TDC Reno Office 1-DE SPE LLC just purchased most of the AMH/TICO/Alex House portfolio of properties in the biggest transaction of the year. A combined $22,360,000 for 6 buildings totaling (my best guess) 144,877 SF at $150/SF. There are also 3 parking lot parcels thrown into the mix.
TDC is Tolles Development Company, Par Tolles, formerly the main man at Basin Street Properties and now on his own mission. In an industry full of scum bags and loosers, I can tell you that Par Tolles is the real deal – someone who can be trusted absolutely and respected by the entire corporate real estate world around here. I wish him success.
How did AMH do in the deal? It is really impossible to tell. They bought in the last swell, but also invested heavily in improving their properties. I don’t think they lost.
So here they are:
I saw on the council “pre-lights” that there is some possible land sales for the abandoned Texaco at 4th/Keystone and the old Wrestling Gym south of the train trench. There was also some mention for appraisal and sale of the Chism finger property that the Generator folks wanted, anybody know anything?
Go to http://renocitynv.iqm2.com/Citizens/Default.aspx and click on the Agenda Package for the Council Meeting to get the full staff reports (I don;t know why Reno can’s post the link to the Agenda and not just the Agenda on their Calendar – it’s like they are hiding it intentionally). The abandoned Texaco is going to be a Maverick’s – it’s been kicking around for a couple years now. (as an aside, the Chevron across the street hit the market today for $2.4M) The 265 Keystone and 0 Chism parcels had been held as collateral for loans the Baseball Stadium, but they have been released. I haven’t heard if there is a specific buyer in tow, but it is excess land that the City can quickly unload.
If you sign up to receive the prelight emails at http://www.reno.gov/government/city-council each item highlighted has an embedded link to the staff report and any attachments.
Ah I see, I get the prelight e-mails, was just too lazy to do any link clicking or real digging. Thanks!