Full Tilt Logistics was in the market for a new distribution warehouse and found a building that provided a rare opportunity to let it stay in the heart of Reno, Nevada — but work was needed on the property to fit its needs.
The ensuing compromise with global digital gaming company IGT was one reason the subleasing deal at 9295 Prototype Drive was selected as the winner of the 2023 CoStar Impact Award for lease of the year in Reno by an outside team of industry professionals familiar with the area.
The parties worked together to adapt Building D on the property into a 140,000-square-foot space, allowing Full Tilt immediate access to the remaining 80,000 square feet phased in as IGT downsized out of that space. That flexibility by both sides allowed IGT to retain a large portion of its custom-designed facility.
The deal stood out for the "ability to repurpose an existing structure," according to Impact Award judge Jeff Frame of Frame Architecture Inc.
Colliers was awarded the listing assignment to help IGT sublease the campus consisting of 1.2 million square feet, making it the fourth-largest asset in the Northern Nevada region and the largest specifically located in the South Meadows submarket of Reno.
South Meadows has access to services and strong demographics for companies to recruit and retain employees. The layouts could work for office users, manufacturers, distribution, production, lab and tech companies, and the broad mix of space could attract companies in industries including software, manufacturing, logistics and biotechnology.
The property has energy-saving measures and very low power rates compared to the western United States and is accessible to Interstate 580 and main roads.
The assignment had challenges, including a combination of office and warehouse space that reduced the number of potential full-campus users. And every user needs to be signed up for a 9-year lease term as a subtenant.
About the project: Seven interconnected buildings are part of the campus square footage consisting of an approximately 50-50 mix of office and flex space on almost 79 acres.
What the judges said: "The lease benefits the community by broadly advertising the opportunity for national companies to come into the market, provide more jobs and higher salaries," said Impact Award judge Robin Lee, executive director of the Nevada State Apartment Association.
They made it happen: Colliers executive vice presidents Melissa Molyneaux and Chris Fairchild.