Reno, Nevada., (October 19, 2012) – Miller Industrial Properties has completed the lease-up of Panattoni’s Lear 390 Property at the Lear Industrial Center, Reno, Nevada. A 1,419,000 sf, 4 building complex, 15 miles north of downtown Reno, NV. The property, which is 390,000 sf, is now fully long term occupied, according to Tom Miller, President of Miller Industrial Properties.
“The completion of this lease-up, especially in this low demand – extremely high competition time in the economy speaks to the quality of Miller Industrial Properties investment and demonstrates how our brokerage’s approach to marketing and transaction management work together successfully” said Miller. “Because Miller Industrial provided a highly cooperative, partnering type approach to the property ownership, we were able to draw upon our respective strengths to win very highly contested leases. The joint approach facilitated these transactions and provided prospective tenants and brokers with answers and results quickly.”
Completing the lease-up, Miller recently directed a new lease transaction encompassing 292,500 square feet in the properties last vacant space to Bizchair. This is an eRetail business based in Atlanta. This new site represents Bizchair’s first expansion out of the southeast and serves to lower the freight costs to the west coast and shorten delivery times to their western customer base. Bizchair executives noted that the transaction with Panattoni and Miller “went extremely smooth and was first class in every respect. Panattoni was highly responsive to our very tight schedule needs and Miller found site alternatives for us that were perfect fits and within our budget”.
Miller Industrial Properties also completed a 97,500 sf, long term lease to the Burrows Corporation, in the property. Burrows, from New York, serves the fast food industry with wrappers and containers for their food products. Burrows partnered with Miller Industrial in 1998 when they first expanded to the west coast. They ultimately outgrew their free standing, custom build-to-suit property, were completing their long term lease and needed a new, larger space quickly. Again, Panattoni and Miller Industrial partnered to secure a new Class A space for Burrows; however, this use required Panattoni to revise a distribution warehouse location into a turnkey food grade facility, quickly and at pricing that accommodated Burrows strict budgets. Joseph Cmielewski, Burrows Corporate Director of Logistics said ” Miller’s market knowledge and ability to provide excellent guidance throughout the complicated new lease and location move process make the whole deal flow easily. Tom really became an important part of our planning and implementation team.”
In addition, Miller has provided plenty of additional occupancy to Panattoni’s 4 building complex, by bringing 2 of the 4 tenants to the Lear 200 property, comprising 45% occupancy at that location. In Lear 400, Miller has brought another 2 tenants as well.
Panattoni’s asset manager, Scott Siegel who worked closely with Miller on numerous transactions on the Lear 390 project said “Miller Industrial is a valued and trusted advisor providing exceptional service and integrity. We are very pleased to welcome Bizchair to the Lear Industrial Center and thank Miller Industrial who was instrumental in bringing the parties together and guiding the process to a successful close.”