Revitate Expands Opportunity Zones Portfolio; Invests in 4,300-Acre Industrial Development in Reno, Nevada Submarket
Project will bring new jobs and economic development to the Reno metropolitan area, while meeting ongoing needs for industrial space
RENO, NV. (February 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.
“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. 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.”
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.
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.”
About Revitate Impact
Revitate Impact facilitates investment into commercial real estate developments located in Qualified Opportunity Zones in emerging secondary markets across the United States. Revitate provides joint venture equity to talented sponsors of institutional-quality projects, with a primary emphasis on new multifamily housing and industrial development. Since 2018, Revitate’s General Partners have led or co-led four Opportunity Zone funds, with investments in 14 Opportunity Zone projects with $1.3B+ in total capitalization. Core to Revitate Impact is a commitment to integrating positive social and economic impacts into development projects in the form of new jobs, housing, economic activity, and positive environmental and community benefits.