The seller is Sacramento, CA-based Panattoni Development Co. The buyer is a group of Chicago investors whom Panattoni would not identify.
The local office of Panattoni negotiated a 15-year lease for 100% of the building's space with locally based Acuity Brands in February. Mike Demperio, a partner in Panattoni's Atlanta office, confirms to GlobeSt.com the lease is valued at $20 million.
Acuity, which was recently spun off from locally based National Service Industries, will use the space as a national distribution center. Demperio represented Panattoni in the sale transaction, and the buyers represented themselves.
Although Panattoni was not actively looking for a buyer, Demperio says the company will use the proceeds from the sale to fund the development of a new 375,000-sf spec industrial building in the Kendall center, across from the Acuity Brands' distribution facility.
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