Triple Net Property Sells Warehouse Property in Reno For $10.6 Million
Jen Olewinski/Nick Kopinga
Brower, Miller & Cole
RENO, Nevada, -(March 16, 2006) – Triple Net Properties has sold a 75,257 square-foot single tenant warehouse in Reno, Nevada for $10.6 million.
“Triple Net Properties strategically reevaluated its assets in Reno and is looking toward expanding its portfolio in other markets,” explained Dan Vittone, vice president of Voit Commercial Brokerage’s Irvine office who, along with Alan Pekarcik also of Voit’s Irvine office and Mike Bouma and Rob Mitchell of Voit’s Anaheim Metro office, represented the seller in the transaction. “Voit acted as consultants to find a reputable buyer for the single tenant property and help Triple Net Properties achieve its realigned goals.”
The property is located at 795 Trademark Drive in Reno, Nevada. The single tenant property is fully leased to Avnet-Memec, one of the world's largest B2B distributors of semiconductors, interconnect, passive and electromechanical components, enterprise network and computer equipment, and embedded subsystems from leading manufacturers. Avnet recently acquired privately held semiconductor distributor Memec Group Holdings Limited in July 2005.
The building was originally developed by the Allen Group, a development firm previously based in San Diego, California. The Allen Group was ultimately sold to Kilroy Realty Corporation, who in turn sold the building to Triple Net Properties as part of a larger portfolio of industrial buildings located in Las Vegas and Temecula.
Chris Maling and Dave Maling of Marcus and Millichap represented the investor, Skyline, LP, in the transaction.
Voit Commercial Brokerage, a member of CORFAC International, is a full-service brokerage firm that specializes in the sales and leasing of office, industrial and retail properties, in addition to investment property sales. Since the firm’s inception, it has completed sales and lease transactions valued in excess of $12 billion. A subsidiary of The Voit Companies, Voit Commercial Brokerage has offices in Irvine, Anaheim, Chula Vista, San Diego and Las Vegas.
The Voit Companies can be reached at www.voitco.com.
# # #