SVN | Gold Dust Commercial Associates, one of the region’s premier brokerage firms, has completed the sale of a 107,338 square foot industrial space, Turner Air Crossing, located at 4690 Longley Lane in Reno, Nevada for $13,130,000.00.
Managing Director, Tomi Jo Lynch CCIM and Daniel Buhrmann of CBRE, co-listed the property and represented the seller, TREF Reno, LLC, in the transaction which closed on Wednesday, July 31, 2019. Bringing multiple buyers to the table, Lynch and Buhrmann negotiated the sale well above the original listing price of $12,700,000. The transaction was purchased by a family out of California through a 1031 Exchange. At the time of closing the property was 98% occupied and traded at a 5.33% cap rate.
“The influx of capital coming from out of state investors remains strong. We are seeing unprecedented activity in the industrial investment market where multiple offers and bidding wars have become the norm, ” said Lynch.
The seller originally acquired Turner Air Crossing out of receivership via an online auction for $3,400,000 in 2012. Lynch assisted with that acquisition and has held the leasing for the past seven years. SVN | Gold Dust Commercial Associates will also be retaining the leasing for the new ownership.
The buyer was represented by William Severi, CCIM of North Bay Property Advisors in Santa Rosa, California.