In $13 million deal, sale of 107,338 sq. ft. industrial space closes in south Reno
RENO, Nev. — SVN Gold Dust Commercial Associates recently completed the sale of a 107,338-square-foot industrial space in southeast Reno for $13.13 million.
SVN Gold Dust Managing Director Tomi Jo Lynch, CCIM, and Daniel Buhrmann of CBRE co-listed the property — known as Turner Air Crossing, located at 4690 Longley Lane — and represented the seller, TREF Reno, LLC, in the transaction that closed July 31.
The transaction was purchased by a family out of California through a 1031 Exchange, according to an Aug. 20 news release provided by MNG Partners, Inc., on behalf of SVN Gold Dust.
At the time of closing, the property was 98% occupied and traded at a 5.33% cap rate. The original listing price for Turner Air Crossing was $12.7 million, according to SVN Gold Dust.
“The influx of capital coming from out-of-state investors remains strong,” Lynch said in a statement. “We are seeing unprecedented activity in the industrial investment market where multiple offers and bidding wars have become the norm.”
TREF Reno, LLC originally acquired Turner Air Crossing out of receivership via an online auction for $3.4 million in 2012. Lynch assisted with that acquisition and has held the leasing for the past seven years
Further, SVN Gold Dust will retain the leasing for the new ownership.
The buyer was represented by William Severi, CCIM, of North Bay Property Advisors in Santa Rosa, California.
Russo spent the last several years working with The Reno + Sparks Chamber of Commerce, where he built up a vast network of builders, developers and real estate companies in Northern Nevada.