Press Releases
Basin Street Properties Diversifies its Reno Portfolio
With the Acquisition of Coliseum Meadows
Prominent Northern California and Northern Nevada Real Estate Developer Purchases Retail Property as it Continues to Penetrate Region
PETALUMA, Calif., – September 28, 2006 – Basin Street Properties, a prominent Northern California and Northern Nevada developer of commercial and mixed-use properties, continues its acquisition strategy in the Reno market. The company announced today that it has diversified its portfolio with the acquisition of Coliseum Meadows, a 46,000 sq. ft. retail shopping center. Basin Street purchased the property from Donahue Schriber, who was represented by the Palmer Team, for an undisclosed amount.
"The acquisition of Coliseum Meadows represents the strategic diversification of our Reno portfolio," said Matt White, president of Basin Street. "We are continuing to expand in this area and will evaluate all potential acquisition opportunities as they come our way. Our activity during the past year, including the purchases of the 200 South Virginia and 50 West Liberty buildings, underscores our commitment to the Reno community."
Located in the heart of Reno’s retail core and anchored by Big 5 Sporting Goods, one of America's top retailers of name brand sporting goods and accessories, the center includes two stand alone pad buildings adjacent to the property. As the new landlord, Basin Street plans on refurbishing the shopping center through a number of improvements, including upgrading the two adjacent pad buildings, modifying the landscaping, reconfiguring the parking lot and adding new signage. Nearly 100 percent occupied, Coliseum Meadows is located on the corner of S. Virginia and Kietzke Lane adjacent to Highway 395.
"Coliseum Meadows is strategically located in the city’s retail core, which makes it easily accessible for both consumers and employees of the center," said Scott Stranzl, vice president of Basin Street. "We are upgrading the current conditions of the shopping center for existing tenants in an effort to further increase the draw of local residents."
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.
