RENO, NV-The Siegel Group Nevada, Inc., a CRE and business development company, has acquired a one-of-a-kind five-story mixed-use property situated along the Truckee River in downtown Reno.
Built in 1948, the approximately 30,000 square foot property originally contained twenty-eight residential units and a mix of office and retail space.
Situated alongside the River Walk, the property is surrounded by a number of well-known attractions including Wingfield Park, Arlington Towers and the Century Riverside 12 movie theater.
The developer, which owns another mixed-use property in downtown Reno, will immediately begin the planning process for a renovation of the property which will include exterior facade improvements, upgrades and expansion of the residential, retail and office space as well as converting unused basement space to ground floor retail with views of the river. Once the renovation is finalized the Siegel Group hopes to attract quality retail prospects and to being leasing the the residential units which boast private balconies and tranquil river views.
Prior to the Siegel Group's acquisition the former owner and three long-term retail tenants, Sierra Tap House, Java Jungle and Jungle Vino, were involved in a well-publicized lease dispute. Before even taking ownership of the property The Siegel Group initiated discussions with each of the tenants involved and reached tentative agreements with each of the business.
“We are excited to further expand our presence in the Reno market and to be involved with such a special asset and the revitalization that the Downtown area is experiencing,” says Stephen Siegel, founder and CEO of The Siegel Group. “This property is the quintessential diamond in the rough whose true potential has never been fully realized. We look forward to completing this work and working closely with officials from the City of Reno, local business owners and the community to further improve the area, create valuable jobs and inject the additional capital that is essential to further the revitalization this is occurring.”
The Siegel Group, a with offices located in Las Vegas, Nevada and Studio City, California, specializes in the acquisition, disposition and development of under-performing, value-added real estate and businesses with significant turn-around potential.
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