The announcement comes about three months after the Sacramento-based Panattoni and Hillwood severed its joint venture, but retained a 50-50 stake in three properties. Napper, now a Panattoni partner, will fold his Courtland Group portfolio into Panattoni's and that means the 410-acre Mountain Creek Business Park, which has $7 million in infrastructure backing from Dallas.
In March, Panattoni plans to close on a 30-acre tract in Mountain Creek, situated along Interstate 20 and Mountain Creek Parkway in southwestern Dallas County. The team is eyeing a summer groundbreaking for flagship office buildings, 440,000 sf and 260,000 sf, being designed by Alliance Architects and carrying a spring 2002 delivery. By summer, Panattoni conceivably could have another two-building industrial project under way, but this one will be in Pinnacle Park on a tract separate from the joint venture's 60 acres. Napper told GlobeSt.com that a Feb. 20 closing is anticipated for that parcel.
"I come with some opportunities for Panattoni," he says. "We all bring something to the table." Napper has been working on the Mountain Creek development for the bulk of the two years since he left Hillwood. The retail-office project is positioned in one of the region's hotspots, the Interstate 20 corridor.
Napper's right-hand man will be Al Sorrells, Panattoni's new industrial partner for Dallas-Ft. Worth. He had been the only member of the joint venture team to stay with Panattoni after the split.
The Napper-Sorrells move is a bid to maintain a high-profile standing in the state's office-industrial arena. "We want to keep our presence in Texas," emphasizes Napper. "The Panattoni-Hillwood venture had been real successful for all parties ... and we will continue that success." That also means a heightened presence in Houston and plans to set up an Austin office later this year, GlobeSt.com has been told. Bobby Wheless will continue to oversee the Houston office. The Panattoni staff has been officing in temporary quarters since the split, but a lease signing is forthcoming for a spot at Berkshire Place in North Dallas' Preston Center.
Napper has developed more than 15 million sf of industrial and office space in the past 18 years. It's that experience and his ability to deal with major corporate clients that have sealed the position, says Dudley Mitchell, Panattoni president. Napper had been on the Hillwood team from 1992-98, working his way up to senior vice president of development and had been considered one of the key players in the 9,600-acre Alliance project.
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