Southern California Commercial Real Estate Investment and Management Company Acquires Approximately 800,000 Square Feet in Thriving Nevada Markets
IRVINE, CA - The Bendetti Company, a Southern California commercial real estate investment company, is pleased to announce two new acquisitions in Nevada, adding to its investment portfolio which now totals more than two million square feet of industrial property. The first acquisition was Southern Way, a three-building portfolio consisting of 631,115 square feet located in Sparks, Nev. The second acquisition was Spice Island, a 165,000-square-foot building also located in Sparks, Nev.
Southern Way, Sparks, Nev. - Bendetti Closes on 631,115-Square-Foot Acquisition
Bendetti's recent Reno acquisition, which sits on approximately 20.89 acres, features three single- and multi-tenant industrial buildings -- including nine fully occupied units, the majority with below market rents. The units range from 12,220 to 149,600 square feet -- totaling 631,115 square feet. The Class B properties, which also include a 12,220-square-foot cold-storage unit, were purchased as Light Value Add investments and closed in just over two months. Bendetti was able to complete the all-cash transaction quickly through short-term financing from its partner, JCR Capital, after which the project was recapitalized for a longer hold period with Reinsurance Group of America as the equity provider and Wells Fargo financing the debt. Both RGA and Wells Fargo were sourced through Holliday Fenoglio Fowler (HFF).
"Bendetti completed the transaction in a relatively short period of time, and subsequently recapitalized the investment for better returns within 90 days," says Bendetti Company managing director, Jared Christensen, a 15-year commercial real estate veteran who leads the company's capital markets and asset management functions. "Because of our resources and experience, we are able to identify opportunities and execute quickly when necessary."
Spice Island, Sparks, Nev. - Bendetti Closes on 165,000-Square-Foot Industrial Building
Further advancing its presence in the Reno/Sparks market, Bendetti also recently purchased the 165,000-square-foot Spice Island multi-tenant industrial building as a Light Value Add opportunity. The Class B property, which sits on approximately 8.3 acres, is comprised of five units averaging 20,000 to 46,600 square feet each with 100 percent occupancy.
"Given the current economic climate in the greater Reno area, we felt confident entering the Reno market," says Christensen. "Vacancy continues to decrease and rents have continued to rise. With these recent acquisitions, Bendetti is in a good position to leverage its experience in the industrial marketplace to deliver solid returns to its partners."
For more information visit: www.bendetti.com.
ABOUT THE BENDETTI COMPANY: The Bendetti Company is a Southern California-based commercial real estate company which focuses on the investment and management of commercial properties in the western U.S. Founded in 1964, The Bendetti Company looks for Value-Add or Core Plus investment opportunities to achieve superior risk-adjusted returns for clients and investors. For more information, visit: www.bendetti.com.