4910 Longley Lane, which houses two tenants: Powertrain Industries, Inc., a provider of automotive parts and equipment, and Hamilton Company, a global manufacturer of precision measurement devices for several industries.