"It will basically double their size," Jon C. Napper, the Texas partner for Sacramento-based Panattoni Development Co., tells GlobeSt.com of Neiman's move into the 800-acre speculative industrial development. Terms of the lease were unavailable, but Napper says space in the two-building project generally rents for $2.75 per sf to $3.25 per sf.
Panattoni's 470,250-sf Pinnacle Park West I is supported by a 10-year, 90% tax abatement from the City of Dallas and Triple Freeport inventory exemptions, making it appealing to businesses seeking inner-city distribution points, Napper explains. The 43%-leased property features a 30-foot clear height and 113 cross-dock doors along with 295 parking spaces and trailer parking. Napper negotiated the deal for Panattoni while independent broker Paul McCrea handled the transaction for the tenant.
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