7 Reno Midtown sites acquired in $17 million deal
October 23, 2017
The ongoing evolution of Reno’s Midtown business district has taken a big leap forward.
Seven key properties in the area south of the Truckee River have been sold to two prominent area developers, Tolles Development Company and Marmot Properties.
The deal with the sellers, Bernie and Tim Carter and Tom Johnson, encompasses more than 72,000 square feet and is estimated at about $17 million.
“Midtown has evolved into a unique ecosystem where small business, eateries, street art and nightlife flourish,” Par Tolles of Tolles Development said in a statement. “We’re dedicated to upholding the integrity and heritage of this Reno landmark.”
Among the properties acquired:
Six Seven Seven South, at 677 S. Virginia St. Built in 1915 and recently renovated, its tenants include Finbomb Sushi Burritos, Never Ender Clothing and Culture Clothing.
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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.
Cheney Place, a former residential property built in 1908, whose tenants include Angels Among Us, Awake and Aging and Crystal Cove.
Martin Crossing, built in 1979 with retail and office space and current tenants including Sippee’s Kid’s Clothing and Happy Happy Joy Joy Gifts.
Sticks, built within the last three years as a modern architectural showpiece with tenants including Two Chicks restaurant, Chuy’s Mexican restaurant and MidTown Diamonds.
Triple Seven Center, at 777 S. Center St., adapted for reuse and the former home of Maytan Music Center. Tenants include Pinon Bottling Company, Noble Pie Pizza, and Arario Korean Fusion.
A vacant lot at 800 S. Virginia St., that currently serves as parking for Triple Seven Center and one of the last undeveloped parcels with the Midtown area.
According to the news release, Tolles and Marmot began working together last year and were approached by Bernie and Tim Carter, co-owners of the seven properties.
“Our projects in Midtown have always been for locals by locals,” Bernie Carter said. “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.”
Eric Raydon, cofounder and managing member of Marmot, said the intent will be more of the same with the new properties’ futures.
“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 in a statement.
Added Tom Johnson, “Tolles and Marmot are a vital part of the downtown and Midtown vision that the Johnson Family Trust contributed several years ago with our trust’s repurposing of the old Maytan Music Center into the vibrant, mixed-use building now known as 777-Heart of Midtown.”