A Strong Month for Downtown Reno Renovation and South Reno

The month of April showed some nice transactions in Downtown, Midtown, and in South Reno. The Alexander apartment complex on S. Virginia sold for $55,300,000 or $157,102 per door. The Spanos corporation sold this asset to Donnie Garibaldi who owns RPM Co. In the downtown/Midtown area we saw the Maytan Music building sell to Tom Johnson, and also saw the former Heritage Bank building sell to Blake Smith. Pat Cashell of Dickson Commercial represented the seller, Heritage Bank on this transaction. Congrats Pat! Industrial sales were slow for the month with only one small sale on Freeport Boulevard in Sparks. The medical marijuana industry and search is in full swing with the announcement of applications rumored to be around the beginning of June. Reno, Sparks and Washoe county are implemented non-refundable fees for the different licenses (cultivation, dispensary, and bakery) similar to loss Clark County.    Tom Fennell Direct: (775) 850-3117 tfennell@dicksoncre.com]]>