Revitate invests in 4,300-acre industrial development in Reno
Institute for Real Estate Operating Companies / Real Asset Advisors
https://irei.com/news/revitate-invests-4300-acre-industrial-development-reno-2/
FEBRUARY 28, 2023
BY RELEASED
Revitate has expanded its opportunity zones portfolio with a new investment into Victory Logistics District, an industrial development in Fernley, Nev.
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.
“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,” said 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, added Robert Lang, Revitate’s managing director of commercial real estate.
“Northern Nevada is a highly strategic area,” said Lang. “The region’s infrastructure and central location provide unparalleled coast-to-coast access. Companies establishing their operations here will find multiple options for manufacturing and transporting goods. 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 jump-start 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,” said 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.”