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JLL completes $81.1 million sale of North Valleys Commerce Center
RENO, Nevada, July 11, 2018 – JLL's Capital Markets experts today announced the sale of two newly completed, institutional quality warehouse distribution buildings at North Valleys Commerce Center, a 96-acre logistics development in Reno, Nevada. The seller was a joint venture between CalSTRS and an affiliate of Panattoni Development, which developed and fully-leased both buildings prior to the sale. The buyer was a partnership between Prism-IQ Nevada LLC and QOF Nevada LLC.
Managing Directors Mark Detmer and Bo Mills led the JLL team handling the $81.1 million sale.
"These buildings held strong appeal for investors because of the ongoing strength of the Reno logistics market, the highest quality of construction by a world-class developer and the long term, stable tenancy," said Detmer.
The two buildings are leased to four tenants including a leader in consumer brand manufacturing and a major producer of high quality, single-use gloves designed for the healthcare and automotive industries as well as industrial safety and lab research environments.
Late last year and also on behalf of CalSTRS and Panattoni, JLL sold a 423,001-square-foot warehouse distribution building in the same development. That building was fully leased to organic and gluten free baking company, Mary's Gone Crackers.
The Reno metro area is within one-day truck service of all major West Coast markets including Los Angeles, San Francisco and Seattle, as well as Boise, Las Vegas, Salt Lake City, Phoenix and Portland. It is within two days of Denver. The North Valleys Commerce Center is located close to Reno's two regional airports as well as existing UPS and FedEx freight terminal facilities and the region's major highway networks.
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 2017 alone, the firm's 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
For capital markets content, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 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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