DCG is proud to announce the portfolio sale of 1610 and 1630 Kleppe Lane in Sparks, Nev.
DCG’s industrial team of Joel Fountain, SIOR, Baker Krukow, and Nick Knecht, along with DCG principal Tom Fennell, CCIM represented the seller exclusively. The DCG team conducted a bid process that resulted in 14 offers with a final sale price of $5,450,000, approximately 21% over the portfolio’s initial asking price.
“The industrial market in Reno-Sparks is continuing to perform well,” said Joel Fountain, SIOR at DCG. “We were able to create a fair but competitive bidding process that ended up with a large number of offers and an over-ask price, which speaks to the nature of the demand for our industrial market.”
1610 and 1630 Kleppe Lane are situated in the heart of the Sparks industrial submarket with close proximity to major shipping routes, Interstate 80 and Interstate 580.
Chris Askin, CEO of the Community Foundation, said, “DCG did an outstanding job of maximizing net proceeds while performing a thorough listing process on behalf of our ownership group. They went the extra mile to make sure everything went smoothly and according to plan. This sale will exponentially increase available funding for foster youth scholarships in our region. The property was gifted to the Foundation to fund scholarships for foster youth through a bequest. I’m positive that this sale will increase the available funding far beyond the donor’s greatest dreams.”
The two-asset portfolio consists of two buildings and an adjacent 3-acre yard, occupying a total of 6.029 +/- acres. The property was 100% occupied by Herc Rentals Inc, Vertical Iron Works, and Drake Anthony Company LLC. Herc Rentals is a premier, full-service equipment rental firm that provides equipment, services, and solutions to achieve optimal performance safely, efficiently, and effectively. Vertical Iron Works is a custom structural steel framing company providing metal fabrication for custom homes and buildings in the Greater Reno/Sparks and Lake Tahoe area. JFC Crossdock & Logistics (formerly Jones Family Crossdock) is the leading cross-dock facility in northern Nevada, and one of the fastest-growing 3PL logistics companies.