Currently, LWP owns a total 650,000 square feet of industrial real estate, as well as several developmental sites, spread throughout the Sparks and Reno metropolitan areas according to a release issued earlier this month.
Jordan Lott, president of LWP, said the rapid growth of the Spanish Springs area makes the new property, which is northwest of Ingenuity Avenue, “ideally suited” for big-box distribution.
"The Spanish Springs Business Center is a master-planned site with entitlements in place for fast tracking commercial development," Lott said. "It provides a high quality business environment with excellent access to Interstate 80 and US Hwy 395 through the adjacent Pyramid Highway corridor."
The company recently reported that a lease for the 66-acre property is in negotiations, however he did not wish to disclose the name of the possible tenant. Also, Kraig Beilharz was assigned as the architectural firm for this project, but the contractor has not yet been selected.
As a family-owned company across three generations, LWP's focus has been to provide outstanding service to tenants and enhance value in real estate ventures, according to the company’s website. It has grown into a well recognized and thriving nationwide real estate company.
“We see the Reno/Sparks market primed for this type of development,” Lott said. “Industrial vacancies are down, asking rental rates are up and very little new warehouse and distribution space has been added to the market recently. The inventory of large, available parcels for this kind of development is currently very small.
“We like the long-term Reno market fundamentals: a business-friendly environment, the relatively low cost of living and good medical and education institutions nearby.”
Lott said his family-owned company will oversee future construction and development in the newly-acquired site. Power, gas, water, sewer and telephone services are in place, and the Spanish Springs Business Center offers a high pressure water system to support ESFR sprinklers.
Lake Washington Partners also manages property in Texas, Florida, Ohio, Minnesota and New Jersey.