RM&D CONCLUDES $3.6 MILLION SALE OF #700 DAMONTE RANCH PARKWAY AND IS RETAINED AS PROPERTY MANAGEMENT COMPANY.
Property owners, Dragon One, selected RM&D to represent them in the sale of the building at 500 Damonte Ranch Parkway #700, Reno NV, based on our previous role as the selected leasing agent and property manager.
The property was listed in March 2018 for $3,748,000. By October 2018 an out-of-state offer was received for $3,600,000 at a 6.4% capitalization rate and accepted. The building closed in November 2018 to new ownership Macaw LLC who retained RM&D as the property management company.
RM&D filled a 2,359 SF vacant space that had been empty for three years; and, carved out an additional 2,569 SF from existing tenant Ameriprise’s space of 9,847 SF — assisting Ameriprise with redundant office space — and, providing a third unit for tenancy in the building.
Within three months of commencing marketing RM&D procured a signed lease with Leland Orthodonticts in the 2,359 SF vacant space and supervised extensive tenant improvements, which modernized and upgraded the building. The third unit (2,569 SF) will be available for lease Q2, 2019.