A Bay Area couple recently purchased a 10-building office complex in North Carson City for $11 million. The couple's representative said there will be no surprises for the tenants.
Dewey Struble, senior adviser for the Reno office of Sperry Van Ness, a commercial real estate firm, said when the new freeway is completed then the rent could be increased. The northern section of the freeway is expected to be completed in 11Ú2 years.
The Parkway Professional Center at East College Parkway and Goni Road includes 10 different buildings and 23 tenants. The seller was Parkway Professional company, controlled by developer Roger Shaheen.
"Once the freeway is open, the market in that area will increase," he said. "Wal-Mart will open, and that whole area is maturing."
Husband-and-wife team Ray McLaughlin and Karen Bohn plan to move to Carson City by the end of the year to retire. Their representative said the couple wanted to make a local investment.
"The property purchased is fully developed and is at its highest and best use right now," he said.
The one-story complex was built in stages from 1998 to 2001. The new owners agreed to keep the same management.
"(The new owners) don't own anything else," Struble said. "They both have worked a long time in the Silicon Valley and the East Bay. (McLaughlin) is in the technology business."
He said this deal shows the maturation of the Carson City market. Six qualified purchasers jumped on the opportunity, and lenders were eager to finance the property.
A few years ago, getting this large of a loan to buy the complex would've been much harder, Struble said.
"This portends well for the overall market of Carson City."
Contact Becky Bosshart at bbosshart@nevadaappeal.com or 881-1212.
