Press Releases
Basin Street Properties Expands Its Presence In Reno Acquiring Magnolia Commerce Center In Reno and Renaming the Project “Mill @ McCarran”
RENO, Nev. – June 8, 2010 – Basin Street Properties (www.basin-street.com), a prominent West coast real estate investor in commercial and mixed-use properties, has diversified its northern Nevada presence by acquiring the 129,767-square-foot, five building “Mill @ McCarran” (formerly called the Magnolia Commerce Center) located at 1150 Financial Blvd. in Reno, Nev. Mill @ McCarran is designed for office and light industrial use.
In January 2010 prior to officially acquiring the facility, Wells Fargo Bank, the former owners of the property located at Mill Street and East McCarran, selected Basin Street to be the facility’s property managers and market the asset because of its established track record of success in light industrial and office products. Basin Street currently owns four other properties in Reno including 300 E. Second St., 50 W. Liberty St., 200 S. Virginia St. and Coliseum Meadows Shopping Center.
“In light of what has happened in the real estate markets over the past several years, we are thrilled with this new opportunity in a sector of the market we do not have a presence,” said Matt White, president of Basin Street Properties. “Mill @ McCarran is extremely well located and offers many advantages to tenants. By collaborating with the brokerage community, Basin Street will be able to make Mill @ McCarran one of the premier office and light industrial projects in the area.”
In acquiring the facility, Basin Street will have a designated property manager and facilities engineer dedicated to the tenants of the Mill @ McCarran, as they do with all of its assets.
Built between 2000 and 2003, and originally owned by Dermody Properties, the Mill @ McCarran was purchased by Birtcher Anderson Realty LLC before Wells Fargo Bank gained ownership in 2010.
Basin Street Properties, headquartered in Reno, Nev., is one of northern California’s and northern Nevada’s prominent developers, investors and managers of commercial properties. Basin Street has become widely recognized for its office, retail and mixed-use developments. 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, visit www.basin-street.com.
