The 4,000+ Acre Crossroads Commerce Center in Fernley Nevada just sold for $45 Million.
Mark IV Capital, a real estate investment and development firm based in Newport Beach, California purchased 4,100 acres of industrial land in Fernley, including over 4,000 acres known as the Crossroads Commerce Center and some additional Industrial-zoned land on the west end of town owned by the Logan Family Trust.
Mark IV has properties in 5 states, including the Valley View Corporate Center in Las Vegas. The Fernley land sale is the second largest industrial land transaction in Nevada following last year’s purchase of 65,000 acres in the Tahoe Reno Industrial Center. The $45 million-dollar purchase by Mark IV represents a $10,981 price-per-acre, far higher than the $1,573 per-acre price in the Tahoe Reno Industrial Center and is representative of the increasing demand for raw land in Northern Nevada.
The sellers were represented by Brian Armon CCIM, SIOR of Cushman & Wakefield’s Reno office on the Crossroads Commerce Center and David Schuster CCIM, SIOR of Avison Young represented the Sellers on the Logan Family Land. The buyers were represented by Brett Edwards of CBRE.
Published at Fri, 12 Jul 2019 07:00:00 +0000