Dermody Properties may have made its
name with big industrial buildings, but the
Reno company has said it's looking at a multitude
of other opportunities after it sold its
industrial portfolio to ProLogis last year.
The company's new direction was apparent
last week
when it purchased
a 17,740-
square-foot office
building at 445 S.
Virginia, just
south of the Bank
of America Plaza.
Gregory
Shutt, a partner
in Reno for DP
Partners (a member
of Dermody
Properties), said
the company
plans to upgrade
the exterior of the
building, including the addition of a courtyard
on the side of the building that faces
Sierra Street.
The building currently has two office tenants,
and Shutt said about 15,000 square feet
is available for lease.
He called the acquisition "an important
purchase for DP Partners" and said the company
views office properties as a key part of
its strategy. Earlier this year, Dermody purchased
the 76,800-square-foot building occupied
by Mitel Networks at 885 Trademark in
South Meadows.
Marc Markwell, a development manager
for Dermody, said the company also might
consider retail uses for the newly acquired
downtown property, which was built in 1942
as a neighborhood grocery store. The building
is on 1.15 acres, and both its available
parking and its proximity to downtown condominium
projects might make it appealing
to retailers,Markwell said.
He said Dermody has fielded inquiries
about space in the building from companies
whose employees want their offices to be in
the redeveloping downtown area.
"We're optimistic about downtown Reno,"
he said.
Brian Egan of Egan Commercial Real
Estate represented DP Partners in the purchase
of the building, and Egan will handle
leasing of the building.
