Seattle Firm coming to Reno
Things are looking positive in Northern Nevada. It is RIG’s opinion (spec to suit development) is on the rise considering the purchase of the 66 acres in Spanish Springs Business Center, Gateway Business Park at TRIC and a large land purchase on Lemmon Dr. in the North Valleys. The question is, looking at the specific vacancy rates regarding large distribution product, if pure speculative development commences will this attract new tenants?
Here's to hoping it does.
To read the article on RGJ online, click here.
Originally posted 10/17/2013 by the Reno Gazette Journal, Business Real Estate and Retail:
Lake Washington Partners, a Seattle commercial real estate firm, has acquired a 66-acre parcel in the Spanish Springs Business Center in Sparks with plans to develop as distribution/warehouse space.
In a news release, the company said it plans phased development of 1.5 million square feet beginning with construction of 600,000 square feet of facilities in 2014.
Lake Washington Partners owns 650,000 square feet of industrial real estate, as well as several developmental sites, across the Sparks/Reno metropolitan area.