A Reno property in South Meadows has been acquired by a Carson City company that plans to develop an office building on the site.
Shaheen Beauchamp Builders LLC of Carson City purchased 1.43 acres of vacant land along Damonte Ranch Parkway next to the former headquarters of Landmark Homes. Shaheen Beauchamp plans a two-story office building on the site.
Jeff Shaheen says his company would like to break ground in six to eight months and be completed in 18 months.
The transaction was brokered by Thomas Y. Johnson, John Lynch and Tomi Jo Lynch of Sperry Van Ness in Reno. They represented both the buyer and the seller.
In another transaction, a stalled industrial condominium project on Vista Boulevard in Sparks, along with more than seven acres of neighboring land, has been purchased by a Bay Area real estate investment company in a cash deal.
Balboa Funds Inc. of Corta Madera, Calif., purchased Vista Business Park in Sparks for $3.2 million from its original developer, a partnership overseen by The Voit Companies of Newport Beach, Calif.
Brian Armon and Lance Faulstich, principals with Trinity, a commercial real brokerage in Reno, represented Balboa in the transaction. The Voit Companies represented itself.
Carlo Mormorunni, president of Balboa Funds, said six of the 17 industrial condo units constructed by Voit remain empty and unsold. The 50,000-square-foot project broke ground more than three years ago.
He said the real estate company likes the Nevada business climate and sees strong long-term potential in the Reno market, especially as its housing prices once again compare favorably with California markets.
Besides, he says, "I just like Reno."