Airport Plaza

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Airport Plaza

1755 Plumb Lane, Reno, NV

Status: Completed 2007
Property Type: Office Leasehold Interest
Project Type: Acquisition and Repositioning
Size: 77,459 square feet
Capital Structure: Balboa Income & Growth Fund, L.P., Private equity – internally managed discretionary fund

Airport Plaza is a two-story multi-tenant professional office building situated directly across the street from the Reno International Airport. The project offers immediate access to Interstate 395 and is in close proximity to downtown Reno. The project involved extensive upgrades to the building and building systems, re-measuring the building to BOMA standards, and the negotiation of an extension of the ground lease term to 50 years. The targeted capital improvements significantly increased the project’s efficiency and reduced operating expenses. After completing the project renovation and re-leasing significant portions of the building, the company sold the project to a syndicated investment group.