Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, has leased the remaining 47,952 square feet of space at LogistiCenterSM at 395 Phase II Building 1 in Reno to an existing customer of the property.
“We are pleased that our customer has chosen to leverage this facility to continue to fuel the growth of its operation,” said George Condon, West Region Partner at Dermody Properties. “This region’s business-friendly environment, robust labor pool and access to major West Coast hubs make it a strategic location for all customers of this property.”
Eric Bennett of CBRE represented both Dermody Properties and the customer in the transaction. The customer is a fulfillment company that already occupied 269,620 square feet in the building prior to the new lease.
LogistiCenterSM at 395 is a multi-phase, master-planned industrial park totaling more than 2.8 million square feet in the North Valleys submarket of Reno-Sparks. The property is just eight miles from Interstate-80, 12 miles from Reno-Tahoe International Airport, and within minutes of three major shipping providers – UPS, FedEx and OnTrac. Building 1, within Phase II of the park, is now fully occupied.
“It’s a great sign for northern Nevada’s industrial market to see continued demand, especially during a pandemic,” said Elizabeth Kauchak, Chief Operating Officer at Dermody Properties. “As we continue to see an increased need for manufacturing, warehousing and distributing space in the region, we remain focused on new acquisition and development opportunities in northern Nevada and throughout the state.”
About Dermody Properties
Dermody Properties is a privately-owned real estate investment, development and management firm that specializes in the acquisition and development of logistics real estate in strategic locations for e-commerce fulfillment centers, third-party logistics and distribution customers. Founded in 1960, Dermody Properties has invested in more than 89 million square feet of industrial space. In addition to its corporate office in Reno, Nev., it has regional offices in northern and southern California, Atlanta, Phoenix, Seattle, Chicago, Dallas, New Jersey and Nevada. For more information visit www.Dermody.com.