Panattoni Development Breaks Ground on 1,016,880 SF BTS Facility & Commences Construction 554,040-SF Spec Distribution Center in Marshall County, MS
Wednesday, February 7th 2018
FOR IMMEDIATE RELEASE
Newport Beach, CA, February 7, 2018 – Panattoni Development Company, Inc. announced today that they have commenced development on a 1,016,880-square-foot warehouse leased to Cooper Tire at Panattoni’s Gateway Global Logistics Center (GGLC) in Marshall County, MS, a submarket of the greater Memphis industrial market. The build-to-suit facility will be completed this fall and will become Cooper’s largest distribution center in the U.S. The facility will be utilized to distribute Cooper’s products directly to customers and supply its regional distribution centers. The site will accommodate an additional 400,000 square feet of expansion space.
The project is being funded by GPT Norfolk Southern Way Owner, LLC, an affiliate of Gramercy Property Trust. Co-development services are being provided by Mohr Capital. Gary Horn of Mohr Capital and Preston Thomas of Colliers International represented Cooper Tire and Jim Mercer of CBRE represented Panattoni. Alston Construction, Inc. is the general contractor and Pickering Firm, Inc. is the architect. Offsite infrastructure improvements to serve the Cooper facility are being provided by Marshall County Industrial Development Authority, Marshall County Board of Supervisors, and The Mississippi Development Authority.
After the signing of the Cooper Tire lease, Panattoni commenced vertical construction on its seventh building at GGLC (fifth speculative building). The speculative building is a 554,040-square-foot cross-dock facility, with a completed building pad in place, allowing expansion up to 1,569,780 square feet. An adjacent building pad of 707,000 square feet (sixth speculative building) is nearing completion and immediately available for vertical development in this newest phase at GGLC.
Panattoni’s Regional Partner Whitfield Hamilton said, “The Cooper project and adjacent new speculative building bring the total development activity at GGLC to 6 million square feet in the past three and a half years, adding to the world-class lineup of tenants including Volvo, Post Consumer Brands, TBC Corporation, McCormick, and Niagara Bottling. The Cooper Tire and speculative building projects begin the fourth phase of development at GGLC, adjacent to the newly opened Highway 72 flyover, with additional building pads, sitework, and infrastructure in place for the next 4.5 million square feet of development beyond these current buildings. Our 1.5 million square foot graded building pad is the largest and only completed pad of its size in the country at this time, and is a great opportunity for our next customer. We welcome Cooper to our park and appreciate Governor Bryant and his team for their help and for joining us at Cooper’s groundbreaking today”
Founded in 1986, Panattoni Development Company, Inc. is one of the largest privately held, full-service development companies in the world. Panattoni operates from 24 offices in the United States, Canada and Europe. Since inception, Panattoni has developed more than 302 million square feet of space including more than 106 million square feet of build-to-suit projects. Panattoni has developed industrial, office and flex facilities in 278 cities located in 29 states and nine countries. The Panattoni Southeast team has over 10 million square feet of new projects currently under development. The firm is headquartered in Newport Beach, California and maintains offices throughout the United States, Canada and Europe. Learn more at www.panattoni.com.
About Panattoni Gateway Global Logistics Park
Panattoni Gateway Global Logistics Center (GGLC), is a master-planned Class-A industrial park on 1,600 acres in Marshall County, MS and Fayette County, TN. GGLC offers a combination of build-to-suit, rail-served, manufacturing, and speculative bulk industrial sites. The site offers direct access to the 570-acre Norfolk Southern Rossville Intermodal Terminal. Accessible by Hwy 72, Hwy 302 (Goodman Road), I-385, and interchanges on the new I-269 Memphis outer beltway, GGLC offers direct and uncongested access to an interstate highway system that is unprecedented in the Memphis industrial market.
Panattoni Development Company, Inc.