Panattoni Strikes Deals in Inverness

In addition, Panattoni sold 325 Inverness Drive South, a 15-year-old, 60,000-sf building, to Developmental Pathway. Jason Thomas and Sergio Castaneda of CB Richard Ellis represented Panattoni in the sale and lease transactions. Charles Zeman and Michael Geoghegan, also of CB Richard Ellis, represented Aurora Loan Services.

"The transaction came together very quickly," says Panattoni's Mark Payne. "After several building tours and proposals, we flew to New York to meet with Lehman Brothers and CB Richard Ellis, and after one face to face meeting, we signed a letter of intent."

Panattoni sold the second building, 325 Inverness Drive South, to Pathways, a nonprofit organization providing services to people with developmental disabilities in Arapahoe and Douglas counties and the city of Aurora. The agency expects to transition about 150 of its 500 employees to the new site.

Pathways plans to maintain its current facility in Aurora to provide community-based services to clients and families in that area. In addition to selling the building to Developmental Pathways, Panattoni donated the building's furnishings to Pathways.

"The donation of the furnishings is huge for us," says Pathways chief executive officer John Meeker. "The building is completely furnished with high-quality cubicles, office furniture, extensive file storage, state-of-the-art wiring, decorator plants, conferences tables and more. It would have cost at least a $500,000 to furnish the space even with low-end furnishings, and we are deeply grateful to Panattoni for every aspect of this opportunity."

William Krokowski, founding principal of Equity Real Estate Group, assisted Developmental Pathways in its search for a new home. Krokowski says: "We enjoyed working with Panattoni and Pathways to make this complicated transition work, which resulted in an excellent win-win situation for everyone involved."

Panattoni has developed and managed industrial, office and retail facilities in more than 100 markets throughout the US. It has 16 regional offices across the country.