Sacramento-based developer Panattoni Inc. has agreed to sell its newlycompleted distribution facility occupied by a division of Bridgestone/Firestone North American Tire.
Denver REIT Dividend Capital Trust announced today that it has a contract on the 750,000-square-foot Lebanon, Tenn. distribution center and expects tocomplete the acquisition next week. The $37.8 million purchase priceincludes a smaller 350,000-square-foot industrial property in Memphis.
Panattoni completed the massive Bridgestone/Firestone tire distribution center in April. The build-to-suit project is the first development in Panattoni's planned 140-acre Commerce Farms industrial park. Another three buildings totaling roughly 1.2 million additional square feet are planned.