Panattoni Development Co., a Newport Beach, CA-based real estate company with projects in more than 278 cities throughout the United States, Canada and Europe, has sold three warehouse buildings it developed in Lebanon and Murfreesboro for $50 million. Panattoni sold the properties to Denver-based Industrial Income Trust; broker Dave McGahren of Cassidy Turley managed the listing, but terms of the sale were not disclosed. The deal marks the largest industrial property sale in the Nashville area so far in 2013, according to a Tennessean article.
In Lebanon, Panattoni sold buildings 3 and 4 at its Commerce Farms industrial park off Highway 109. Tenants include tiremaker Bridgestone and logistics firm Jacobson Companies. It also sold its Elam 2 building at Elam Farms in Murfreesboro; tenants there include Intermetro Industries and the Department of Veterans Affairs.
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