Home / News / Marmot and Par Tolles Buying 73,500 Square Feet of Midtown Retail

Marmot and Par Tolles Buying 73,500 Square Feet of Midtown Retail

by Mike Van Houten / Oct 9, 2017

So if this rumor holds true, one of the largest commercial transactions in Midtown's recent history is under way. Marmot Properties/Investments partnering with developer Par Tolles, is purchasing the following list of properties:

  • The entire Sticks project, including tenants Two Chicks, Transcend Interior, Hello Yoga, and more. 
  • The Midtown Commons project, where Dreamers, Creme, Dressed Like That, and Good Luck Macbeth reside. 
  • 677/681 South Virginia Street - the building on the corner opposite from Midtown Commons, where Aces tattoo and Classic Skate shop formerly were, and where Finbomb Sushi currently calls home
  • 737 South Virginia Street - The cute multi-unit home to Crystal Cove, formerly home to Culture. 
  • 955 South Virginia Street - The building where Sippee and Happy Happy Joy Hoy call home. 
  • 777 South Center - The building Noble PIe Parlor calls home

The transaction totals roughly 73,500 square feet of retail, from three different current owners. 

 

Tagged under: Midtown Reno | Sticks | 955 South Virginia Street | 737 South Virginia Street | 677 South Virginia Street | Midtown Commons |
Post your comments
  • Rory
    October 10, 2017 - 8:06:43 AM

    Sounds like Bernie Carter and his brother are looking to focus on the Old Post Office development and allow the next generation of developers to takeover midtown. Very interesting all around

  • goofus
    October 10, 2017 - 7:28:42 PM

    Yet another deal announcement prior to closing. Though knowing the parties, it is probably real. You buy real estate hoping to add value and cash flow to your investors, so the buyers here must view these Midtown properties as currently under performing to current and projected lease rates. I suspect the current tenants might disagree. Though I haven't worked specifically in any of these projects, I have reviewed leases and work letters here for 2 prospective tenants. I recommended "punt" on both, though one ultimately signed a lease. Initial lease rates are at what the developer considers "below market" and generally include a dramatic increase after year 2. The Tenants consider the initial rents At Market and are going all ostrich on future built in rent increases that will break their businesses. Then throw in 18 months of SVA being under constitution by RTC and my guess of 40% business income loss. So my verdict is still out on this deal.

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