Cereal-Maker Signs Lease, Construction Starts on New MS Spec Build
Monday, November 30th 2015
MEMPHIS, TN – The Post lease is signed, and construction has started on a new speculative building in the Gateway Global Logistics Center (GGLC) in North Mississippi.
In October, the Memphis Business Journal reported that Post Consumer Brands signed a lease in Marshall County, Mississippi, and now new details have surfaced.
Panattoni Development Co. Inc. and partners William Adair and the William Adair Family Trust made the official announcement that 677,160 square feet of space was leased to Post at its GGLC facility.
Gary Bender of CRA Realty Advisors represented Post Holdings, and Jim Mercerof CB Richard Ellis Memphis represented Panattoni in the lease transaction.
Post will occupy 554,040 square feet of existing space and expand by 123,120 square feet. The addition should be finished by May 2016. Alston Construction Inc. is the general contractor on the project, and Pickering Firm Inc. is the architect.
“The Post lease is the second building at GGLC following on the heels of the 1-million-square-foot Volvo facility, which opened earlier this year,” said Scott Abbott, senior development manager of Panattoni, in a release.
Post will use the industrial space for distribution of Post food and Mom Brands products. The facility is expected to hire more than 30 employees.
Work on Building Three in GGLC has now started. The 554,000-square-foot development has the ability to expand to more than 975,000 square feet.
GGLC is a joint development between Panattoni and William Adair and theWilliam Adair Family Trust. The Class A industrial park has 1,600 acres in Marshall County and Fayette County, Tennessee. “Build-to-suit, rail-served, manufacturing and speculative bulk industrial” are available. GGLC also access to the Norfolk Southern Rossville Intermodal Terminal.
Panattoni was founded in 1986 and is headquartered in Newport Beach, California. The company has more than 200 million square feet of commercial space across the global. Panattoni has 10 Class A industrial parks and 50 buildings in Tennessee and North Mississippi.