Brennan Investment Group, LLC, a private real estate investment firm that acquires, develops and operates industrial properties on a national basis, has acquired a seven-building industrial portfolio totaling 584,866 square feet. This portfolio consists of warehouse/industrial buildings located in the Sparks submarket of Reno, Nevada.
“We are pleased to complete the acquisition of this seven building portfolio in Sparks, Nevada, the strongest and largest industrial submarket in the Reno metropolitan area. The Reno/Sparks market is attracting new businesses due to an absence of state income taxes and its logistical position in the Northwest United States. Reno has seen 16 consecutive quarters of positive net absorption, and has a current vacancy rate of 5.9%, the lowest in 10 years,” said Tim Gudim, West Coast Managing Principal at Brennan Investment Group.
Michael Brennan, Chairman and Managing Principal for Brennan Investment Group stated, “This acquisition is illustrative of our strategy to acquire functional, well-located assets, in demographically strong markets. The Reno market is strategically located at the epicenter of the western United States, within close proximity to air, truck and rail services.”