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WAWAYANDA, NY-Panattoni Development Co. is purchasing 100 acres here and constructing two buildings with broad zoning options to be named the Pine Lane Business Center. The company will place building A–500,229 sf–and building B–241,800 sf–on the plot of land, set to deliver by the end of 2009, with an asking price in the low-$5 per sf range, according to Frank Tomasulo, senior VP of CB Richard Ellis in Stamford, CT. Tomasulo brokered the deal for Panattoni.

The land is located in what Orange County, NY refers to as the “Golden Triange,” the area between the New York Thruway, Interstate 84 and Route 17. This puts the location 25 minutes from Stewart International Airport, one hour from New York City and just north of the Sussex County border with New Jersey.

“[Panattoni has] gone to the market and located strategic pieces of land on which they would develop,” Tomasulo tells GlobeSt.com. With recommendations for this property, “Pattatoni has sought the approvals” and “with those approvals in hand, they closed on the property,” he explains.

Panattoni would not divulge the amount it paid for the land, but Tomasulo explained that the project cost, when complete, would total in excess of $50 million. With easy access and broad zoning restrictions, the buildings can be designed for office, executive office, lab & research, distribution or industrial facilities, Tomasulo points out. The proximity to highways make the price a bargin, compared to areas of comparable distance from New York, such as Stamford, CT; which rents space for roughly $48.19 per sf for office. Panattoni is also letting companies purchase their space in the park with signage options.

“I think what plays very positively are the efficiencies in the economics,” says Tomasulo. He points to the barriers to new development in nearby areas, as well, such as zoning restrictions, which this 100 acres does not have as a limitation. “You also have congestion and as companies look to alternatives, they look at the concentric ring around New York,” Tomasulo says. “The inner ring is [Interstate] 287 and the outer ring is [Interstate] 84. So, that concentric ring around New York City with access through the mid-Atlantic states and through New England, make sit a good alternative.”

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