Reno, NV. – ProEquity Realty Partners, Inc., an affiliate of ProEquity Asset Management, announces it has sold the premium 75,600-square-foot office building located at 885 Trademark Drive in Reno, Nevada. The building was purchased in 2015 as a reposition opportunity with Mitel, a Canada based networking company, as the only tenant, occupying a third of the space. ProEquity Realty Partners implemented a successful lease up strategy, utilizing the abundance of parking and other enhancements to land a number of new national tenants to the Reno market, including PODS, Elemental LED and others. At the time of sale, the was 100% occupied. ProEquity’s Managing Directors, Tyler Sheldon and Michael Turner, both agree that when combined with a weighted average and long-term lease, the asset provides durable, long-term cash flow.
855 Trademark is centrally located in the heart of Reno’s prestigious South Meadows Business Park immediately off US Interstate 395. US 395 provides direct routes to downtown Reno (10 min) and Carson City. The South Meadows Submarket is in close proximity to executive housing, shopping, restaurants, lodging, transportation arterials and the airport, and has emerged as the area’s premier office/industrial submarket.
CBRE and NAI Alliance in Reno, NV assisted in selling of the transaction.
ABOUT PROEQUITY ASSET MANAGEMENT
ProEquity Asset Management is an industry leading, full-service commercial real estate services company providing comprehensive solutions for real estate owners and investors throughout the Western, Southwestern and Midwestern United States. Recognized as one of the fastest growing commercial real estate services companies in the nation, ProEquity is committed to delivering excellent results. ProEquity is headquartered in El Dorado Hills, California and has offices in Arizona and Texas. For more information on ProEquity, please visit proequityam.com.