Tolles Development Secures $114 Million Loan From Barings To Refinance Airway Commerce Center

3000 Airway Drive is an industrial property located in Reno, NV, encompassing 893,000 square feet. The asset is utilized as a warehouse and distribution facility, featuring offices, warehousing, distribution capabilities, and light manufacturing areas. The property is partially pre-leased and is recognized for its strategic positioning near Reno-Tahoe International Airport, which adds to its strong market fundamentals.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $114,000,000
• Lender: Jack Cheng - Barings
• Landlord: Par Tolles & Kyle Rea - Tolles Development
• Broker: Michael Walker - CBRE
• Loan Type: Refinance

Tolles Development secured a loan of $114 million from Barings to refinance the Airway Commerce Center. This transaction highlights the involvement of key individuals including Jack Cheng, who acted as the lender, and Par Tolles and Kyle Rea, representing the landlord interests in the deal. Michael Walker served as the broker facilitating these arrangements.