12 Tenants Gobble Up Space at North Valleys Commerce Center

Newly finished industrial space at the North Valleys Commerce Center in Reno was quickly leased to 12 tenants including Temper Sealy, Union Supply Group, GBS Enterprises and Mary Kay Corporation. In total, the center comprises nearly 3 million square feet across 10 buildings located off US-395 on N. Virginia Street.

Construction on the campus was completed in two phases, with four buildings finished in March 2019 and the final six wrapping in July of last year. While Panattoni and CALSTRS maintain ownership of all six newly completed buildings, three of the four from earlier construction have since been sold to LBA Realty and Prism Realty. The half dozen new buildings total 1.677 million square feet, with the largest portion of the property leased to Temper Sealy at 405,213 square feet.

Kidder Mathews’ Mike Nevis, Steve Kucera and Shawn Jaenson represented the developers, a joint venture between Panattoni Development Company and California State Teachers Retirement System (CALSTRS).

“This was a quick lease time,” said Nevis. “In only 16 months, 14 leases with 12 different tenants were signed, with the last one signed only a month after the final of six buildings were completed. It shows the incredible strength of the Reno industrial market.”