December 7, 2023. Dornin Investment Group (“DIG”) is thrilled to announce its latest strategic acquisition of two multi-tenant light industrial buildings in the thriving industrial market of Reno (Sparks), Nevada. The properties, comprising 42,727 SF, are located at 385-395 Freeport Boulevard, Sparks, NV 89431.

The Project presents a rareopportunity to acquire a true off-market value-add light industrial asset in the supply constrained, dynamic Sparks submarket. DIG intends to take advantage of the high drive-around visibility at the corner property and apply mostly cosmetic updates to position the asset for the next 20 years. Renovating existing infrastructure and refreshing the exterior is projected to give additional tailwinds to the tight market fundamentals including 6.3% annual submarket rent growth over the last 10 years and an existing 3% vacancy for unit size.

Michael Keating of Logic Commercial, who represented the seller said, “I appreciate working with the Dornin Investment Group on the successful close of transaction. Freeport was an off market opportunity presented to the buyers, and a great example of collaboration. I’d like to thank DIG for working with us on this and looking forward to future transactions.”

The 33-unit and 33 ground loading roll-up door project is effectively 100% leased to 27 tenants at rents that are on average 40% below market. All leases will roll within three years. The largest tenant comprises 11% of the net rentable area and has been there for more than 10 years. Clear heights are 14’ and office exposure is estimated at 5% for 385 and 10% for 395. The acquisition represents another addition to DIG’s growing industrial portfolio and exemplifies the company’s commitment to investing in prime real estate opportunities across the Southwest.

DIG is on track to complete its goal of acquiring $300M of light industrial assets over a 24 month period. This acquisition represents DIG’s third light industrial investment this year with JV Partner, Sundance Bay. DIG is pursuing several other off-market and listed opportunities and has a robust pipeline heading into 2024.

Philip Smith, Director of Acquisitions, remarked, “We are excited about the opportunity to enter greater Reno’s industrial market. The market is shaped by solid fundamentals and could benefit from the institutional value-add experience we bring to the table.”

Lance Frame headed up the acquisition team with Sundance Bay. John Marshall at JLL Capital Markets arranged the joint venture equity partnership. Bill Simpson arranged attractive debt financing with East West Bank. Mark Nicoletti, Maxwell Shapiro, and Julia Lewitt of Allen Matkins provided legal expertise. Devon Victoria at Chicago Title National Commercial Services provided title and escrow services.

About Dornin Investment Group

Dornin Investment Group (“DIG”) is a fully integrated real estate investment firm with offices in Laguna Beach, CA and Las Vegas, NV. DIG invests in commercial and residential real estate across the capital stack in partnership with a broad base of institutional and private investors. The firm specializes in distressed, opportunistic, and value-add investments in all major property types with a focus on office, flex, industrial, multifamily, and hospitality properties in addition to non- and sub-performing loans. DIG’s full-service investment platform includes asset and property management, leasing, design, construction management and capital markets advisory services through its wholly owned subsidiary, Dornin Realty Advisors. For more information, visit www.dorningroup.com.

About Sundance Bay

Sundance Bay was founded in 2012 with an investment in two small multifamily assets. Since then, Sundance Bay has significantly expanded its multifamily portfolio and launched Senior Debt and Net Lease Investment verticals nationwide. Sundance has $3.6B in total capitalization and $2.3B assets under management. The firm has $4B combined acquisition and development experience and 150+ years of combined team experience across 75 team members. For more information, visit www.sundancebay.com.