Proposed industrial center aims to attract family-owned companies
Appeal Staff Writer
A national development company will build a 87,000-square-foot industrial center in northeast Carson City aimed at attracting family-owned companies.
Paul Kinne, development manager for Panattoni Development Co., said Monday that construction on the industrial park should begin this month. Panattoni is purchasing the 5.4 acres on Arrowhead Drive from LSP Specialty Products. The sale is expected to close next week.
“We would be marketing to small general contractors, plumbers and smaller mom-and-pop businesses,” he said.
Panattoni Construction will build the center north of the LSP facility, at 3689 Arrowhead Drive.
This is Panattoni’s first project in Carson City. It has completed about seven projects in Reno. The “flexible” industrial condos are sized to suit the tenant or purchaser.
“We’ve been looking at Carson City and we’re excited to be down there,” Kinne said. “We believe this is another good market to be in for the ‘for sale’ product.”
Bruce Robertson, an associate with Sperry Van Ness/Gold Dust Commercial, is accepting letters of intent. The project should be completed by November 2006.
The industrial vacancy rate is holding steady at about 12 percent, said Grubb & Ellis adviser Kris Holt. That means, the market can benefit buyers and sellers, he said. Carson City has about 18 vacant industrial buildings, including two large properties that “throw the numbers way out of whack,” Holt said.
Those properties are a 80,000-square-foot building on Arrowhead Drive and the 105,000-square-foot United Engine facility at 4909 Goni Road.
Holt calls Carson a manufacturing city because of its number of manufacturers, about 160, and its employment base, about 14 percent. One challenge the city has to deal with is competition with Dayton, Minden and Mound House. These cities have land priced around $2 a square foot. Carson City industrial-zoned land, in comparison, is selling for $5-$7 a square foot.
Panattoni Development Co. develops, leases, owns, and manages industrial, office and retail projects in more than 85 cities. Its clients include Fortune 500 companies and regional firms. Visit the company online at http://www.panattoni.com. Its company headquarters is in Sacramento.
• Contact reporter Becky Bosshart at firstname.lastname@example.org or 881-1212.