Panattoni Adds to Windham, Looking South

Panattoni partner John M. Pagliari tells GlobeSt.com the 500-acre Windham Lakes Business Park is now half developed. Besides the 218-acre Windham Lakes Southwest site Panattoni is holding for future development south of I-55 and west of Weber Road, the build-to-suit developers are exploring land along I-80, as are some of their competitors, for projects that can satisfy an increasing demand by tenants for lower cost space, he adds.

However, with 30-foot clear warehouse ceilings, big-box customers are interested in the potential cost savings, Pagliari reports. Space in the seventh building in Windham Lakes Business Park, which will cost about $15 million to build, will run in the $3.25 per sf to $3.50 per sf range, depending on the amount of tenant improvements required, Pagliari tells GlobeSt.com.

Murphy adds Panattoni expect to have tenants for the newest building in place before the early summer opening of 1070 Windham Pkwy. "We have some interest, but nothing's signed yet," Murphy tells GlobeSt.com, adding the probable scenario likely is "two to four" tenants in the building.

The location near I-55, as well as I-80 further south, remains the draw of the business park for tenants looking to serve customers in a multi-state area that includes about half the US population in a day's drive, Murphy tells GlobeSt.com.

Insignia/ESG director Jeffrey C. Fischer and assistant director Mark J. Moran are in charge of leasing the new building.