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WAWAYANDA, NY-Panattoni Development is selling 62-acres of the roughly 100-acres Pine Lane Business Center here. The buyer, Medline Industries, is planning a 500,000-square-foot distribution facility. Medline is purchasing the property complete with permits and already zoned for industrial development. Panattoni was represented by Frank Tomasulo, SVP of CB Richard Ellis in Stamford, CT.

“When we purchased the property…there was still a significant amount of approvals that had to be gained, to gain the rights to devlop this property,” explains Tomasulo to GlobeSt.com. “The property was purchased for development.”

As early as last month, Panattoni had plans to develop the campus into two buildings of roughly 500,000-square-feet and 241,000 square feet, respectively. With the sale to Medline, approximately a third of the business center is left–zoned and permitted for the 241,000-square-foot facility. Tomasulo notes that this building can be divided for multiple tenants or taken as a single space, once it is built.

The 241,000-square-foot building is still set to deliver in 2009, as per Panattoni’s development schedule. Medline is considering Panattoni as its developer, among other suitors, after which a more accurate timetable can be set for the 500,000-square-foot distribution center. Medline is a manufacturer of medical supplies.

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