4950 JOULE STREET, RENO, NV (JOULE INDUSTRIAL CENTER)
VALUE-ADD AND INFILL INDUSTRIAL
ACQUIRED IN MARCH 2020

Back to Properties
Google Maps

74,610 SF warehouse (2 connected buildings) on 146,362 SF (3.36 acres) of land; 51% coverage

Located next to the Reno-Tahoe International Airport and 5-10 minutes from I-80, I-580, and downtown Reno.

Acquired at a discount to comparable sale pricing, largely due to the property's below market rents and short (2.5 year) lease terms. Still, there was minimal deferred maintenance then and today.

At the time of purchase, the property was 100% occupied by two tenants, and both leases expired in October 2022. One of the two tenants then took over both buildings and at a rental rate that is 30% higher than the projection we made in 2020, thus significantly increasing the value of the asset.

While development has increased in the Reno metropolitan area, there is virtually no land to build additional warehouse space in the submarkets close to the airport, I-80, and downtown Reno. Industrial vacancy rates are also at record lows and rents continue to rise.