In one of Northern Nevada’s most significant commercial real estate transactions of the year, Nuveen Real Estate, the global investment arm of TIAA, has completed the acquisition of a five-property industrial portfolio near the Reno-Tahoe International Airport. The nearly 500,000-square-foot portfolio spans 27 acres along Aircenter Circle and Longley Lane and was reportedly purchased for approximately $90 million.
The transaction reflects a strategic expansion by Nuveen into the fast-growing logistics and light industrial sector of the Western U.S., where regional demand continues to climb amid sustained e-commerce growth and reshoring efforts. According to commercial real estate analysts, this marks the largest deal in the Northern Nevada market during the first quarter of 2025.
The newly acquired facilities are expected to be repositioned for modern logistics and distribution tenants. With features suitable for warehousing, fulfillment operations, and light manufacturing, the buildings offer an ideal layout for companies aiming to enhance their supply chain reach within the western United States. Reno’s proximity to major West Coast markets—coupled with favorable tax policies and multimodal transport access—has made it increasingly attractive to investors and industrial operators alike.
“Reno is emerging as a key logistics corridor, and this acquisition enables us to strengthen our industrial footprint in a region with proven growth potential,” a Nuveen spokesperson stated following the announcement.
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Local commercial brokers noted that the Reno-Sparks industrial market has benefited from a combination of geographic advantage and infrastructural development. The area is strategically positioned within a day’s drive of major hubs such as San Francisco, Sacramento, and Las Vegas, while offering significantly lower operating costs. Reno-Tahoe International Airport and nearby Union Pacific rail access enhance the area’s value for regional distribution networks.
The deal also highlights continued investor interest in secondary logistics markets—particularly those that blend affordability with logistical efficiency. As vacancy rates in primary markets like Los Angeles and the Bay Area tighten, cities like Reno are increasingly viewed as logical alternatives for expanding fulfillment networks.
“Capital is flowing to places that offer scalability, speed-to-market, and infrastructure readiness,” said a regional analyst at Colliers International. “This portfolio checks all those boxes, and Nuveen’s entry here signals confidence in Northern Nevada’s long-term trajectory.”
Reno’s broader economic landscape has undergone rapid transformation in recent years, with new developments in technology, advanced manufacturing, and clean energy helping diversify the local economy. Companies such as Tesla, Panasonic, and Switch have anchored major operations in the area, spurring demand for adjacent industrial space.
With over $150 billion in assets under management globally, Nuveen Real Estate has steadily increased its exposure to logistics assets as part of its strategy to align with evolving retail and supply chain dynamics. The firm’s focus on income-producing assets and long-term value creation aligns well with the Reno market’s current momentum.
Experts predict that similar transactions may follow in the region, particularly as developers and institutional investors seek to capture value in markets offering land availability, business incentives, and strong labor pools.
The deal is seen not only as a win for Nuveen, but also as a signal that the Reno-Tahoe industrial sector is poised for further growth—supported by shifting national logistics patterns and a resilient local economy.