Panattoni Wins Two Top Awards From NAIOP’S Inland Empire Chapter
Friday, January 31st 2014
Newport Beach, CA–Panattoni Development Company, Inc. recently received two REXIE Awards (Real Estate Excellence Inland Empire) from the Inland Empire Chapter of National Association of Industrial and Office Properties (NAIOP).
The first was in recognition for signing the “Industrial Lease of the Year in 2013.” The significant build-to-suit transaction for a Fortune 30 company was the development of a 1,476,000 square foot industrial building in Moreno Valley, CA with a valuation of $120 million. It was the largest industrial lease signed in Southern California last year.
Stephen Batcheller, Panattoni Partner said, “This award means a great deal to my company for several reasons. First, it represents another milestone in the evolution of the Inland Empire as perhaps the primary logistics hub in the United States. Secondly, the competition for the award included some of the nation’s premier development firms, so to win it is especially gratifying.”
In addition, Panattoni received the prestigious “Developer of the Year Award.” In 2013, the company had four new development projects in the Inland Empire totaling 3.2 million square feet with an investment value of $280 million. Two of the projects were leases/build-to-suits, one with the confidential Fortune 30 company referenced above in Moreno Valley and the second with World Kitchen for 636,000 square feet in Riverside. The other two projects were speculative facilities in Rialto for 373,771 and 718,025 square feet.
Benefits to the municipalities involved cleaning up neighborhoods, building infrastructure, creating environmentally sensitive “Green” buildings (LEED Certified), increasing the property tax base and job creation.
Separately Panattoni broke ground on three projects in Orange and Los Angeles Counties totaling over 1.2 million square feet with an investment value in excess of $150 million.
Panattoni Development Company is a privately held, full service development company founded in 1986. The firm has completed in excess of 185 million square feet 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.