S3 Development acquires downtown Reno project
S3 Development has acquired Reno’s newest mixed-used redevelopment project at the southeast corner of Wells and Ryland.
The 39,816 square-foot office building was purchased by S3 Development for $4,400,000. The building has visibility along both Wells Avenue and Ryland Street in Reno.
Dominic Brunetti and Scott Shanks represented the buyer, S3 Development, a Reno-based developer. Tom Fennell, Travis Hansen, and Chris Shanks, of DCG represented the seller, Scharff Family Trust, in the disposition of the building.
S3 Development’s plans are to build out the vacancies to accommodate a mix of office, retail and medical office suites. Other work will include a new facade and exterior look, new landscaping, remodeled outdoor courtyard (swings, BBQ, dog park and other fun amenities) and a new parking lot. Dominic Brunetti, and Travis Hansen, have been retained as the leasing agents by S3 Development.
“It was really a ‘sleeper’ of a building. The 34 feet high interiors are amazing with contemporary and hip tenant improvements,” said Blake Smith, president of S3 Development.
S3 Development’s projects include the Somersett Master Planned Community, U.S. Bank Building in Reno, Sprint Building at Meadowood Mall, Midtown Lofts and Lyfe at the Marina.
Holiday Inn Club Vacations Inc. — which earlier this year purchased 1862 David Walley Hot Springs just south of Genoa — announced this week it has acquired The Ridge Resorts at Lake Tahoe.