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JLL closes $49 million sale of Sierra Commerce Park
RENO, Nev., January 22, 2015 – With plenty of capital chasing limited opportunities, big box industrial properties are topping investors' wish lists. On behalf of an institutional investor, JLL's Capital Markets experts today announced the sale of Sierra Commerce Park, a six-building industrial portfolio located in Reno, Nev. LBA Realty purchased the multi-tenant warehouse for $49 million, making it the largest industrial sale in the city in the past 10 years.
Managing Directors Mark Detmer and Bo Mills led the JLL team on the transaction.
"Sierra Commerce Park is centrally located in the United States' Western region, making transportation to and from markets like Los Angeles, San Francisco and Portland quick and operations less costly," said Detmer. "The property is institutional quality and boasts a strong tenant roster, which attracted a great deal of interest among investors."
The warehouses total 1,524,449 square feet and feature amenities including newly constructed offices, in-pit leveler dock systems, energy efficient light systems and spaces ranging from 12,000 to 480,000 square feet.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2013 alone, JLL Capital Markets completed $99 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
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About JLLJLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $53.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
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