Red Rock 200 industrial/distribution building located in Reno, Nevada is now 83% leased to two tenants. Alltrade Tools, a designer and manufacturer of automotive shop tools and equipment, leased 93,500 SF for a ten-year lease term. Cimpress N.V., a manufacturer of high volume, customized printed materials and apparel, leased 72,750 SF for a seven-year lease term. Tenant improvements are underway and both leases are expected to commence in late-November/early-December. Jones Lang LaSalle has been engaged to market the property for sale with a disposition anticipated in early QI 2017. With a location allowing overnight delivery to 11 western states and 62 million people, the Reno industrial market has experienced record-setting growth in recent years, bolstered in no small way by the Tesla Motors Gigafactory, which when fully built will exceed 10 million SF. Red Rock 200 is owned by Westminster Realty Partners LP.
About Westminster Capital
Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling approximately $750 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction, by careful investment underwriting and pursuit of well-funded tenants motivated by powerful long-term secular changes in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.