Press Releases
Basin Street Properties Purchases Reno’s Wells Fargo Building for $18 Million
Prominent Northern California and Northern Nevada Real Estate Developer Acquires Second Downtown Reno Building Signaling its Continued Expansion and Commitment to the Region
PETALUMA, Calif., June 26, 2006 – Basin Street Properties, a prominent Northern California and Northern Nevada developer of commercial and mixed-use properties, has acquired its second major office complex in downtown Reno from Christiana Investments, LLC represented by Bob Prendergast and Ryan Dunigan of Burnham Real Estate*ONCOR International. Basin Street recently closed on the purchase of the Wells Fargo Building located at 200 South Virginia Street for $18 million. The 120,000 sq. ft. office complex is 80 percent occupied and is located in Reno’s burgeoning financial district. The building is in close proximity to Basin Street’s 50 West Liberty (Bank of America Plaza), which the company purchased in December 2005, marking its entry into the Reno market.
“Reno is a major growth market in the Western U.S. and Basin Street is actively pursuing strategic real estate opportunities in its urban core,” said Matt White, president of Basin Street. “Our purchase of the 200 South Virginia building combined with our acquisition of 50 West Liberty last year, demonstrates our commitment to the region and our steadfast belief in Reno’s economic future.”
The 200 South Virginia building is an attractive location for office and telecommunication companies with its close proximity to the heart of downtown and AT&T’s main switch. Currently, the building hosts such marquee tenants as Wells Fargo and Dean Witter, and a number of diverse telecom companies including, Quest Communications, Eshelon Telecommunications, and Level 3 Communications, among others. As part of the acquisition, Basin Street plans to provide a number of improvements to the building, including upgrading the parking lot, upgrading the electrical and HVAC systems, as well as initiating several interior improvements to corridors and vacant suites.
“This acquisition is in line with the vision of the City of Reno, which is to revitalize downtown as a destination area where the community will have accessibility to an array of restaurants, shops, museums and businesses,” said Scott Stranzl, vice president of Basin Street. “Our goal is to continue to position our assets as contributing influences to the downtown core, and to provide alternatives to our existing and future tenants who want to be located in the heart of the city.”
In December, Basin Street purchased the 50 West Liberty Building for $34.6 million. The 12-story, Class A office tower was the first acquisition for Basin Street in Reno. Since the purchase, Basin Street has signed several new tenants to the building, including the YMCA, Blue Trout Restaurant and CTX Mortgage, securing an 85 percent occupancy rate.
200 South Virginia is located in Reno’s downtown office core. The building occupies a premier location and accommodates a variety of tenants and industries, including financial services, telecommunications, health services, and law firms.
Basin Street Properties has become widely recognized for its office, retail and mixed use developments. Headquartered in Petaluma, Calif., Basin Street is one of Northern California’s and Northern Nevada’s prominent developers and managers of commercial properties. Founded more than 30 years ago, the company offers a broad range of real estate services, including development, property management, construction management, financial and asset management, and property acquisition and disposition. For more information on Basin Street Properties, please call 707.795.4477 or visit www.basin-street.com.
