Seven multi-tenant commercial properties in the center of Reno were bought by a partnership between Marmot Properties and Tolles Development Co. The partners' $18 million investment represents one of the largest transactions in Midtown this year.

Eric Raydon and Par Tolles lead the 72,000 square-foot real estate purchase, buying most of Bernie and Tim Carter's Midtown properties and also Tom Johnson's Cheney Street property. The duo plans to fill vacancies and are considering a parking garage and additional mixed-use construction in upper Midtown.

"We're continuing our mission to make Reno's urban environment a better place," Raydon said.

Together they spent $16.5 million on seven properties and plan to invest another $1.5 million on improvements.

The properties are:

677 South: Built in 1915, 677 S. Virginia Street has been home to multiple Reno businesses. Recently renovated, its tenants include Finbomb Sushi Burritos, Never Ender Clothing and Culture Clothing. Saint Lawrence Commons: Previously known as the Frohlich building and built in 1918. Tenants include Dreamer’s Coffee, Crème Café and Dress Like That. Cheney Place: A 1908 property that is an adaptive reuse of former residential property, with tenants including Angels Among Us, Awake and Aging and Crystal Cove. Martin Crossing: Built in 1979, Martin Crossing houses retail and office space. Current tenants include Sippee’s Kid’s Clothing and Happy Happy Joy Joy Gifts Sticks: constructed between 2014 to 2017, Sticks is a modern architectural complex with ground floor restaurant and retail space and a second floor “greenhouse.” Tenants include Two Chicks Restaurant, Chuy’s Mexican Restaurant and Transcend Interiors. 777 Center: One of the newest additions to Midtown, 777 S. Center St. was rebuilt in 2016 as an adaptive reuse of a building known as the long-time home of Maytan Music Center. Current tenants include Piñon Bottling Company, Noble Pie Pizza, Arario Korean Fusion and Midtown Diamonds. Future Development Site: The vacant lot at 800 S. Virginia St. between Recycled Records and Midtown Eats currently serves as the main parking for 777 Center. One of the last undeveloped parcels in Midtown, possible development plans include parking and mixed-use retail, residential and/or office.

Raydon, his brothers and partners have spent the last decade rehabilitating houses and apartment buildings in Midtown and surrounding areas. They've redeveloped more than 200 residential units and largely rented them out, while selling some others. Their houses are most noticeable as the brightly painted midcentury houses throughout the neighborhood.

Par Tolles recently left Basin Street Properties, a commercial and office real estate company, to create his own development company. He focuses on office and retail rehabilitation and recently acquired six other downtown office buildings.

Earlier this year:New development company buys 6 Reno office buildings and wants more

They were both approached by the Carters and Johnson, who wanted to sell their respective properties. Several out-of-town investors also wanted to buy the properties but Carter and Johnson wanted to try to keep them in local hands.

Raydon and Tolles both spoke highly of Midtown's continued organic growth as a retail hub in the heart of Reno. Both said they wanted to create an area their children would want to live in.

"Reno is the next great American city," Raydon said.

Their plans are to keep the current tenant mix and find more tenants to fill some office and retail vacancies left behind.

"The art to this new ownership is not trying to control it too much," Tolles said. "We have to let it grow organically."

Raydon said his other development work would not have been successful without the eclectic mix of retail already in Midtown.

"Our firm's future is completely tied to the ongoing success of Midtown's retail," he said.

Boutique retail will outlive malls and other retail struggling through the internet age, Tolles said. Other developers have also continued filling redeveloped buildings with new businesses throughout the district.

More Midtown development:Under the Rose Brewing expanding to Midtown for second brewpub in Reno

Restaurants:Arario, a new Korean spot, opens in Midtown Reno

Together, they want to update some of the older buildings and try to create new events and activities. But they intend to preserve historic architecture of any buildings not already damaged by decades of changes and additions.

They are also performing engineering tests to find out if Saint Lawrence Commons can accommodate a second story of apartments above it.

They want to keep guiding Midtown's trajectory by finding the right tenant mix and making sure their properties stay relevant with changing trends. At the same time though, they think the most important part of Midtown is the experience of shopping and living there.

"The thing about Midtown is that you have to work to experience it," Tolles said in reference to parking, walking and getting around. "You have to be comfortable with friction. But that friction is good."

Mike Higdon is the city life reporter at the RGJ and can be found on Instagram @MillennialMike, on Facebook at Mike Higdon, Reno Life and on Twitter @MikeHigdon.