Capstone Advisors closes land purchase in Reno market fueled by economic development
Capitalizing on a period of tremendous growth in the northern Reno area – complemented by nearby investments from Tesla, Amazon and Apple, among others – Capstone Advisors announces it has completed the acquisition of 98 acres of commercial and residential land known as Sky Vista in Reno, Nevada.
Sky Vista consists of a 1.91-acre pad site immediately adjacent to an existing Walmart Supercenter and a nearly 96-acre parcel of adjacent land entitled and planned for residential, retail and industrial development. The project enjoys a high visibility location and tremendous access adjacent to U.S. Highway 395 in the North Valley region of northern Reno making its likelihood for growth a perfect fit for Capstone Advisors, a diversified real estate investment, development and advisory firm based in Carlsbad, California.
Capstone intends to use its track record of successful retail centers to develop a 10,000 square-foot retail building on the out-parcel adjacent to Walmart and hold the balance of the land for future development.
“Sky Vista is a strategically located multi-use land parcel that complements our existing portfolio of income-producing assets,” said Alex Zikakis, president and CEO of Capstone Advisors in a press release. “We are bullish on the future of Reno and the clustering effect that follows dominant and cutting-edge technology companies such as Tesla and Switch.”
Economic growth and development activity has been exceptionally strong in the surrounding market, spearheaded by Tesla’s $5 billion, 10 million square-foot Gigafactory. Other prominent companies such as Amazon, Apple and Switch have also made significant investments in new facilities in the Reno market. Sky Vista is located directly in the path of this growth. It is surrounded by new commercial and residential development activity, including Amazon’s 1.2 million square-foot state-of-the-art distribution facility, and other major manufacturing and distribution facilities owned by well-known companies such as Petco and Urban Outfitters. The project is also located near the Stead Reno Airport, chosen by the FAA as a UAV Drone Test Facility and is expected to be a significant economic driver in the region as the drone industry continues to emerge.
Capstone represented itself in the purchase. The seller was not disclosed.
Heather Ashbridge, who started with Nevada State Development Corporation in 2008, previously served in several roles with the organization, including assistant vice president and loan officer. She is based in NSDC’s Reno office.