Bendetti and Singerman Real Estate (SRE) completed the $71 million off-market recapitalization of an industrial portfolio consisting of three single- and multi-tenant buildings in Sparks, Nevada. Commercial Search reports Bendetti acquired the assets in 2016. In 2019, the company took out a permanent loan from Voya Financial that was set to mature later this year.
The portfolio, known as Southern Way Industrial, totals 635,000 square feet across a 21-acre site. The portfolio was 54% occupied at closing. The buildings were completed between 1974 and 1977. the site is close to the Reno-Tahoe International Airport and Interstate 80. Downtown Reno, Nev., is also within 5 miles.
The portfolio has recently undergone extensive renovations, including new roofs, upgraded landscaping, refreshed exterior facades, a standardized tenant signage program, and new monument signage.
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