Tolles Development Co. acquires 5 Reno-Sparks industrial buildings
RENO, Nev. — Five warehouses encompassing more than 202,700 square feet of space in the Reno-Sparks area are under new ownership after a recent transaction.
Financial terms of the deal were not disclosed.
“An often overlooked submarket, the region plays a critical role as a key distribution and manufacturing region of Reno-Sparks at a lower cost than property in the Tahoe-Reno Industrial Center (TRIC),” company CEO Par Tolles said in a statement.
Properties include The Generator, an inclusive artspace known for housing the curation of Burning Man art pieces; and hot-rod restoration firm B & T Automotive, among others.
Currently, there is no availability within the acquired properties, officials said; present tenants will remain.
The five properties are:
1210 Icehouse Ave., Sparks, 10,000 square-foot warehouse
1240 Icehouse Ave., Sparks, 35,520-square-foot warehouse
1280 Icehouse Ave., Sparks, 77,000-square-foot warehouse
1355 Industrial Way, Sparks, 20,000-square-foot warehouse
575 Reactor Way, Reno, 60,240-square-foot warehouse
Demolition will be completed in three phases: asbestos abatement, interior demolition and exterior demolition. The first two phases have already begun inside the 150,000-square-foot retail location formerly known as Shoppers Square; the first visual of outside demolition will be in early October on the northwest corner of the project.