Full Occupancy at Brookside Corporate Center Thanks to Miller Industrial
“This has been a very long haul,” says Brad Lancaster, VP of Miller Industrial Properties. “We took over the listing and the brokerage for Brookside in 2012. At that time, the economy was still very weak and not only were 50% of the spaces at this impressive industrial property vacant, they had never been occupied since initial construction. Some tenants were paying rents that sorely needed adjustments to then-current market values.”
Lancaster and Tom Miller, CCIM and CEO of Miller Industrial, developed a three-pronged plan to procure quality tenants through expert consult to set realistic goals with the ownership groups, effective positioning of the property in the market, and cooperation with various asset managers. The three-year plan has now come to fruition, and both the property owners and the Reno business community will benefit.
“This class A industrial complex is arguably the nicest and most functional industrial property in all of northern Nevada,” says Lancaster. “It has high traffic counts on two major arterial streets (McCarran & Rock), a very central ‘in-town’ location adjacent to the FedEx Ground shipping hub, excellent appearance and glass storefronts, state-of-the-art sprinkler systems to handle a variety of uses/inventories, excellent access and truck courts for high volume distribution, top quality interior office improvements, and very attractive landscaping. The property currently houses a variety of industrial users that operate as manufacturers, e-commerce/high-volume distributors, and service organizations.”
On top of doubling the occupancy, Lancaster and Miller also facilitated two transfers of ownership of this institutional investment-grade property due to their work stabilizing the property during some of the toughest economic times that northern Nevada and the entire nation has ever experienced. It’s another example of dramatically improved economic conditions and momentum for our region.
Granite Planet LLC is the final tenant bringing Brookside to full occupancy. Since it began representing the property, Miller Industrial Properties has also brought in the following tenants:
Delta Rubber/GHX Industrial
Reno Speed Lab