Lakeside Plaza

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Lakeside Plaza

6121 Lakeside Drive, Reno, NV

Status: Completed Portfolio Investment
Property Type: Office
Project Type: Acquisition and repositioning
Size: 33,372 SF square feet
Capital Structure: Balboa Value Funds II, L.P. Private equity – internally managed discretionary fund

Lakeside Plaza is a steel-framed, two story project situated in the most attractive office submarket in Reno. Control of the project was obtained in 2009 via a note purchase which was later foreclosed upon after a default.  The building was in need of capital and lacked competiveness in the market due to its tired appearance.  Ridge Capital created and implemented a capital investment and marketing plan to refresh the project making it attractive to users and the brokerage community.   Occupancy was approximately 57% at purchase, and by 2015 the project had achieved 93% occupancy.  A sale was completed with an investor at an attractive return for the Fund.