Garibaldi Executed 5 Year Extension For AMES Companies In Reno, NV
The Garibaldi Group is proud to announce the five-year renewal by The AMES Companies, Inc. of their 396,000 square foot distribution center, located at 3450 Airway Drive in Reno, NV. The company has occupied the space since 1999.
The distribution center is located in the heart of the Reno industrial market, which has seen a significant surge in commercial real estate activity. That surge has been highlighted by Tesla’s commitment to build a nearly two million square foot Gigafactory, responsible for producing lithium-ion battery cells to help power Tesla automobiles as well as some of the company’s other innovations.
Reno Property Management (RPM) has reported that the Northern Reno industrial market in 2016 is presently boasting gross and net absorption numbers that are stronger than any previous overall year on record as of the third quarter of this year. In a similar fashion, the office market posted a positive net absorption of 28,258 square feet for the third quarter, with the majority of the absorption taking place in Class B buildings, making the year-to-date absorption 59,240 square feet. This has helped to decrease the vacancy rate from last quarter’s 14.2 percent to 13.7 percent, the largest drop quarter over quarter for the year, continuing the trend of falling vacancy since the end of 2015.
As for The AMES Companies’ distribution center, The Garibaldi Group commenced the project with a multi-state site search and incentive review to ensure that the company got the best deal available to them. After filtering the options down to a shortlist of three buildings, it was ultimately determined that their current location and the Reno industrial market itself was the best place for AMES to keep and grow their business.
Representing AMES on this transaction was Jeff Garibaldi, Jerry Moore and Scott Garibaldi from The Garibaldi Group and Bryan Gardner from Reno Property Management.
The Garibaldi Group is based in Chatham, NJ, but operates worldwide to support a strong and touted corporate services business, under which they currently manage a 35 million square foot portfolio and were responsible for nearly 50 transactions in 2016.