Case Study: I-80 Distribution Center, Reno, NV

Black Creek Group Achieves Quick Leasing of Acquisition

Bordering five states, the Reno market has become a primary west coast distribution hub for major companies, specifically e-commerce providers because of the access to approximately 70 million people in a less than two-day drive.

With strong industrial demand in the market, in 2019, Black Creek’s industrial team identified a value-add opportunity to increase the company’s presence in the area, sourcing the acquisition of four Class A distribution warehouses located in the West Reno submarket.

795,000 Industrial Square Feet
100% Leased 90 days from acquisition

Located near the I-80 Freeway, which offers direct access to Sacramento, San Francisco, and Salt Lake, the transaction totaled 795,000 square feet and was 87 percent leased at the time of closing.

Through local knowledge and extensive research regarding tenant demand in the market, it was clear that there was an opportunity to create value through the lease-up of the 104,000 square foot vacancy.

With the Black Creek acquisition, due diligence, legal, finance, and leasing teams working together, they were able to quickly respond to deal changes, updating the firm’s proposal to include more competitive underwriting and an expedited timeframe to close.

Additionally, by including the leasing team in the process, Black Creek was able to begin actively marketing the vacancy immediately upon closing – speeding up the leasing process to create value from the acquisition.

Fast Action in a Major Hub1

In less than 90 days from the close of the sale, the vacancy was 100% leased and the newly acquired properties are now 100% percent leased to four high-quality tenants, including a leading outdoor clothing brand.

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