McCarran Marketplace (Paris Baguette)

What it is

McCarran Marketplace is a renovated 52,000 SF retail center at South McCarran Boulevard and Longley Lane in Reno, owned by Tolles Development Company and leased by our team at LOGIC. Its anchor, Reno's first Paris Baguette, is targeting an October 2026 opening, per the Reno News & Review via our September 16 tracker update.

Built in 1988, the center was acquired by Tolles in 2024, then Air Center Plaza, in a $10 million portfolio investment, and Tolles has completed a roughly $2.5 million exterior remodel, new facades, site work, and the rebrand, per Tolles Development Company and our June 11, 2026 post. Pinecrest Construction is the general contractor and OneStudio D+A the architect, per the project team. The corner sits near the airport corridor.

Disclosure: LOGIC Commercial Real Estate handles leasing at McCarran Marketplace; the opinions below are Ian Cochran's. Tracked on our What's Coming to Reno hub.

Status as of September 2026

Delivered. Tolles Development Company reports the roughly $2.5 million exterior remodel is complete and that leases are actively being signed at the center. The Paris Baguette storefront is the remaining tenant build-out: our Q2 2026 report, published August 14, cited the Reno Gazette-Journal on a mid-October target, and our September 16 tracker update says, per the Reno News & Review, that Jim Yoell is hoping for an October opening; the tracker calls him the owner, and our June post, citing local news reports, calls Yoell and Eva Chen the franchisees.

The combined suites, 3923 and 3929 S. McCarran Blvd., were under construction as of June, per local news reports cited in our June post. Suite size, rent terms, and other signings are not disclosed in our sources. Our reports do not assign McCarran Marketplace to a submarket; the June post places the corner near the airport corridor. For context, our Q2 2026 report estimates Central/Airport vacancy at 4.3%, versus 4.4% in our Q1 2026 report, and does not say whether that reading covers this center.

Timeline

• 1988: Built, per our June 2026 post.
• 2024: Tolles acquires the center in a $10 million portfolio investment and commits roughly $2.5 million to renovation, per our June post.
• Lease commitment: Well over a year before opening, two suites combined, per our June post; date not disclosed.
• June 2026: Storefront under construction, opening expected later in 2026, per local news reports cited in our June 11 post.
• July 2026: Still under construction toward a fall opening, per our mid-year outlook of July 30.
• August 2026 (our reporting): Our August 12 Smith's Marketplace post cites the Reno News & Review on an October target, and our August 14 Q2 report cites the Reno Gazette-Journal on mid-October after a longer-than-expected remodel. The dates of the underlying news reports are not given in our sources.
• September 2026: Exterior remodel complete and leases actively being signed, per Tolles Development Company; Paris Baguette owner targeting October, per the Reno News & Review via our September 16 tracker update.
• October 2026: Targeted opening. Date TBD.

Who is in

Tenant	Role	Source
Paris Baguette	Anchor, Reno's first; franchisees Jim Yoell and Eva Chen; October 2026 target	Local news reports, via our June 2026 post; Reno News & Review, via our fall 2026 tracker update
Juicy's Giant Hamburgers	Established co-tenant	Our June 2026 post
The Human Bean	Established co-tenant	Our June 2026 post

Additional leases are being signed, per Tolles Development Company; tenant names will be added as they are announced. For availability, contact Ian Cochran at LOGIC Commercial Real Estate.

What it means for tenants, owners, and investors

Tenants. Ian Cochran's view: this deal is what site selection looks like in a market our June post put at roughly 3.5% vacancy and our Q2 2026 report now estimates near 3.4%. New construction was already at $4.00 to $5.00 per square foot per month, per brokers cited by the Nevada Appeal in our fall tracker update, and the same update puts second-generation space at $2.00 to $3.00. The September 16 rate hike, per CNBC, lowers nobody's rent; it makes the existing space more valuable relative to new. Sign good existing space when you find it; see our restaurant space guide.

Owners. Ian Cochran's view: for owners of 1980s and 1990s-vintage centers in Reno-Sparks, this is the comp for process, not price. Buy or hold below replacement cost, invest in presence, re-merchandise around a daily-traffic tenant. Renovation capital changes who returns your calls, not just the rate, and our Reno Public Market post shows buyers paying for it.

Investors. Ian Cochran's view: the next McCarran Marketplace is a tired center trading below what its location justifies, and those conversations happen off-market. Per our Q2 2026 report, stabilized multi-tenant Reno retail trades near a 6.0% to 6.5% cap rate; the value-add spread is the rent gap before and after an anchor like this signs.

Sources

• Tolles Development Company (owner), remodel completion and leasing status, September 2026
• Reno News & Review (article undated), via our August 12, 2026 Smith's Marketplace post and September 16, 2026 tracker update
• Reno Gazette-Journal (article undated), via our Q2 2026 report, August 14, 2026
• Local news reports and the project team (undated), via our June 11, 2026 post
• Retail Reno Q1 2026 report (June 2026) and mid-year 2026 outlook (July 30, 2026)
• Nevada Appeal (new-construction rents, article undated) and CNBC (September 16 Fed decision), via our fall 2026 tracker update