Recently finished industrial space at the North Valleys Commerce Center in Reno has been leased to 12 tenants — including Temper Sealy, Union Supply Group, GBS Enterprises and Mary Kay Corporation. Kidder Mathews’ Mike Nevis, Steve Kucera and Shawn Jaenson have represented the developers — a joint venture between Panattoni Development Company and California State Teachers Retirement System (CALSTRS) — on the lease transactions, according to a Dec. 21 press release.
“This was a quick lease time,” Nevis said in a statement regarding the leases. “In only 16 months, 14 leases with 12 different tenants were signed, with the last one signed only a month after the final of six buildings were completed.
“It shows the incredible strength of the Reno industrial market.”
In total, North Valleys Commerce Center at 9460 N. Virginia St. comprises nearly 3 million square feet across 10 buildings and is located just off U.S. Highway 395. Construction on the campus was completed in two phases — four buildings finished in March 2019 and the remaining six wrapped in July 2021.
The largest of the new leases, 405,213 square feet, is for Temper Sealy, which announced in August plans to open a new warehouse in the Reno market. While Panattoni and CALSTRS maintain ownership of all six newly completed buildings — comprising 1,677,362 square feet — three of the four from earlier construction have since been sold to LBA Realty and Prism Realty, according to Kidder Mathews.