7 properties in Reno's Midtown sell for $16 million
Oct. 24, 2017
RENO, Nev. (AP) — Two northern Nevada developers are partnering to buy seven commercial properties in Reno's eclectic Midtown neighborhood just south of the downtown casino district for more than $16 million.
The Reno Gazette-Journal first reported last week that the deal confirmed by Marmot Properties and Tolles Development Co. would be one of the largest transactions in Midtown this year.
It covers about 72,000 square feet of real estate across seven multi-tenant properties known for their mix of small business, galleries, restaurants and bars.
Eric Raydon, co-founder and managing member of Marmot, and Tolles' founder Par Tolles said in a statement they also are considering building a parking garage and additional mixed-used construction in the neighborhood south of the Truckee River. But they say they intend to preserve historic architecture of any buildings not damaged by decades of changes and additions.
"Midtown has evolved into a unique ecosystem where small business, eateries, street art and nightlife flourish," Par Tolles said in the statement Monday. "We're dedicated to upholding the integrity and heritage of this Reno landmark."
The deal involves most of Bernie and Tim Carter's Midtown properties and also Tom Johnson's Cheney Street property. It includes Saint Lawrence Commons, built in 1918 and site of the start of Midtown's renaissance. Tenants include Dreamer's Coffee, Crème Café, and Dress Like That.
Tolles and Marmot said they began working together last year and were approached by the Carters about the possible sale.
"Our projects in Midtown have always been for locals by locals," Bernie Carter said in a statement. "We believe Tolles Development Company and Marmot Properties, both local firms, will continue this ideal and we are very pleased they are the purchasers of our Midtown properties."
Raydon confirmed they intend to continue to focus on locals.
"We will bring the same high-touch, high-quality, neighborhood-scale approach to this portfolio as we have with all of our Midtown properties," he said.