Panattoni Completes Construction of 3.7 Million SF of Industrial Buildings with Total Costs Above $320 Million
Thursday, February 5th 2015
December 23, 2014—In Southern California, Panattoni Development Company, Inc. (“Panattoni”) recently completed construction of twelve new industrial buildings totaling 3.7 Million square feet with project costs exceeding $320 Million. Additionally, Panattoni inked nine major sale and lease transactions in Southern California totaling approximately $210 Million.
The first completion/transaction was a $105 Million state of the art 1,479,117 square foot distribution warehouse build to suit and lease for a Fortune 30 consumer products company in Moreno Valley, CA. This 10 year lease was recognized as the NAIOP REXIE 2013 Industrial Lease Transaction of the Year. Construction for this build to suit was completed in just 9.5 months and it is the sixth largest distribution facility built in the State of California.
In Rialto, CA, Panattoni completed a 5 year lease with Ozburn-Hessey Logistics at I-210 Logistics Center I, which is a $45 Million, 718,025 square foot cross dock distribution warehouse. Uniquely, this project began as a land assemblage with 27 parcels and 17 different owners on a 34.82 acre site. Adjacent to I-210 Logistics Center I is I-210 Logistics Center II which is a fully entitled 36.82 acre land site which is on track to break ground in the 1st Quarter 2015.
Other recent Panattoni Southern California sales and leases of note include a $20 Million, 221,171 square foot multi-tenant industrial park sale in Ontario, CA to Guthrie Development, an $8 Million 10.92 acre land sale in Chino, CA to O’Tasty Foods, and a 5 year, 170,780 square foot lease renewal with Dean Warehousing in Ontario, CA.
In Los Angeles County, Panattoni signed a 15 year lease with FedEx Ground in Panattoni’s new 327,934 square foot Class A industrial building in Santa Fe Springs, CA with a total lease consideration in excess of $45 Million.
Panattoni has been active in Anaheim, CA as well. Panattoni recently completed construction of Anaheim Concourse Phases I and II, 625,950 square feet and 243,037 square feet respectively, of Class A, industrial buildings. Each Phase included four buildings for a total of eight completions. Panattoni sold three buildings totaling 194,173 square feet to Hestan Commercial and a fourth 48,864 square foot building to Maxlite all within days of construction completion. These four buildings established new high mark sales comps in the market and totaled nearly $40 Million. Panattoni also set the bar for leasing Class A industrial space in the market with the recent lease signing for Longust Distributing. Panattoni signed a 10 year lease for 93,818 square feet in Building A at Anaheim Concourse Phase I with a total lease consideration of over $8.5 Million prior to construction completion. More Anaheim Concourse news includes the January 2015 ground breaking of Anaheim Concourse Phase III which will bring an additional 481,821 square feet of Class A, industrial buildings to the market. Panattoni is by far the most active industrial developer in Orange County and was recently recognized as the 2013 Anaheim Developer of the Year by the Anaheim Chamber of Commerce.
Panattoni is a privately held, full service real estate company founded in 1986 and headquartered in Newport Beach, California, Panattoni has offices in major markets throughout the United States, Canada and Europe where it has developed industrial, office, and retail projects in more than 240 markets totaling in excess of 200 million square feet. The Company has the depth, expertise and capacity to quickly respond to the demands of its clients. Panattoni provides users multi-market solutions completing quality projects on time and within budget.