Auto & Truck Electric buys Reno building for $1.15 million
Reno, Nev. — After leasing space in an industrial park in Sparks for more than two decades, local company Auto & Truck Electric, Inc., recently purchased a building at 7755 Security Circle in Reno to serve as the business’ headquarters.
According to a June 26 press release, Nevada State Development Corporation helped facilitate the $1.15 million finance package with an SBA 504 loan at a rate of 4.566 percent. Heritage Bank of Nevada also contributed to the financing.
“As a family-owned business, the opportunity to take control of our future by owning our own building was one of the most important steps we could ever take,” Robert Ritter, founding owner of Auto & Truck Electric, said in a statement. “This move will allow us to build equity while increasing revenue by providing excellent service to a growing number of customers.”
According to the press release, Ritter established Auto & Truck Electric in 1979 with his wife Peggy and has remained active in the day-to-day operations of the business since.
As treasurer of the business, Peggy Ritter manages all payroll, accounts, tax and financial aspects of the company. Their son, Scott Ritter, joined the business after his return from duty in the U.S. Air Force in 2014. He manages and oversees all part-rebuilding functions for the business and serves as corporate secretary.
Auto & Truck Electric focuses on rebuilding starters, alternators, generators, distributors, D.C. electric motors and other rotational electronic devices in Northern Nevada.
Primary customers include Granite Construction, Q&D Construction, Cashman Equipment, Barrett Gold, Newmont Mining, Nevada Department of Transportation and Calyrans.
Visit http://www.autotruckelectric.com to learn more.
Per Berkadia, the 185-unit Northwind property at 1680 Sky Mountain Drive in Reno sold for $40 million to Oregon-based Kinsel Ameri Properties; the seller was Washington-based American Capital Group.