LOS ANGELES – June 24, 2015 – CBRE Global Investors has acquired a single-tenant, Class A warehouse/distribution industrial property in McCarran, Nevada, on behalf of a U.S. separate account client. The property, which totals 707,010 square feet, is fully leased on a long-term lease to an American e-commerce company selling clothing, toys and home products catering towards mothers and children.
3200 USA Parkway is located in the Tahoe Reno Industrial Center, a master-planned industrial park located 12 miles east of Reno on I-80, a major national transportation thoroughfare. Reno has become a leading location for e-commerce companies as it provides proximity to major West Coast ports, ability to reach the 11 westernmost states with one-day shipping, and access to multimodal transportation corridors. It also provides the ability to pull from a large workforce base in the surrounding communities. As such the market is undergoing a dramatic increase in development, both speculative and build-to-suit.
Developed on a build-to-suit basis in 2014, the property is among the newest deliveries to the Reno-Sparks MSA and was delivered with high-quality construction and state-of-the-art building features that serve the tenant’s ecommerce requirements and future growth needs. Features include a 36-foot clear height, ESFR sprinklers, cross-dock loading, 2 percent office build-out, T-5 lighting, and LEED Silver certification (Core + Shell).
“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.
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $87.1 billion in assets under management* as of March 31, 2015. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment firm for the benefit of its investors. CBRE Group, Inc. has more than 52,000 employees in more than 370 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.