Cingular is a joint venture of SBC Communications and BellSouth. Local Panattoni partner Al Andrews tells GlobeSt.com that Cingular is assuming and extending an existing 284,000-sf lease held by SBC Communications and expanding by another 116,000 sf in the building.
The parties involved are not talking about the specifics of the deal, but local sources tell GlobeSt.com that large, long-term leases for first generation distribution space are being done in the city at average rates between $2.85 per sf per year and $3.30 per sf per year depending on the build out.
Southpoint Distribution Park is a 400-acre industrial park on which Panattoni has developed more than six million sf of distribution space. It is located on Pleasant Hill Road between Shelby Drive and Holmes Road in the southeast Memphis industrial market. Cingular's facility is located at 5155 Citation Dr.
All told, Sacramento, CA-based Panattoni has about 10 million sf of distribution space in the local market. In addition to Southpoint, Panattoni Development Co. has also developed EastPark Distribution Center and Memphis Oaks Distribution Center. EastPark has two new buildings-–one 372,800 sf and the other 60,400 sf--that remain fully available. The asking rate is $3 per sf per year.
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