A four-building industrial complex in Sparks is getting a new owner, marking Equus Capital Partners’ first foray into the Reno area.
The 514,900-square-foot portfolio, known as Greg Center, sits at McCarren Boulevard and Greg Street and has been a hub for businesses in the Sparks Industrial District for more than two decades.
The portfolio was built between 1995 and 2000 and includes two mid-bay and two shallow-bay buildings with clear heights from 20 to 28 feet and a mix of front- and rear-loading configurations. Suite sizes range from 5,000 to 73,000 square feet, with additional demising options available. Greg Center has averaged 95 percent occupancy over the past five years.
An affiliate of Equus acquired the portfolio on behalf of a value-add fund sponsored by the firm.
The Sparks Industrial District serves a broad base of institutional, regional, and local tenants. Limited availability in small- and mid-bay properties in the market is expected to continue supporting stable occupancy and rent performance.
According to Equus, the Reno industrial market benefits from a central location in the western United States, allowing one-day truck service to approximately 60 million customers. The region is near the San Francisco Bay Area, five deep-water ports within a one-day drive, the Union Pacific Intermodal Hub, and Reno-Tahoe International Airport, just four miles away.
Equus says industrial demand in the area is driven by growth in e-commerce, third-party logistics, and technology manufacturing, as well as proximity to the Tahoe Reno Industrial Center, one of the world’s largest data center locations.
“We are excited to close our first industrial acquisition in the Reno, Nevada MSA,” said Rob Butchenhart, Equus senior vice president of the Western Region. He added that he and Michael Riordan, Equus associate, negotiated the purchase on behalf of the Equus affiliate. “Reno benefits from its central location in the western U.S. and has enjoyed recent demand tailwinds with a business-friendly environment, strong population growth, and momentum from nearby data-center related requirements. Located at ‘main and main’ in Sparks, Nevada, Greg Center’s industrial properties offer various suite sizes that are flexible options for our tenant customers.”
Equus plans targeted base-building improvements across the portfolio and a proactive asset management strategy focused on maintaining occupancy and operational flexibility.
