Dickson Commercial Group represented Basin Street Properties in selling a multi-tenant industrial flex portfolio in Reno, Nevada. Representing the sellers were DCG’s Dominic Brunetti CCIM, Scott Shanks SIOR, Chris Shanks CCIM, and Matt DeRicco. Mill @ McCarran consists of approximately 129,767 square feet of mixed-use, flex space. Ranging from Class A flex, office, retail, and showroom space, the business park provides sufficient opportunity for business prosperity. Hidden Valley LLC purchased the portfolio on August 30, 2021, for $26,235,000 and had an in-place cap rate of 5.50%.
Among the numerous businesses occupying spaces, key tenants include; the Department of Veteran Affairs, Friends of MS, IQ Systems, Sierra Pacific Federal Credit Union, Indian Health Services, and Chrysalis Nevada. Located at the corner of Mill Street and McCarran Boulevard, the portfolio is strategically situated minutes from the Reno/Tahoe International airport and Downtown Reno. In addition to the close proximity of these buildings, on-site amenities include abundant parking and high visibility from McCarran Boulevard.
This off-market transaction displayed Basin Street Properties’ keen sense of market dynamics making it the right time to sell this 95% leased asset. It also epitomizes the professionalism and perseverance of the DCG team and the buyer’s representative, Lyle Chamberlain CCIM of Lee & Associates in finding opportunities for their respective clients in an ever-tightening investment market. Thank you and congratulations to Basin Street Properties and Lyle Chamberlain.