Panattoni Development Company Finalizes $16.1 Million Sale in Fernley
Thursday, November 7th 2013
RENO, NV – Doug Roberts, partner for the Nevada division of Panattoni Development Company, announced today the company recently finalized the sale of a 337,500-square-foot industrial property located at 2375 E. Newlands Drive in Fernley, Nev.
Cole ID Fernley NV LCC purchased the property from Panattoni. The total value of the transaction was $16.1 million. William Palmer of Palmer Capital and Mike Hoeck of NAI Alliance represented Panattoni in the transaction.
The property’s existing tenant, Trex Company Inc., manufactures wood-alternative decking, railing and fencing products sold across the United States and Canada. In April, Panattoni completed a 115-month lease extension for the property with Trex Company Inc.
“After a strong third quarter in Northern Nevada, Panattoni is increasingly optimistic about the future of the local commercial real estate market,” Roberts said. “As a company with strong ties to Northern Nevada, we look forward to continued improvement in the market as we move into 2014.”
Panattoni Development Company is a privately held, full-service development company founded in 1986. The firm has completed in excess of 175 million square feet of commercial projects worldwide. Panattoni has developed industrial, office and flex facilities in 278 cities located in 29 states and nine countries. The firm is headquartered in California and maintains offices throughout the United States, Canada and Europe.