DP Partners Enters Reno Office Market with Acquisition of South Meadows Office Building
DP Partners Enters Reno Office Market
With Acquisition of South Meadows Office Building
Reno, NV - DP Partners, historically a national industrial development firm headquartered in Reno, officially entered the Reno office market in the thriving South Meadows commercial area with its February 15th acquisition of a 78,000 SF, Class A, two-story office building located at 885 Trademark Blvd., announced Par Tolles, President of DP Partners.
"With our significant 48-year history as a leader in industrial development in the region, this latest transaction illustrates the company's new direction and vision regarding our plans to move forward," said Tolles. "Our goal is to diversify our current asset base into multiple property types, particularly office properties, and to operate from a more entrepreneurial approach for all types of real estate opportunities."
The acquisition also includes an additional 8.5 acres of developable land that straddles the current structure, further enabling DP Partners to develop, on a build-to-suit basis, two additional multi-story, Class A office buildings totaling approximately 170,000 SF. "With the ongoing demand and continued growth in this area, we are very confident in the northern Nevada office market," said Greg Shutt, Partner in the Reno office. "DP is prepared to discuss any and all options with prospective clients who wish to locate in the South Meadows area, including build-to-suits for lease or purchase, leases with options to purchase, and joint ventures."
The current tenant plans to lease back the building from DP Partners at a competitive rate for a 10-year period. "Our ability to purchase this asset with a tenant already in place, combined with the opportunity to develop additional revenue-producing properties in this highly desirable location places DP Partners in an outstanding position," said Shutt.