GPR Ventures has closed escrow on its very first acquisition in the Reno, NV market with the purchase of a 331,632 square foot industrial warehouse located at 4910 Longley Lane near the Reno-Tahoe International Airport. The single-building property features dedicated office space, as well as warehouse and storage facilities with both dock-high doors and ground level doors. It is currently 80 percent occupied and houses two tenants: Hamilton Company, a global manufacturer of precision measurement devices for several industries, and Powertrain Industries, Inc. which offers a line of unique products used by mechanics to repair vehicle driveshafts.
“The property’s strong tenant base was very attractive to us, and its proximity to highways, abundant housing and the Reno/Tahoe International Airport provides great opportunity for new leases,” said GPR Ventures co-founder and Managing Principal, Phil Rolla. “As we continue to expand our portfolio, the Reno market offers tremendous growth opportunity and we are excited about this new acquisition.”
“Due to its business-friendly environment and strategic location, Reno has seen a steady influx of companies in the past decade who are establishing their footprint in the area,” said Glen Yonekura, GPR Ventures co-founder and Managing Principal. “We are excited to expand the GPR Ventures footprint beyond California state lines and into this thriving market.”
The property is located less than five miles from several major highways, including SR-395 and I-580, as well as the Reno-Tahoe International Airport. Multiple points of entry along both Longley Lane and Boynton Lane, which runs parallel to the building, provide easy access.
The industrial property includes:
–21 dock-high doors, with potential for 16 more, allowing for convenient access to load and unload into the warehouse space
–Two grade-level doors, illuminated with T5 high-output fluorescent lamps for increased visibility
–New roofing, totaling a $1.5 million investment