Panattoni, Clarion JV Acquires 108 Acre Tract
Development Moving Forward at CentrePointe Distribution Park
March 17, 2014
Panattoni Development Company, in a joint venture with Clarion Partners, has purchased the 108-acre tract at CentrePointe Distribution Park in LaVergne, TN from Crescent Communities LLC for about $4.87 million, or $45,000 per acre.
CentrePointe Distribution Park is a 260-acre, mixed-use business center currently in development near I-24 at Waldron Road, in the Rutherford County submarket of Nashville.
Panattoni plans to construct three industrial buildings totaling 1.33 million square feet there. Two of the proposed buildings will be 600,000-square-foot, cross-dock bulk buildings complimenting a 130,000-square-foot, single-load building.
"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."
Mass grading of the site, as well as construction of the first 600,000-square-foot expandable pad, will begin immediately. Panattoni's Tennessee office has developed 50 buildings statewide totaling more than 30 million square feet, representing $925 million in direct investment to date, including 19 facilities in the Nashville market alone encompassing 8.3 million square feet.
Please see CoStar COMPS #2978926 for additional information on this transaction.