JLL completes $117.3M sale of Lear Industrial Center in Reno
The four-building industrial park totals 1.4 million square feet
LAS VEGAS, January 24, 2020 – JLL Capital Markets announced that it has closed the $117.3 million sale of Lear Industrial Center, a four-building, Class A, multi-tenant business park totaling 1.4 million square feet in Reno, Nevada.
JLL marketed the property on behalf of the seller, Panattoni Development Company. Clarion Partners, LLC purchased the asset.
Lear Industrial Center was developed by the seller between 2005 and 2008 to the highest institutional standards. The state-of-the-art buildings feature 30-foot clear heights, ESFR sprinklers, flexible floorplans, 164 dock-high doors, 32 grade-level doors and ample parking. Situated on 73.66 acres at 6640, 6645, & 6650 Echo Avenue and 12995 Echo Court, the park is within the North Valleys Industrial submarket and less than a mile from Reno-Stead Airport and less than two miles from U.S. Route 395, which along with proximity to Interstates 80 and 580, provides tenants access to one and two-day truck service to Seattle, Phoenix, Denver, Los Angeles, Salt Lake City, Sacramento and San Francisco. Additionally, Lear Industrial Center is less than 12 miles from Union Pacific Intermodal Hub and approximately 13 miles from Reno-Tahoe International Airport.
The JLL Capital Markets team representing the seller was led by Senior Managing Directors Mark Detmer and Bo Mills.
“With its location in a market that boasts high-profile corporate neighbors and 6.68% submarket vacancy, Lear Industrial Center offered investors an opportunity to acquire a rare, scalable portfolio of Class A, institutional-quality warehouse and distribution buildings,” Detmer said. The property’s best-in-class features will drive occupancy for years to come.”
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 investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Panattoni Development Company
Panattoni Development Company, Inc. is a privately held commercial real estate development company specializing in industrial, office and build-to-suit projects. As a privately held company, the company is in a unique position to leverage the most promising international markets and most effectively serve its clients on a local level. To learn more, visit panattoni.com.
About Clarion Partners, LLC
Clarion Partners, LLC, an SEC registered investment adviser with FCA-authorized and FINRA member affiliates, has been a leading U.S. real estate investment manager for more than 37 years. Headquartered in New York, the firm has offices in major markets throughout the U.S. and Europe. With over $51 billion in total assets under management, Clarion Partners, LLC offers a broad range of both debt and equity real estate strategies across the risk/return spectrum to its more than 350 domestic and international institutional investors. More information is available at clarionpartners.com.