What Tolles Development Company does

Tolles Development Company is a Reno, Nevada-based commercial real estate development and property management firm founded in 2016 by CEO Par Tolles. The company develops, acquires, repositions, and manages commercial properties across industrial, retail, office, and hospitality asset classes, with a primary footprint in Northern Nevada (Reno, South Reno, Carson City, Tahoe Reno Industrial Center) and active expansion into Southern Nevada (Las Vegas). Its portfolio includes the 893,107 sq ft Airway Commerce Center adjacent to Reno Tahoe International Airport, the 663,600 sq ft 727 Milan Drive and 610,400 sq ft 550 Milan Drive industrial facilities at Tahoe Reno Industrial Center, the 489,440 sq ft 75 Pittsburgh industrial property forward-sold to Dalfen Industrial, the 64,000 sq ft Village at Rancharrah lifestyle retail center, the 132-room Hyatt Place Reno, and the University of Nevada Fieldhouse (72,000 sq ft, under construction).

The firm operates a hybrid business model with four revenue streams: development fees from ground-up commercial projects, transaction fees from property acquisition and repositioning, third-party managed services for institutional clients, and recurring rental income from owned assets. Property management clients include institutional capital partners AEW, Ares Management, STAG Industrial, WA Capital, and Buzzzoates. Distribution is relationship-driven through direct leasing, forward sales to institutional investors, public-private partnerships with the City of Reno, University of Nevada, and Reno Tahoe Airport Authority, and board-level community engagement across Northern Nevada nonprofits.

Tolles employs a five-partner leadership structure (CEO Par Tolles, COO Kyle Rea, CDO David Mieding, CFO Tyler Lantrip, CFA, and CSO Cory Hunt) with prior executive tenures at Basin Street Properties, Dermody Properties, CBRE, and Trammell Crow Company. The property management division is led by Director Jeni Grana, formerly of CBRE where she managed a 14 million sq ft industrial portfolio. The firm's "Thoughtful Development" philosophy emphasizes community-impact projects alongside commercial returns, evidenced by pro bono development of the Eddy House Transitional Living Center (opened September 2025) and the 200-unit Village on Sage Street affordable housing complex.

Name

Tolles Development Company

Legal name

Tolles Development Company

Website

https://tollesdevelopment.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

Tolles Development Company is a Reno-based commercial real estate firm founded in 2016 that develops, acquires, and manages industrial, retail, office, and hospitality properties across Northern and Southern Nevada, serving institutional investors, public-sector partners, and SMB tenants.

Ownership category

akta.pro rank

Headquarters

HQ city

Reno

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Development Fees: Fees earned from ground-up development of commercial properties including industrial, retail, office, and hospitality projects. The company develops properties for its own portfolio, third parties, and forward sales to investors.
2. Property Acquisition and Repositioning: Revenue generated from acquiring underutilized or outdated properties, repositioning them through renovation and improvement, and either selling (forward sales) or leasing to tenants.
3. Property Management Services: Full-suite property management services for commercial properties including industrial, office, and retail. Services include tenant relations, vendor management, lease administration, capital projects, and TIs (tenant improvements). Manages properties both in and out of the Tolles portfolio for institutional clients.
4. Asset Ownership and Leasing: Revenue from long-term ownership of commercial properties including rental income from tenants across retail, office, and industrial sectors.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels3 records

Core offering

Tolles Development Company is a commercial real estate development, acquisition, and property management firm. The company identifies underutilized or strategic sites, develops or repositions industrial, retail, office, and hospitality properties, and either retains assets for long-term ownership and leasing or sells them forward to institutional investors. In parallel, Tolles provides full-suite third-party property management services covering tenant relations, vendor management, lease administration, and capital improvements for both its own portfolio and institutional clients such as REITs and investment managers.

Product overview

Tolles Development Company is a commercial real estate development and property management firm founded in 2016, offering a portfolio of commercial properties across multiple categories. The company's core offerings include ground-up development, property acquisition and repositioning, and full-service property management. Key products include retail destinations (Village at Rancharrah, Sticks at Midtown, University Crossing), office properties (241 Ridge Street, Village at Rancharrah Office), industrial facilities (Airway Commerce Center, South Vegas Industrial Center, Arrowhead Commerce Center, and multiple warehouse properties), hospitality (Hyatt Place Reno), and civic/community projects (University of Nevada Fieldhouse, Eddy House Transitional Living Center). The company also provides property management services for its portfolio and third-party clients, covering tenant relations, vendor management, lease administration, and capital improvements.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Developed Village on Sage Street transitional housing and helped raise private dollars for Nevada Cares Campus (700-bed facility) now recognized nationally as a model for homelessness solutions.
• +2 more outcomes

Named customers11 records

Segments5 records

Ideal customer profiles1 record

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Twelve partnerships are on record, tiered core and minor.

• Q&D ConstructioncoreStrategic or Co-development PartnerQ&D Construction served as general contractor for 727 Milan Drive industrial facility at Tahoe Reno Industrial Center, building the 663,600 sq ft tilt-up concrete warehouse with 65 concrete panels.
• CBREminorOthersPrior employer for key property management team members. Jeni Grana previously managed a 14 million square foot industrial portfolio at CBRE for institutional clients including Link Logistics.
• Reno Tahoe Airport AuthoritycoreStrategic or Co-development PartnerPublic-private partnership for Airway Commerce Center (893,107 sq ft industrial park) adjacent to Reno Tahoe International Airport. The project generates stable revenue stream for the airport and contributes to its expansion goals.
• City of RenocoreStrategic or Co-development PartnerStrategic public-private partnership with City of Reno for University Crossing retail development in the University District. The partnership leveraged Tolles' expertise in innovative deal structures.
• Caesars EntertainmentcoreStrategic or Co-development PartnerCollaboration with Caesars Entertainment on University Crossing development, creating synergies between the university area and downtown Reno.
• University of Nevada, RenocoreStrategic or Co-development PartnerPartnership for Nevada Fieldhouse (72,000 sq ft indoor training facility) adjacent to Wolf Pack Park. Public-private partnership with $3.50 per-credit student fee supporting the project. Groundbreaking August 2025, completion summer 2026.
• Eddy HousecoreStrategic or Co-development PartnerTolles provided pro bono development and project management for Eddy House's Transitional Living Community (36-unit, 24,850 sq ft studio apartments for homeless youth aged 18-24). Partner Cory Hunt serves as Chair of Board of Directors. Project opened September 2025.
• Community Foundation of Western NevadacoreStrategic or Co-development PartnerVillage on Sage Street (200-unit affordable housing) is managed by Community Foundation of Western Nevada in partnership with Volunteers of America. Par Tolles led development, construction management, and financing.
• Volunteers of America Northern CA & Northern NVcoreStrategic or Co-development PartnerVillage on Sage Street and Nevada Cares Campus (opened Spring 2021) managed by Volunteers of America. 700-bed facility, health clinic, and general support hub for unhoused individuals.
• Downtown Reno PartnershipminorStrategic or Co-development PartnerPar Tolles is co-founder and active Board member of Downtown Reno Partnership business improvement district. Organization employs downtown ambassadors for graffiti cleanup, social outreach, and visitor assistance.
• Pioneer Center for the Performing ArtsminorStrategic or Co-development PartnerKyle Rea serves on Board of Directors of Pioneer Center for Performing Arts in downtown Reno, a cultural cornerstone home to Broadway productions, Reno Philharmonic, and AVA Ballet Theatre.
• Nation's FinestminorStrategic or Co-development PartnerDavid Mieding serves on Board of Directors of Nation's Finest, which provides housing, health, and employment services to veterans across the western United States.

Scale indicators5 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Dermody Properties: National industrial real estate developer and investor with deep Northern Nevada presence; CEO Par Tolles and COO Kyle Rea both previously held senior roles at Dermody, making it a closely comparable industrial development peer.
• Basin Street Properties: Northern Nevada-focused commercial real estate developer and manager where Par Tolles was President; comparable in geography, asset mix, and community-driven development philosophy.
• Panattoni Development Company: One of the largest privately-held industrial real estate developers in the U.S., active in Northern Nevada including the Tahoe Reno Industrial Center — directly comparable on large-scale spec industrial development.
• Lincoln Property Company: Diversified national real estate developer and third-party manager with industrial, office, and retail capabilities — comparable to Tolles' full-service development plus property management model.

Broad incumbents

• Trammell Crow Company: Major national commercial real estate developer where Par Tolles was Principal of Northern Nevada; comparable on development platform, though vastly larger and more diversified across product types and geographies.
• STAG Industrial: Public industrial REIT that is both a Tolles property management client and a buyer of stabilized industrial product; comparable as an institutional owner/manager of similar industrial assets.
• Prologis: Largest global industrial REIT with a major Reno/Tahoe Reno Industrial Center presence; comparable in industrial asset class and tenant base, though vastly larger and capital-markets driven.
• CBRE Group: Global commercial real estate services firm and a prior employer of multiple Tolles leaders (Par Tolles, Jeni Grana); comparable in commercial property management and Northern Nevada market presence, though a much broader services platform.
• Colliers International: Global commercial real estate services and investment firm active in Northern Nevada; comparable as a third-party property manager and capital markets advisor for institutional clients.

Regional players

• Dickson Commercial Group / Dickson Realty: Long-standing Northern Nevada commercial real estate brokerage and management firm; comparable as a regional CRE services peer serving overlapping local clients and property types.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/tollesdevco
• Facebookfacebook.com/tollesdevelopment
• LinkedInlinkedin.com/company/tollesdevelopmentcompany

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tolles Development Company