The California developer plans an office/warehouse condo project on the site purchased for $3.33 per sf from the Hillsborough County School Board. Panattoni anticipates having the facility ready for delivery in the fourth quarter of this year. Condo units from 12,700 sf to 75,000 sf will be available at an undetermined price, says Bob Dikman, president, the Dikman Co., Tampa, who brokered the acquisition.

The acquisition is Panattoni's third in Central Florida in the last six months. In October 2005, the developer bought 11 acres in the 103-acre Pinebrooke business Park from Pinebrooke Land Development JV for $218,182 per acre or $5 per sf. In August, Panattoni beat out Wal-Mart Stores Inc. in acquiring the 30-acre, 500,000-sf Tampa International Center from Telecom Center LLC for $11.2 million or $373,333 per acre ($8.57 per sf).

Panattoni is also developing its first Orlando area project, a speculative 340,000-sf cross-dock distribution facility at 1750 Cypress Lake Dr. in South Orlando. Dikman brokered all of Panattoni's deals. GlobeSt.com previously reported all of the transactions.

In a separate transaction, Dikman handled the $382,428 expansion lease of Olympic Case Co., increasing its total industrial space to 22,500 sf at the 60,000-sf, 100%-occupied Mark 60 Building, 2604 Tampa East Blvd. Olympic Case has occupied the building since Aug. 15, 1996 and extended its lease by 15 months, adding 4,500 sf to its occupied space, Dikman tells GlobeSt.com.