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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. |
