Panattoni putting most of Southpark on block
Nashville Business Journal - by Philip Nannie Nashville Business Journal
Panattoni Development Co. Southeast LLC wants nearly $50 million for three of its four buildings in Smyrna's Southpark industrial park.
"We're putting it out there and seeing what we can get," says Ron Colter, partner for Panattoni who manages the Southpark complex.
Buildings B, E, and F are on the block representing 1.5 million square feet and the asking price is $49.5 million.
This potential sale, however, will not change Panattoni's continuing development of Southpark.
"We've just finished the planned fourth building," says Colter, "and we still have two pads to build on."
According to real estate experts in the area, this is what firms like Panattoni do - they build and develop facilities like Southpark, sell them, and continue to develop in the same location or choose another spot and repeat the process.
"Their strategy has been to act as a merchant builder," says Doug McDowell, president of Ozburn-Hessey Development. "They either build for re-sale or for a long-term hold," he says.
Panattoni Development and Hillwood Properties own Southpark and have garnered the services of Cushman & Wakefield's Dallas office to market the buildings.
In turn, Cushman & Wakefield will have Whitfield Hamilton, vice president of industrial sales and leasing for Colliers, Turley, Martin, Tucker in Nashville to help them market the industrial buildings.
Hamilton says he's been talking to a number of potential buyers during the last six weeks.
"Industrial properties are what investors are looking for right now," says Hamilton.
pnannie@bizjournals.com - 615-248-2222 ext. 109
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