Newly finished industrial space at the North Valleys Commerce Center in Reno has been leased to 12 tenants — including Temper Sealy, Union Supply Group, GBS Enterprises, and Mary Kay Corporation. Kidder Mathews’ Mike Nevis, Steve Kucera, and Shawn Jaenson represented the developers, a joint venture between Panattoni Development Company and California State Teachers Retirement System (CALSTRS).
In total, the center comprises nearly three million square feet across 10 buildings and is located just off US-395 on N Virginia Street. Construction on the campus was completed in two phases — with four buildings finished in March of 2019 and the final six wrapping in July of this year.
While Panattoni and CALSTRS maintain ownership of all six newly completed buildings, three of the four from earlier construction have since been sold to LBA Realty and Prism Realty. The half dozen new buildings total 1,677,362 square feet — with the largest portion of the property leased to Temper Sealy, at 405,213 square feet.
“This was a quick lease time,” said Nevis. “In only 16 months, 14 leases with 12 different tenants were signed, with the last one signed only a month after the final of six buildings were completed. It shows the incredible strength of the Reno industrial market.”
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project and construction management, and debt & equity finance services for all property types. The firm performs $8 billion in transactions, manages 64 million square feet of space, and conducts over 1,800 appraisals annually. For more information, visit kidder.com.
