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NKF Capital Markets Announces $93.2 Million Sale of 1 Million-Square-Foot Industrial Portfolio in Reno, NV

Los Angeles, CA (12/14/2017)

9:30 AM

NKF Capital Markets has completed the $93.2 million sale of Southwest Commerce Center (SWCC), a fully occupied portfolio of six industrial buildings totaling 1,029,700 square feet within the South Reno submarket of Reno, NV.

NKF Capital Markets President, West Coast Kevin Shannon, Vice Chairman Steve Golubchik and Executive Managing Director Bret Hardy represented the seller, Barings Real Estate Advisers on behalf of an institutional investor. The buyer, AEW Capital Management was self-represented.

"Southwest Commerce Center was a rare opportunity for an investor to acquire a critical mass of core, Class-A industrial assets, within the best submarket in Reno," said Hardy. "South Reno boasts a vacancy rate of just over one percent and SWCC represents some of the best product in this high barrier to entry market. With major corporations like Tesla, Apple, Google and Amazon making huge investments in Reno, we foresee this market continuing its ascent in tenant demand and industrial asset values."

"Barings purchased this industrial project in 2014 for $63 million on behalf of an institutional investor after recognizing the region's growth potential and the disconnect in the capital markets when comparing pricing in Reno to major industrial markets across the country," stated Chris Black, a Managing Director for Barings.

The Southwest Commerce Center portfolio is located at 875 and 895 E. Patriot Blvd., 450 Maestro Drive, 7525 Colbert Drive, 3450 Airway Drive and 5555 Quail Manor Court. The six single and multi-tenant buildings were built in four phases between 1997 and 2001 and the overall project is situated on more than 50 acres.

Reno is one of the nation's top performing industrial markets and one of the nation's most business-friendly environments. Southwest Commerce Center's central location offers tenants same-day access to every major West Coast metropolitan area - a population greater than 60 million people.

Barings Real Estate Advisers is part of Barings LLC, one of the world's largest diversified real estate investment managers. The group is an active investor in private and public, equity and debt markets, and provides core, value-added, and opportunistic investment and advisory services to institutional and other qualified investors around the globe.

About Barings
Barings is a $299 billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients. We build lasting partnerships that leverage our distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and exceptional service. A member of the MassMutual Financial Group, Barings maintains a strong global presence with over 650 investment professionals and offices in 16 countries. Learn more, at www.barings.com.

*As of September 30, 2017.

About Newmark Knight Frank
Newmark Knight Frank (NKF) is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NKF's 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.

With roots dating back to 1929, NKF's strong foundation makes it one of the most trusted names in commercial real estate. NKF's full-service platform comprises BGC's real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing, corporate advisory services, consulting, project and development management, property and corporate facilities management services, valuation and advisory services, and capital markets services provided through its NKF Capital Markets brand. For further information, visit www.ngkf.com.

NKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC's common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.