Dermody Properties, a national private equity real estate investment, development, and management company focused exclusively on the logistics real estate sector, recently leased 99,640 square feet at LogistiCenter℠ at 395, Phase 1, Building A in Reno, Nev. to Smart Warehousing. A third-party logistics firm, Smart Warehousing, offers warehousing and fulfillment services in more than 25 locations across 12 states. PCCP, LLC is Dermody Properties’ strategic capital partner on the industrial park.
George Condon, West Region Partner for Dermody Properties, will manage the transaction.
Smart Warehousing is expected to bring 20 jobs to the region and marks the company’s first operation center in Nevada.
“We’re excited to grow our footprint on the West Coast with the addition of our first fulfillment center in Nevada,” said Ed Lee, COO of Smart Warehousing. “LogistiCenter℠ at 395 was the ideal location for us and will significantly improve our reach and efficiencies with its excellent access to serve the entire western U.S. market.”
LogistiCenter℠ 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. With the addition of Smart Warehousing, all 1.25 million square feet of LogistiCenter℠ at 395, Phase 1, Building A is fully leased.
The second phase of LogistiCenter℠ at 395 includes two buildings as part of the 130-acre industrial park. LogistiCenter℠ at 395, Phase 2, Building 1 currently has 181,060 square feet available; Building 2 is now under construction and will add 436,363 square feet to the industrial park. Later this year, Dermody Properties plans to break ground on Building 3 which will add another 405,000 square feet.
“We’re glad Lyle Chamberlain at Lee & Associates showed our building to Smart Warehousing,” said Condon. “Class-A buildings with 36-foot clear heights and more dock doors than most Class-B buildings are now attracting companies that need less than 200,000 square feet.”
LogistiCenter℠ at 395 is within minutes of the three major shipping providers — UPS, FedEx, and OnTrac. Bordering five states, northern Nevada is perfectly situated as the hub of the 11-state western region, with 53 million people within one day’s drive. Trucking services are provided in the area by more than 65 local, regional and national carriers with shipments to 80% of the 11 western states occurring on a next-day basis.
“Our strategy throughout the country has been to build or acquire state-of-the-art facilities in highly desirable markets, and northern Nevada has always been one such market for us,” said Douglas A. Kiersey, Jr., President of Dermody Properties. “The state’s business-friendly tax policies, combined with the region’s central location in the western market, make it an ideal location for warehousing and distribution operations such as Smart Warehousing.”