Revitate has expanded its opportunity zones portfolio with a new investment into Victory Logistics District, an industrial development in Fernley, Nev.

Located in a qualified opportunity zone, the 4,300-acre project will hold more than 25 million square feet of speculative and build-to-suit logistics, distribution, manufacturing and data center space upon buildout, while delivering significant economic benefits to the region.

Revitate has invested from its Impact OZ Fund 2022, LP (Revitate Impact), to support the project led by development and investment firm Mark IV Capital. The project fits the investment strategy for the firm, according to Alex Bhathal, Revitate’s founder, executive chairman and managing partner.

“Our partnership with Mark IV Capital on this project aligns with the mission and the purpose of our Revitate Impact strategy, which is to infuse new capital and opportunity into emerging secondary markets across the United States,” said Bhathal. “This community is the perfect location for our investment, both as an important logistics hub for manufacturing and distribution companies and as a region that is positioned for ongoing economic development.”

The continued high demand for quality industrial product in this submarket means a project of Victory’s magnitude makes sense, added Robert Lang, Revitate’s managing director of commercial real estate.

“Northern Nevada is a highly strategic area,” said Lang. “The region’s infrastructure and central location provide unparalleled coast-to-coast access. Companies establishing their operations here will find multiple options for manufacturing and transporting goods. In fact, since 2015, more than 200 companies have relocated, established or expanded their operations in northern Nevada. Polaris, Petco, eBay, Zulily, Intuit, Sherwin Williams are just a few of the corporations that have taken advantage of northern Nevada’s business-friendly regulations, highly trained workforce and outstanding tax incentives.”

Victory Logistics District will jump-start multiple employment opportunities, creating numerous jobs in construction and auxiliary services. Additionally, companies that establish operations within the project will create jobs for local residents, as well as economic benefits for the surrounding region.

“An important element of our Opportunity Zone strategy is to generate broader benefits to the community from the projects we support and develop,” said Lisa Merage, co-founder, chief impact officer and managing partner of Revitate. “We’re proud and encouraged that Victory Logistics District will offer northern Nevada significant potential for job creation and economic growth.”

Located at the intersection of Interstate 80, U.S. Highway 50 and the future Interstate 11, Victory Logistics District will also provide on-site access to the Union Pacific and BNSF rail line, which will be aided by a planned transload facility within the project.

The first phase of 815,000 square feet was completed in 2022, and the second phase is currently under construction, expected to be complete in October 2023. This second phase will consist of three class A industrial facilities totaling 1.2 million square feet. Future phases will offer build-to-suit developments and additional speculative space.

Evan Slavik, the developer’s president, said, “Mark IV Capital couldn’t be more pleased to have Revitate involved in the development of this exciting project. Their expertise in the Opportunity Zone space cannot be matched, they understand the complexities of what makes this project so unusual, and they have the ability to raise the type of equity that will be needed to keep up with the demand for industrial space in this region.  We look forward to having Revitate as a partner in this phase, and in future phases, of Victory Logistics District as we continue to provide best-in-class industrial space for the region’s incoming and expanding industries.”