California investors buy downtown building

A group of San Jose-based investors have added their vote of confidence to downtown Reno.

They put up $3 million for the purchase of 241 Ridge Street and are planning another half-million in renovations.

In a sale negotiated by Floyd Rowley, along with Tim Ruffin and Dominic Brunetti of Colliers International, the four-story building moved out of the hands of one California investment group into the hands of another.

The buyers,Alex and Marion Hose, plan an extensive renovation of the building lobby.

They'll revamp it into a more traditional, upscale lobby, says Ruffin, to serve professional businesses such as law and advertising firms.

The prospective tenants currently looking at the location would take about 60 percent of the fourth floor, says Ruffin, and they are law and advertising firms.

In addition to renovating the lobby, the new owners are updating the exterior, upgrading the heating, ventilation and air conditioning systems, and replacing the elevator.

The building is the group's first entry into the Reno market, says Ruffin.

But it's still shopping the area for further investments.

The anchor tenant at 241 Ridge Street is Western Title.

Space is leasing for $1.75 full service.