(To read more on the industrial market, click here.)

EDWARDSVILLE, IL-Panattoni Development will construct a 605,000-sf building for Spectrum Brands, the first to rise in what is expected to be a nine-building, seven-million-sf industrial park in this downstate community near St. Louis. Panattoni Development and Spectrum Brands signed a 12-year lease for the building in a deal believed to be worth more than $40 million.

The maker of lawn care products and insect repellants will ultimately get a building larger than 1.1 million sf. The expansion of the first building in the 550-acre Lakeview Commerce Park is expected to be complete by May 2008.

“The city is becoming a highly recognized major distribution site for national and regional distributors due to our central location and superior interstate access and rail service,” says Lee & Associates managing principal David Zeigler, who represented Panattoni Development along with Tom Homco and John Sharpe, the latter a principal in the company’s Chicago office. “We can also demonstrate cost effective labor rates and beneficial incentive programs that include a 10-year tax abatement, which results in significant savings to distribution companies.”

Among the companies than have claimed more than nine million sf of new space since 2000 are Unilever, Hershey, Proctor & Gamble, Dial and Osburn-Hessey Logistics, Zeigler adds.

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