Panattoni will break ground in the third quarter on Alameda Business Park, which will go up at the corner of 19th Avenue and Alameda Road. Completion is scheduled for early 2007. A five-member Colliers Classic team made up of senior vice presidents Bob Lundstedt and Mike Kane and associates Michael Ciosek, Darren Tappen and Eric Bell represented the seller, Wyard LLC of Phoenix, and the buyer. Going forward, Lundstedt, Kane and Tappen will be marketing the development.
Robert Long, senior development manager of Panattoni's Phoenix office, says the deal is part of the developer's plan to build a strong presence in the market. In early March, Panattoni bought 35 acres in the southwest Valley, about 20 miles south the proposed Alameda Business Park site.
"We just opened an office during September of last year. We're in the process of growing this office," Long says. "We expect the growth in this area to be substantial with respect to the company platform."
Long tells GlobeSt.com that Panattoni is pursuing additional possible acquisitions as well, but he's not able to comment about any pending deals. "The Phoenix metro area is probably our main focus at this time," he acknowledges.
DFD CornoyerHedrick of Phoenix is designing Alameda Business Park. Nitti Brothers Contractors in Tempe will be the general contractor.
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