Clarion Partners LLC has acquired Lear Industrial Center in Reno, NV, for $117 million. The seller, Panattoni Development Company, originally developed the four-building, Class A, multi-tenant business park totaling 1.4 million square feet between 2005 and 2008.
The JLL Capital Markets team representing Panattoni was led by senior managing directors Mark Detmer and Bo Mills.
Accroding to JLL’s Detmer, “Lear Industrial Center offered investors an opportunity to acquire a rare, scalable portfolio of Class A, institutional-quality warehouse and distribution buildings. The property’s best-in-class features will drive occupancy for years to come.”
The buildings, located at 6640, 6645, & 6650 Echo Ave., and 12995 Echo Ct., sit on nearly 74 acres in Reno’s North Valleys submarket, less than a mile from Reno-Stead Airport and freeway access that provides one and two-day truck service to Seattle, Phoenix, Denver, Los Angeles, Salt Lake City, Sacramento and San Francisco.