Real estate company Mark IV Capital says it has acquired 4,300 acres of industrial and commercial land in Northern Nevada for a master planned development. 

The privately held real estate company announced its acquisition of the Crossroads Commerce Center in Fernley on Tuesday at a press conference. 

The 4,300-acre acquisition has been rebranded to Victory Logistics District and was completed in partnership with Heath Rushing of New Nevada Resources.

Victory Logistics District is approximately 30 miles east of Reno and just 15 miles east of the Tahoe Reno Industrial Center, which has been virtually sold out to users.

The Economic Development Authority of Western Nevada says the entire project is within an Opportunity Zone, delivering powerful tax incentives to both tenants and investors through deferrals and exemptions of capital gains taxes.

"Victory Logistics District is perfectly positioned to meet the needs of the quickly growing Northern Nevada industrial market. Its logistical advantages and the shortage of available land in the region's other submarkets make this the only option for users in need of top-quality distribution and manufacturing space of significant scale," said Evan M. Slavik, President of Real Estate with Mark IV Capital. "Victory Logistics District will greatly benefit Fernley through its creation of thousands of jobs, its ability to facilitate manufacturing and distribution throughout the Western United States, and attract new investment capital." 

Mark IV Capital held a press conference on July 16, 2019 unveiling the plans for development alongside Lyon County Commissioner, Joe Mortensen and Fernley's Mayor, Roy Edgington Jr. "The City of Fernley welcomes Mark IV Capital to our community and we are very excited with the possibilities of a great relationship that will deliver results for our City," stated Edgington. "We believe that our City's strategic location offers an extraordinary opportunity for future development and growth in our job base and our communities that will improve the overall economy in Northern Nevada. The City of Fernley is excited about the sheer depth of potential that can be delivered by a well-executed master plan that paves the way for a promising future for businesses and residents."

EDAWN says Victory Logistics District will be developed over a series of phases. The first phase will include approximately 7.5 million square feet of industrial space and is expected to be built out within seven to ten years.

(EDAWN contributed to this report.)