Kyle Rea
Tolles Development has acquired 15.8 acres of unimproved land at 500 Italy Drive at the Tahoe-Reno Industrial Center, expanding its footprint in Northern Nevada’s industrial market, according to a March 17 news release.
“Tolles remains a significant player in the industrial real estate market, having developed more than 4 million square feet of industrial space in the region. Tolles acquired the property for $5.5 million from AMB Real Estate, LLC,” states the release.
Reno-based Tolles Development owns and manages industrial, office, retail, and hospitality properties in the western U.S.
The company plans to develop a new 290,000-square-foot warehouse facility on the TRIC site, with groundbreaking expected for the second quarter of 2025.
“Given the region’s increasing need for industrial infrastructure, the project will help support businesses looking for modern, well-located logistics and distribution space. Additionally, Tolles is exploring the potential for data center development on the site, further diversifying its approach in the commercial real estate space,” the release said.
“Northern Nevada remains a high-demand market for industrial development, and this acquisition aligns with our commitment to bringing additional options to the region,” added Kyle Rea, chief operating officer of Tolles.
Tolles maintained the property benefits from “close access to key transportation routes, a strong workforce, and a growing business ecosystem,” according to the release.
Tectonics Design Group will serve as the architect on the project, and Devcon Construction will be the general contractor. Chase Houston with Logic Commercial Real Estate brokered the land sale.
For information, go to tollesdevelopment.com.