New 4,300 acre Opportunity Zone Master Planned Development.
Victory Logistics District Master Plan announced Tuesday, July 16, 2019.
--Formerly known as the Crossroads Commerce Center, Victory Logistics District is projected to bring thousands of jobs to Fernley, Nevada and reinvigorate the Northern Nevada region. --
FERNLEY, NEVADA (JULY 16, 2019) - Mark IV Capital, a privately held real estate company founded in 1974, announces its acquisition of the Crossroads Commerce Center in Fernley, Nevada with the help of Brett Edwards and Rex Massey of CBRE. The 4,300-acre property has been rebranded to Victory Logistics District. The acquisition was completed in partnership with Heath Rushing of New Nevada Resources, and the project is anticipated to be the region's premier Class-A distribution, manufacturing and commercial center. Victory Logistics District is approximately 30 miles east of Reno and just 15 miles east of the Tahoe Reno Industrial Center, which has been virtually sold out to users. Its location is central among key markets in the Western United States with direct access to two transcontinental highways (Interstate 80 and US Highway 50) and a dual-served rail line serviced by UPRR and BNSF, providing exceptional access with strategic logistical dynamics that will be coveted by a deep set of industrial users. The entire project is within an Opportunity Zone, delivering powerful tax incentives to both tenants and investors through deferrals and exemptions of capital gains taxes.
"Victory Logistics District" is perfectly positioned to meet the needs of the quickly growing Northern Nevada industrial market. Its logistical advantages and the shortage of available land in the region's other submarkets make this the only option for users in need of top-quality distribution and manufacturing space of significant scale," said Evan M. Slavik, President of Real Estate with Mark IV Capital. "Victory Logistics District 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 Capital's CEO, Paul M. Cate, commented, "Our company is unique in our long-term approach where we seek to build and hold investments to perpetuity. We are truly a generational investor and thrive on long term master-planned investments where we can effect change through thoughtful stewardship driven by over 45 years of consistent real estate investment history. Heath Rushing will no doubt add powerful synergy to our partnership with his substantial holdings and considerable experience in Northern Nevada markets. We are thrilled to be in Fernley and anticipate that Victory Logistics District will deliver robust and well-planned growth that will contribute to a thriving local economy with a larger employment base."
Mark IV Capital is delighted add industry veteran Ross Pfautz to head the development effort as the company's new Vice President of Development an Asset Management, Northern Nevada. Pfautz has decades of experience in ground-up development and acquisitions of industrial, retail and office projects.
Pfautz commented that, "I have been involved in rather complex master-planned projects with significant development budgets, but this one is especially exciting. There are many compelling advantages for this project and its scale provides the capacity to deliver something that will drive positive change to the City of Fernley and the Northern Nevada region." Mark IV Capital held a press conference on July 16, 2019 unveiling the plans for development alongside Lyon County Commissioner, Joe Mortensen and Fernley's Mayor, Roy Edgington Jr. "The City of Fernley welcomes Mark IV Capital to our community and we are very excited with the possibilities of a great relationship that will deliver results for our City," stated Edgington. "We believe that our 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 City of Fernley is excited about the sheer depth of potential that can be delivered by a well-executed master plan that paves the way for a promising future for businesses and residents."
Victory Logistics District will be developed over a series of phases. The first phase will include approximately 7.5 million square feet of industrial space and is expected to be built out within seven to ten years. The first building to be constructed will be a speculative cross-dock distribution building of approximately 800,000 square feet with 40 foot clear heights. It will be designed to the highest specifications by HPA Architects, based out of Irvine, CA. Mark IV Capital's master plan will include manufacturing, distribution and data center development. Their plan anticipates the integration of housing options, convenience/daily needs retail, quick service retail and other dining and entertainment choices. In addition, Mark IV Capital has partnered with Black Gold Terminals to construct a full service transload rail facility in the first phase of development, which will serve both new and existing rail customers in the project as well as customers throughout the region. Mark IV Capital's thoughtful and responsible approach to development will incorporate LEED certifications and best practices that focus on sustainability and environmentally sound development practices.
Background on Land/Area
Fernley is centrally located in the Western United States, with access to 80% of the region's population within a one-day drive, and the ability to connect hundreds of cities with a range of much-needed resources. The entire project is within an Opportunity Zone, which delivers significant tax benefits to both end users and investors. Prior to Mark IV Capital's acquisition, previous development efforts were thwarted by the impacts of the Great Recession. Despite the ambitious size of the project, the location of the first phase -- between the Interstate 80 and US Highway 50 -- insulates its traffic and construction impacts from local residents.
About Mark IV Capital
Mark IV Capital acquires, invests in, develops and manages commercial projects utilizing a long-term approach to deploy capital in markets where existing drivers will propel future value. The company has development experience in industrial, office and retail projects, and production is underway on multiple industrial projects in Las Vegas, an office project in Chandler, Arizona and a significant mixed-use project in Austin, Texas with 2 million square feet of office planned. Their portfolio includes industrial, office, retail and medical office properties in five Western states. Recently celebrating its 45th anniversary, Mark IV Capital is headquartered in Newport Beach, California and has offices in Arizona, Colorado, Nevada, Texas and Northern California. Their vision is to be a world-class provider of working environments for businesses.
About New Nevada Resources:
New Nevada Resources, LLC ("NNR") is a Reno based real estate and natural resource company which currently owns 460,000 acres of land and 1,332,859 acres of mineral rights and royalties located within the I-80 corridor of Northern Nevada. NNR, and its affiliates, are actively engaged in the management and leasing of its acreage for renewable energy, precious metals, industrial minerals, oil & gas, communications infrastructure, grazing, water rights and rail served industrial real estate.
New Nevada Resources
527 Lander Street
Reno, NV 89509