OZ Pitch Day - March 23rd
Revitate Makes Investment In Nevada Industrial Development
Revitate has made an investment from its Impact OZ Fund 2022 into Victory Logistics District, a 4,300 acre industrial development located in Fernley, Nevada.
“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,” said Alex Bhathal, Revitate’s Founder, Executive Chairman and Managing Partner.
The Victory Logistics District project is being led by Mark IV Capital, a development and investment company. The first phase of the project, consisting of 815,000 square feet, was completed last year. The second phase, which consists of three industrial buildings totaling more than 1 million square feet, will be complete in Q4 of 2023.
Fernley is located about 35 miles east of Reno, and is part of the Reno-Sparks metropolitan statistical area (MSA). The Reno-Sparks MSA has seen its population grow by more than 40% since 2000, thanks to a surge in industrial activity and businesses relocating to the area. Perhaps most notably, Tesla is planning to build its “Gigafactory Nevada” less than an hour from Lake Tahoe.
Since 2018, Revitate’s General Partners have led or co-led four Opportunity Zone funds and made investments in 14 OZ projects with more than $1.3 billion in total capitalization.
There are 61 Opportunity Zones in the state of Nevada, including two in Lyon County.