EQT Exeter has acquired USA Parkway Distribution Center, a two-building, 1.1 million-square-foot industrial campus in Sparks, Nev., a Reno submarket. Commercial Edge reports the Altus Group sold the asset for $140 million.

The park, situated on 45.9 acres at 3300 Waltham Way and 201 Ireland Drive, is currently 100% leased to five tenants, including Tesla and The Tire Rack, which occupy 70% of the property. 

USA Parkway Distribution Center is strategically positioned 1.4 miles from I-80, at the entrance to the fast-growing TRIC. TRIC is home to multiple Fortune 500 companies and benefits from layered demand from the EV industry, data centers, and national retailers.

Brett Hartzell, Rebecca Perlmutter and Paige Morgan of CBRE National Partners represented Altus. According to CBRE Research, Reno was a top rent growth market in Q2 2024 with nearly 10% growth YoY. On average, for a 5-year lease tenants are seeing a 64% increase when expiring rents reset to current Reno market rates, a clear reflection of soaring demand.