In $22 million deal, Bay Area firm acquires 331,000 sq. ft. Reno warehouse
RENO, Nev. — Two years ago, when Bay Area-based real estate investment firm GPR Ventures began mapping out plans to expand its presence in the western U.S., a handful of cities immediately popped on its radar.
Among them was Reno, a city fast-gaining momentum as an attractive destination for companies to do business.
GPR Ventures officially joined the movement to the Biggest Little City on Dec. 14, 2020, with the acquisition of a 331,623-square-foot industrial warehouse at 4910 Longley Lane.
“Reno’s business-friendly, highly competitive landscape offers tremendous opportunity, and we believe establishing our footprint in this market will be key for the future of our firm,” Phil Rolla, co-founder and managing principal at GPR Ventures, said in an email to the NNBW.
GPR Ventures paid $21.98 million for the single-building property, which features dedicated office space as well as warehouse and storage facilities with 21 dock-high doors and two ground-level doors, according to the company.
“Reno holds a promising future, even in the midst of so much uncertainty for the industry,” Rolla said, referring to the pandemic’s continuing impacts on commercial real estate. “While many other major and mid-level markets have experienced significant downturns this year, Reno continues to grow and provide new opportunities, which is incredibly positive for the market.
“Also, Reno’s proximity to our Bay Area and Sacramento offices make it an ideal next step for GPR Ventures’ western expansion.”
GPR Ventures’ property in Reno is currently 80% occupied and 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.
“A key reason this property stood out to us was because of its strong tenant base, and we are excited to have two dedicated and reliable leaseholders in Hamilton Company and Powertrain Industries, Inc.,” said Rolla, who added that the firm invested $1.5 million for new roofing on the building. “GPR Ventures takes a very active role in the maintenance and upkeep of all our properties, and tenant relations is one of our primary focuses. We look forward to building our relationship with each company over the next several years.”
The firm plans to lease out the remaining 20% of open tenant space (52,500 square feet) by the end of Q1 in 2021, said Glen Yonekura, co-founder and managing principal of GPR Ventures.
“We’re excited at the early interest we have received about the available space,” he added.
GPR Ventures announced its Reno investment one week after adding Utah to its footprint with the purchase of a 49,234-square-foot industrial warehouse in West Jordan, Utah.
Founded in 2011, GPR Ventures’ portfolio includes 70 buildings totaling more than 2 million square feet and an additional 26 acres of land.
Reno-based design firm MBA Architecture and Design is assisting on the $47 million Caesars Entertainment project in downtown Reno.