Panattoni Breaks Ground on North Valleys Commercial Center

Monday, July 13th 2015

RENO, NV – Expansion is the theme of Panattoni Development Co. recently with the announcement of a groundbreaking of a new commercial center in the North Valleys and with the company itself growing into new facilities at 980 Sandhill Road in Reno.

Doug Roberts, a partner with the firm founded in 1986, said the new activity on a 770,000-square-foot center is the first of two buildings on a space where dirt will be moving, and he’s excited to see the project take shape in the coming months.

“If you look at the market, nothing was built for five years,” Roberts said. “When (2014) came around and Dermody (Properties) started a new park logistics center in Lemmon Valley, and then we got Amazon to come … then we landed Petco. During the span of a year, four (commercial) buildings were started or completed within 600,000 to 700,000 square feet.”

The current 770,000-square-foot building under construction is slated for completion in January 2016, according to Roberts.

The building is the latest addition to the firm’s portfolio of 175 million square feet of completed commercial projects in more than 275 cities in 29 states and nine countries, according to a statement from the company.

It’s also a sign of renewed investor confidence and optimism that there are more potential tenants to fill these spaces.

“If we look at the market, nothing was built for five years,” he said. “When (2014) came around and Dermody (Properties) started a new park logistics center, things were ready for spec development and we landed Petco. … Developers are building on spec again because of this pent-up demand.”

Roberts said Reno is an ideal location for netting developers, as in the case of Tesla or Switch, both of which have provided the region the kind of momentum necessary to start other businesses give Northern Nevada serious consideration again with its tax incentives.

“These companies give us more cache to say look at what’s going on in the market,” he said. “We’re right in the middle of western Nevada. We’re eight hours from L.A., four hours from San Francisco, close to Portland, Seattle, Boise, back to Vegas. … Reno has a lot of good things to offer just geographically. We always compete with (Southern California’s) Inland Empire. … But in general, I hope we’re being smart about this because we weren’t so smart before the recession, and (the region) got overbuilt so quickly.”