Panattoni Acquires Major Tract in CentrePointe Distribution Park in LaVergne
Tuesday, March 18th 2014
NASHVILLE, TN – Through a joint venture, Panattoni Development Company and Clarion Partners have purchased a 108-acre tract in CentrePointe Distribution Park in LaVergne, Rutherford County, TN.
Panattoni plans to construct three buildings totaling 1,330,000 sf. Two of the buildings will be 600,000 sf cross-dock buildings in addition to a 130,000 sf single-load building. Mass grading of the entire site and construction of a pad for the first 600,000 sf building, expandable to 1.3 million sf will begin immediately.
CentrePointe Distribution Park is located on I-24 at the Waldron Road Interchange. In its entirety, the park is a 260-acre mixed use business center.
“This piece of land represents the best undeveloped bulk distribution site for multiple buildings left in the Nashville southeast submarket,” said Hayne Hamilton, Nashville-based Senior Development Manager for Panattoni Development Company. “We look forward to starting our site work grading so that we are in position to deliver a building in 2014.”
The Panattoni Tennessee office has developed 50 buildings statewide over 30 million sf of space representing $925 million in direct investment. In the Nashville market, the Panattoni team has developed 19 facilities totaling over 8.3 million sf. CentrePointe will be Panattoni’s 5th park in the area.
“In the Southeast, we have seen activity pick up significantly in 2012 and 2013 and have recently completed over 4 million sf of projects, said Whitfield Hamilton, Nashville-based Regional Partner for Panattoni Development Company. “We currently have in excess of 3 million sf of new projects starting construction in 2014. Regarding speculative development, we have active projects in Memphis, Atlanta, and Miami and believe Nashville is seeing enough activity to justify new construction and land acquisitions like CentrePointe.”
About Panattoni Development Company, Inc.
Panattoni Development Company is a privately held, full service development company founded in 1986. The firm has completed in excess of 175 million sf of commercial projects worldwide. Panattoni has developed industrial, office and flex facilities in 278 cities located in 29 states and 9 countries. The firm is headquartered in California and maintains offices throughout the United States, Canada and Europe, including one in Nashville.
About Clarion Partners, LLC
Clarion Partners has been a leading U.S. real estate investment manager for over 30 years. Headquartered in New York, the firm has offices in major markets throughout the U.S., in São Paulo, Brazil and London, England as well as a presence in Mexico. With $30 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors. The Firm’s industrial footprint is comprised of more than 99 million sf across 43 markets across the U.S., Mexico and Brazil.