Dermody Properties Announces Sale of Commercial Building in Downtown Reno
Dermody Properties recently announced the sale of a 17,836-square-foot commercial building to a private buyer. The facility is located at 445 S. Virginia Street in the heart of downtown Reno.
Dermody Properties will reinvest the capital gained from the sale in state-of-the-art industrial developments.
“Our strategy is to liquidate assets that are not in keeping with our core business, and reinvest the proceeds in Class A development projects in dynamic distribution markets,” said Douglas A. Kiersey, Jr., president of Dermody Properties.
The facility is 100 percent leased.
“In northern Nevada, we are keeping our focus on developments like LogistiCenter 395 and Kiley Ranch,” said Patrick Gallagher, partner, Dermody Properties’ West and Southwest Offices. “This sale will allow us to invest in those projects that are truly the focus of our business.”
Pat Morrissey of Morrissey Realty represented Dermody Properties in the transaction.