The tenant, a container firm, will be using the new space at 3221 Arkansas Ln. for distribution of plastic, steel and tin containers for the paint industry. Stan McClure and Steve Koldyke of CB Richard Ellis negotiated on behalf of Panattoni Development. Jim Hazard of Transwestern represented the tenant. The quoted lease rate is between $.28 to $.48 per square foot, net.
John Patterson, Panattoni's senior development manager, tells GlobeSt.com that Building B and neighboring 140,837-square-foot Building A were online at the beginning of November. Construction of both speculative buildings was launched in late 2008.
Patterson says that despite the economy, activity during the past 60 days has been very good. "We're working another deal now, and before you known it, we could have Building B 40% leased," he says. Though he declined to mention specifics about the deal, as its still under negotiation, he says the transaction could be completed next month.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
