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RENO, NV-DP Partners, a member of Dermody Properties, has expanded its office portfolio with the acquisition of a landmark 17,740-sf building at 445 S. Virginia St. in Downtown Reno and plans to upgrade it, possibly adding retail space. Gregory J. Shutt, a partner at DP, notes that although the property is slated for office use right now, “The location and surface street parking lend the building to potential retail use in the future, especially when taking into account the push for downtown residential development in Reno.”

Located on 1.15 acres and built in 1942 using predominantly brick construction, the history-rich building features frontage on both South Sierra and Virginia Streets and offers tenants a Downtown Reno location where redevelopment continues to revitalize the surrounding area. Says Shutt: “We are enthusiastic about the revitalization efforts that are continuing to take place in Downtown Reno and want to be a part of it.” In addition, he says that DP Partners views its office portfolio as an essential aspect of its new direction. “This purchase continues to validate our confidence in the Reno office market,” he says.

The 445 S. Virginia St. building was originally a neighborhood grocery store before being converted into an office building. It has two tenants, with the potential of more than 15,000 sf available for lease. DP Partners has initial plans to upgrade the exterior of the building and possibly adding a courtyard area on the Sierra Street side.

DP was represented by Brian Egan of Egan Commercial Real Estate in the sale, terms of which were undisclosed. Egan will also represent DP as the listing agent for leasing for the building. Reno-based DP Partners was founded in 1960 and annually develops approximately three million sf of speculative and build-to-suit projects nationwide.

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