TAMPA, FL-Panattoni Development Co. LLC of Sacramento, CA, which calls itself the largest developer of industrial build-to-suit projects in the US, has closed its second land purchase here in the past three months. The firm bought 11 acres in the 103-acre Pinebrooke Business Park in east Tampa which it plans to develop for office condos.
Panattoni paid locally based Pinebrooke Land Development JV $2.4 million or $218,182 per acre for the tract. In August, the developer beat out Wal-Mart Stores Inc. with its purchase of the 30-acre, 500,000-sf Tampa International Center from Telecom Center LLC. That price was $11.2 million, as GlobeSt.com previously reported.
The Pinebrook transaction took four months to complete, from contract signing to closing. The property was never on the market. The Dikman Co. of Tampa negotiated for Panattoni as it did for the August deal. Panattoni represented itself in the Pinebrooke transaction.
Panattoni's presence in Central Florida is growing. The firm has broken ground on its first Orlando project, a speculative 340,000-sf cross-dock distribution facility at 1750 Cypress Lake Drive.
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