Located on 1.15 acres and built in 1942 using predominantlybrick construction, the history-rich building features frontage onboth South Sierra and Virginia Streets and offers tenants aDowntown Reno location where redevelopment continues to revitalizethe surrounding area. Says Shutt: "We are enthusiastic about therevitalization efforts that are continuing to take place inDowntown Reno and want to be a part of it." In addition, he saysthat DP Partners views its office portfolio as an essential aspectof its new direction. "This purchase continues to validate ourconfidence in the Reno office market," he says.

The 445 S. Virginia St. building was originally a neighborhoodgrocery store before being converted into an office building. Ithas two tenants, with the potential of more than 15,000 sfavailable for lease. DP Partners has initial plans to upgrade theexterior of the building and possibly adding a courtyard area onthe Sierra Street side.

DP was represented by Brian Egan of Egan Commercial Real Estatein the sale, terms of which were undisclosed. Egan will alsorepresent DP as the listing agent for leasing for the building.Reno-based DP Partners was founded in 1960 and annually developsapproximately three million sf of speculative and build-to-suitprojects nationwide.