CapRock Partners Pays $82M for Reno Facility

CapRock Partners has acquired 3200 USA Parkway, a 707,010-square-foot industrial building in Sparks, Nev., for $81.5 million, public records show. Manulife Investment Management was the previous owner, according to CommercialEdge information.

A NAI Alliance team led by Senior Vice President Brian Armon, which is also conducting the leasing efforts, facilitated the deal on behalf of the buyer.

This transaction marks CapRock’s first purchase in northern Nevada. The company now owns approximately 5 million square feet of industrial space across the state, including two Las Vegas business parks that came online last year.

A LEED Silver-certified facility

The asset previously traded in January 2020, when Manulife acquired it from Allstate Investments for $56.5 million—or $79.91 per square foot. Completed in 2014, the cross-dock distribution center features 36-foot clear heights, 131 dock-high loading doors, three drive-in doors and 190-foot truck courts. The LEED Silver-certified facility also includes 14,890 square feet of office space.

The warehouse is part of Tahoe-Reno Industrial Center, one of the largest industrial parks globally. The 107,000-acre campus has 30,000 developable acres for industrial purposes and is home to Google and Tesla’s Gigafactory 1.

The 48-acre property is off Highway 439 and approximately 3 miles from Interstate 80. The building is also some 23 miles from downtown Reno, Nev., and within 25 miles of the Reno-Tahoe International Airport.

CapRock’s recent industrial expansion

CapRock Partners’ current portfolio consists of more than 30 million square feet acquired or constructed across the U.S. The firm focuses on industrial properties in the Western and Central regions of the country.

In April, CapRock entered Texas with the purchase of Peachtree Distribution Center, a 396,750-square-foot asset in Mesquite. Dalfen Industrial sold the Metroplex property that came online in 2001.

Last August, the firm started construction on Building 1 at Caprock Central Point III, a 1.3 million-square-foot property. Upon completion, the campus is expected to encompass four buildings totaling 2.7 million square feet.