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Dornin Nabs 20-Building Sparks Portfolio for $70M
Dornin Investment Group (DIG) acquired a 20-building, 413,172-square-foot portfolio of light industrial properties in Reno/Sparks, Nevada and select retail and medical office assets in Northwest Reno, Nevada. The portfolio was acquired for $70 million. The Ribeiro Companies was the seller.
This is Dornin’s fourth value-add light industrial acquisition in the last 18 months.
The majority of buildings were constructed between 1977 and 1991, with retail assets built in 2005-2006. The portfolio collectively has over 180 total tenants with a median unit size of 1,640 square feet. The office buildout of the warehouse units is 21.7%. The average tenancy has been in place since 2019, with some tenants in place since 1994. At acquisition, rents were, on average, 30.5% below market rates.
The Reno/Sparks industrial submarket is underpinned by robust market fundamentals, including a mere 3% vacancy rate for spaces under 5,000 square feet and a 6.6% annual rent growth over the past decade.
- ◦Sale/Acquisition
