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Lisa Merage
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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.
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| 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.
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| 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.”
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| 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.
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| 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
