Tuesday, February 14, 2023

Revitate invests in 4,300-acre industrial development in Reno, NV submarket

 

Lisa Merage

RENO, NV, Feb. 14, 2023 -- Newport Beach, California-based Revitate, a diversified investment platform that supports high-potential alternative investment strategies, announces the expansion of its Opportunity Zones portfolio with a new investment into Victory Logistics District, an industrial development in Fernley, Nevada. 

Located in a Qualified Opportunity Zone, the 4,300-acre project will hold more than 25 million square feet of speculative and build-to-suit logistics, distribution, manufacturing, and data center space upon buildout, while delivering significant economic benefits to the region.

Revitate has invested from its Impact OZ Fund 2022, LP (Revitate Impact) to support the project led by development and investment firm Mark IV Capital. The project fits the investment strategy for the firm, according to Alex Bhathal, Revitate’s Founder, Executive Chairman and Managing Partner.

Alex Bhathal

“Our partnership with Mark IV Capital on this project aligns with the mission and the purpose of our Revitate Impact strategy, which is to infuse new capital and opportunity into emerging secondary markets across the United States,” says Bhathal.

 “This community is the perfect location for our investment, both as an important logistics hub for manufacturing and distribution companies, and as a region that is positioned for ongoing economic development.”

 

The continued high demand for quality industrial product in this submarket means a project of Victory’s magnitude makes sense, adds Revitate’s Managing Director of Commercial Real Estate, Robert Lang.

 

“Northern Nevada is a highly strategic area,” says Lang. “The region’s infrastructure and central location provides unparalleled coast-to-coast access. Companies establishing their operations here will find multiple options for manufacturing and transporting goods.

Robert Lang

 "In fact, since 2015, more than 200 companies have relocated, established, or expanded their operations in Northern Nevada. Polaris, Petco, eBay, Zulily, Intuit, Sherwin Williams are just a few of the corporations that have taken advantage of Northern Nevada’s business-friendly regulations, highly trained workforce, and outstanding tax incentives.” 

Victory Logistics District will jumpstart multiple employment opportunities, creating numerous jobs in construction and auxiliary services. Additionally, companies that establish operations within the project will create jobs for local residents, as well as economic benefits for the surrounding region.  

“An important element of our Opportunity Zone strategy is to generate broader benefits to the community from the projects we support and develop,” says Lisa Merage, Co-Founder, Chief Impact Officer, and Managing Partner of Revitate.

“We’re proud and encouraged that Victory Logistics District will offer Northern Nevada significant potential for job creation and economic growth.” 


Evan Slavik

Located at the intersection of Interstate 80, U.S. Highway 50 and the future Interstate 11, Victory Logistics District will also provide on-site access to the Union Pacific and BNSF rail line, which will be aided by a planned transload facility within the project. 

The first phase of 815,000 SF was completed in 2022, and the second phase is currently under construction, expected to be complete in October of 2023.

This second phase will consist of three, Class A industrial facilities totaling 1.2 million square feet. Future phases will offer build-to-suit developments and additional speculative space. 

Rendering of Victory Logistics District

The developer’s President, Evan Slavik, says that “Mark IV Capital couldn’t be more pleased to have Revitate involved in the development of this exciting project. 

 "Their expertise in the Opportunity Zone space cannot be matched, they understand the complexities of what makes this project so unusual, and they have the ability to raise the type of equity that will be needed to keep up with the demand for industrial space in this region. 

"We look forward to having Revitate as a partner in this phase, and in future phases, of Victory Logistics District as we continue to provide best-in-class industrial space for the region's incoming and expanding industries.” )

 Contact:

Lexi Astfalk

The Smart Agency, Inc. 

(949) 438-6262 

lastfalk@thesmartagency.com

https://www.revitate.co/strategies

No comments:

Post a Comment