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Dalfen acquired TRIC Logistics Center earlier this year for $62 million. Image courtesy of Dalfen Industrial
Dalfen Industrial has secured a full-building lease with Tellworks Logistics at its 489,440-square-foot industrial property in Reno, Nev. CBRE Executive Vice President Eric Bennett represented the owner in the agreement.
Tolles Development Co. delivered TRIC Logistics Center earlier this year. According to CommercialEdge data, Dalfen acquired the asset in September for $62 million, financing the purchase with a $53 million loan from Walton Street Capital.
The property is at 75 Pittsburgh Ave. in Sparks, Nev., a suburb of Reno. It features 36-foot clear heights, 64 dock-high doors, 4 drive-in doors, 90 trailer parking spots, car parking spaces and a 130-foot truck court. Tellworks Logistics will be operating the logistics needs of a Fortune 500 company in the TRIC Logistics Center.
The property is positioned to provide distribution and fulfillment access to the West Coast. Located near Interstate 80 in the East Valley submarket, the facility is within 20 miles of the Union Pacific Intermodal, Interstate 580 and the Reno-Tahoe International Airport.
Reno market faces new speculative construction
In the Reno and northern Nevada area, some 4.8 million square feet of industrial space hit the market in the first half of 2023, a Kidder Mathews report shows. This marked the highest amount of new construction delivered in the market in a single year since 2007.
Considering the significant amount of new deliveries, the overall vacancy rate increased to 5.3 percent, alongside falling asking rental rates.
Specifically, along the I-80 East Corridor, 2.4 million square feet of industrial deliveries caused an 11.7 percent increase in the average second-quarter vacancy rate, the same report shows.
More companies are making a move in the region due to benefits such as Western distribution access, low power costs, tax abatements and a high number of other industrial centers. Among these was Novva Data Centers, which is developing its second Nevada asset—a $500 million, 300,000-square-foot facility. It is set to come online late next year.
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