Industrial p Tennessee

Panattoni starts development of more than 1-million-square-foot industrial facility in Memphis market

Panattoni starts development of more than 1-million-square-foot industrial,ph01

Panattoni Development Company, Inc. has begun development on a 1.016-million-square-foot warehouse leased to Cooper Tire at Panattoni’s Gateway Global Logistics Center in Marshall County, Mississippi, a submarket of the greater Memphis industrial market.

The build-to-suit facility will be completed this fall and will become Cooper’s largest distribution center in the United States. The facility will be utilized to distribute Cooper’s products directly to customers and supply its regional distribution centers. The site will accommodate an additional 400,000 square feet of expansion space.

The project is being funded by GPT Norfolk Southern Way Owner, LLC, an affiliate of Gramercy Property Trust. Co-development services are being provided by Mohr Capital. Gary Horn of Mohr Capital and Preston Thomas of Colliers International represented Cooper Tire and Jim Mercer of CBRE represented Panattoni. Alston Construction, Inc. is the general contractor and Pickering Firm, Inc. is the architect. Offsite infrastructure improvements to serve the Cooper facility are being provided by Marshall County Industrial Development Authority, Marshall County Board of Supervisors, and The Mississippi Development Authority.

After the signing of the Cooper Tire lease, Panattoni began vertical construction on its seventh building at GGLC (fifth speculative building). The speculative building is a 554,040-square-foot cross-dock facility, with a completed building pad in place, allowing expansion up to more than 1.5 million square feet. An adjacent building pad of 707,000 square feet (sixth speculative building) is nearing completion and immediately available for vertical development in this newest phase at GGLC.