Cushman & Wakefield arranges owner/occupier sale of 169,027 SF warehouse/distribution facility

Cushman & Wakefield announced the firm’s National Industrial Advisory Group (“IAG”) has advised the sale of a freestanding 169,027-square-foot (SF) industrial building in Reno, Nevada. Located at 400 East Parr Boulevard, the Northern Nevada facility was acquired by an undisclosed owner/occupant in the kitchen and bath appliance industry for $20.5 million.

The seller was Panattoni Development Company, a privately held commercial real estate firm specializing in industrial, office and build-to-suit projects. The property was previously tenanted by Sears Outlet Stores.

Mike Nevis and Shawn Jaenson of Cushman & Wakefield represented the seller in the transaction. They were joined by Will Strong, Molly Hunt, Michael Matchett, Jack Stamets, and Madeline Warren of the firm’s National Industrial Advisory Group – Mountain West, along with Jeff Chiate, Rick Ellison, Matthew Leupold, and Aubrie Monahan of the IAG – West team.

“This acquisition marks a significant owner/user transaction for the Reno market, taking a meaningful portion of vacancy off the table and contributing to the region’s continued momentum. Located in a prime Northern Nevada location, 400 East Parr offers rail service and excellent access to both I-80 and US 395,” said Mike Nevis, Vice Chair.

400 East Parr Boulevard is situated on ±6.72 acres and was originally built in 1972 but completed renovations in 2016. The property features 25’ clear height, 18 dock doors, 1 grade door, ESFR sprinklers, and skylights.

According to Cushman & Wakefield’s latest Reno industrial report, overall market vacancy declined in the first quarter of 2025 to 11.4%, down from 11.8% at year-end 2024. Additionally, Reno’s industrial market achieved a momentous nearly 1.1 MSF of positive absorption (occupancy growth), marking a quick turnaround from losses incurred during 2024 and back inline with the positive momentum observed following the pandemic. Leasing activity also rose significantly during Q1 2025.