FERNLEY — The second-largest commercial land sale in state history is expected to bring thousands of new jobs to a northern Nevada industrial park covering nearly 7 square miles (18 square kilometers) about 30 miles (48 kilometers) east of Reno.
A California-based real estate firm, Mark IV Capital, outlined details this week of the $45 million purchase of what will be called the Victory Logistics District along Interstate 80 in Fernley.
The Economic Development Authority of Western Nevada estimates more than 10,000 direct and indirect jobs will be created as a result of the potential development at the distribution, manufacturing and commercial center.
“Victory Logistics District is perfectly positioned to meet the needs of the quickly growing Northern Nevada industrial market,” said Evan M. Slavik, president of real estate for Mark IV Capital. He said it will “greatly benefit Fernley through its creation of thousands of jobs, its ability to facilitate manufacturing and distribution throughout the Western United States, and attract new investment capital.”
Mark IV cited location and infrastructure as reasons for its decision to acquire the property. In addition to easy railway access, it sits at a crossroad near I-80 and U.S. Highways 50 and 395. It’s within a one-day drive of San Francisco, Los Angeles, Seattle, Portland, Phoenix and Salt Lake City.
“The addition of a business park with a rail connection is something this region desperately needs, and now we have an additional piece to our puzzle to make us even more attractive to some of the great companies looking at the area,” development authority President Mike Kazmierski said.
Fernley Mayor Roy Edgington Jr. said his city’s strategic location “offers an extraordinary opportunity for future development and growth in our job base and our communities that will improve the overall economy in Northern Nevada.”
The new purchase is second in size only to the 101 square miles (261 square kilometers) Blockchains bought in 2018 at the Tahoe Reno Industrial Center land about 15 miles (24 kilometers) east of Reno. The Tahoe Reno Industrial Center, the largest in North America, measures more than 100,000 acres (40,469 hectares) overall and houses several companies, including Panasonic and Tesla’s “gigafactory.”
The Victory Logistics District expects to break ground for the first stage of the development with construction in 2020 of 7.5 million square feet (0.7 million square meters) of industrial space that should be completed within seven to 10 years.
Mark IV is headquartered at Newport Beach and has developments in five states, including Texas, Arizona and Colorado. Its projects include the Southwest Sunset Corporate Center in Las Vegas and the Chandler Freeway Crossing in Arizona.