March 12, 2020
Sustainable paper and plastic packaging company Novolex has renewed its existing 97,500-square-foot lease and committed to an additional 97,500 sq. ft. at Lear Industrial Center, home to the company’s food packaging operations located at 6650 Echo Avenue in Reno, NV. Novolex now leases a total 195,000 sq. ft. at the property.
CBRE’s Daniel Buhrmann and Mindy Lissner represented Novolex in the transaction.
Regarding the transaction, Lissner said, “Novolex chose an excellent location in the desirable North Reno submarket, which benefits from a strong labor market, established amenities and industrial capacity.”
According to CBRE research, 2019 marked the seventh consecutive year with over 3.5 million sq. ft. of industrial net absorption in Northern Nevada. Both the vacancy rate and availability rate in Reno’s industrial market experienced significant decreases in Q4 2019, rounding out the quarter at 4.5% and 6.1%, respectively.
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