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Clarion Partners Acquires 322400 Square Foot Industrial Building In Sparks Nevada For $41.7M

Property Image
SOLD
$41,700,000
Paige Morgan
Brett Hartzell

Nevada

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Industrial322,400 SF
Sold 07/15/2024
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SOLD

Clarion Partners Acquires 322400 Square Foot Industrial Building In Sparks Nevada For $41.7M

500 Denmark Drive

See Similar Deals
Industrial322,400 SF
Sold 07/15/2024
Paige Morgan
Brett Hartzell
the dealplayerscompscontact
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Summary

NEVADA
Asset Type:Industrial
Price Per Square Foot:$129
Total Square Footage:322,400 SF
Transaction Type:Sale

Clarion Partners acquired an industrial property located at 500 Denmark Drive in Sparks, NV, for $41.7 million. The building spans 322,400 square feet with a price per square foot of $129. It features 32-foot clear heights and 36 expandable dock doors, positioning it within the Tahoe Reno Industrial Center.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: $41,700,000
  • Sale Date: 07/15/2024
  • Buyer: Richard Schaupp
  • Buyer’s Company: Clarion Partners
  • Seller: Pure Development
  • Brokers: Brett Hartzell & Paige Morgan
  • Brokers’ Company: CBRE
  • Square Footage: 322,400
  • Price Per Square Foot: $129

This transaction highlights the involvement of Richard Schaupp representing Clarion Partners in the acquisition from Pure Development. The brokerage team of Brett Hartzell and Paige Morgan from CBRE facilitated the deal, contributing to the expansion of Clarion Partners' industrial operations in the Reno area.

Players

Brett Hartzell
CBRE
Brett Hartzell
12 deals$789M volume
BROKER
Paige Morgan
CBRE
Paige Morgan
9 deals$535M volume
BROKER

Details

SOLD
IMAGE: 07/15/2024 ADDRESS: 500 Denmark Drive MARKET: Sparks, NV ASSET TYPE: Industrial BUYER: Richard Schaupp - Clarion Partners SELLER: Pure Development BROKERS: Brett Hartzell & Paige Morgan - CBRE SALE PRICE: $41,700,000 SF: 322,400 ~ PPSF: $129 NOTE: Clarion Partners purchased a 322,400-square-foot industrial building at 500 Denmark Drive in McCarran, Nev., from Pure Development for $41.7 million, expanding its Reno industrial footprint. The property, featuring 32-foot clear heights and 36 expandable dock doors, is part of the Tahoe Reno Industrial Center, which houses major tenants like Tesla and Google.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,224,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$148,151.29
Cash-on-Cash Return-1.27%
Monthly Debt Service$197,679.27
Annual Debt Service$2,372,151.29