Basin Street picks up bargain

Basin Street Properties picked up a bargain with its acquisition of a 129,767-square-foot industrial-and-office flex project at Mill Street and McCarran Boulevard late last month.

Washoe County records show the Reno-based real estate investment company paid $12.4 million to acquire the property from Wells Fargo Bank.

Birtcher Anderson Realty LLC of San Juan Capistrano had paid $19.1 million for the five-building property in early 2007.

The property, which is 44 percent vacant, has been renamed as "Mill @ McCarran" by Basin Street Properties.

Matt White, president of Basin Street, said the company was drawn to the flex property because of its location in the airport area submarket.

The purchase marks the first foray into the flex market for Basin Street, which also owns three office buildings in downtown Reno 300 E. Second St., 50 W. Liberty St. and 200 S. Virginia St. and the Coliseum Meadows Shopping Center at South Virginia Street and Kietzke Lane.

The flex project previously was known as Magnolia Commerce Center. It was developed by Dermody Properties and built between 2000 and 2003.

Basin Street had been contracted by Wells Fargo to manage and market the Mill @ McCarran property after the bank took ownership.