Reno's Airport Plaza acquired

The recent $5.53 million sale of an airport-district office building was unusual because properties in the neighborhood rarely come on the market.

"Most of them are longterm holds," says John Pinjuv of Grubb & Ellis|NCG in Reno, who brokered the sale.

The seller of the 60,000- square-foot Airport Plaza building at 1755 E.

Plumb Lane, LibertyCenter/Airport Plaza of San Francisco, had owned the building since 1983.

The building was purchased by Balboa Funds/Airport Plaza, also of San Francisco.

The price represented a cap rate of 7.5 percent, Pinjuv said.

That translates into a price of $13 for every $1 in operating income generated by the building.

At the time of the sale, the building was 97 percent occupied.

The 35 tenants include federal and state agencies,most notably the Transportation Safety Administration, homebuilding companies.