Fidelitone gets new fulfillment center
Fidelitone Logistics Inc. closed a deal this week to lease a 95,200-square-foot distribution space in Sparks for an order fulfillment center. It’s expected to be operational by August.
The Sparks location at 1135 Southern Way, the company’s second in the area, will support Fidelitone’s order fulfillment clients requiring direct-to-consumer fulfillment to consumers in the western half of the United States. They also operate a center with more than 50,000 square feet on East Parr Boulevard in Reno.
Fidelitone, headquartered in Wauconda, Ill., provides third-party logistics and supply chain solutions for Fortune 100 companies and start-ups in the United States and internationally.
Fidelitone was founded in 1929 as a phonograph needle manufacturer. Today it processes thousands of orders — from small parts to large palletized products — daily and ships to 120 countries.
The company was recognized by Inbound Logistics as a Top 100 third-party logistics provider in 2013 and 2014. Fidelitone has been featured in the Crain’s Chicago Business exclusive ranking of the largest privately-held companies for five years running, and was named to Inc.’s 500 | 5000 list of the nation’s fastest-growing private companies in 2014.
Representing the landlord, Morrison Street Capital, LLC, in the Sparks-lease transaction were commercial specialists J. Michael Hoeck, Dave Simonsen, Michael Nevis, and Steve Kucera of NAI Alliance Industrial Properties Group. Morrison serves as the investment manager of a series of discretionary real estate funds based in Portland, Ore.
Working on behalf of Fidelitone was Bryan Gardner of Reno Property Management.
In other commercial real estate news, the building at the Tahoe Reno Industrial Center housing the Zulily distribution site changed hands this week.
CBRE Global Investors has brokered a deal on behalf of an unnamed U.S. client to acquire property. Zulily, Inc. has a long-term lease for the 707,010-square-foot warehouse/distribution site at 3200 USA Parkway.
Zulily, an e-commerce business, sells clothing, toys and home products catering to mothers and children.
Developed on a build-to-suit basis in 2014, the property is among the newest deliveries to the Reno-Sparks MSA and includes high-quality construction and state-of-the-art building features that serve the tenant’s ecommerce requirements and future growth needs.
“Industrial is a very in-demand asset class at this time, and we were able to acquire a newly built, high-quality asset that should deliver a secure income stream to our client, in excess of yields that would be achieved on a similar industrial product,” said Mike Everly, Portfolio Manager, CBRE Global Investors.
TRIC is a master-planned industrial park located 12 miles east of Reno in McCarran on Interstate 80, a major national transportation thoroughfare.
Amid slow vaccine rollout, will retail real estate in Reno-Sparks see return to ‘normal’ by the summer?
Sales of retail properties across Northern Nevada lagged after the initial wave of state-mandated closures last spring since it was impossible to underwrite the rental income generated from cash-strapped tenants. Investors, however, have cautiously been dipping their toes back into the pond.