Panattoni Sells 12.6-Acre Site in Roseville for $20MM

Panattoni Development Company Inc, Limonadas LLC, Faustino’s Furniture Manufacturing, Roseville, Industrial Area East, Amazon, Fedex, Roseville Self Storage, Save Mart Distribution Center

By Kate Snyder

Soon after selling off a group of industrial buildings in Fairfield, Panattoni Development Company, Inc. has made another sale in the Bay Area, contributing to the rich sales activity the region has seen in recent months.

A 12.6-acre land site in Roseville that’s leased to Amazon traded hands recently for $20 million, or $36 per square foot, according to information from Panattoni, the seller on the deal. Tim Schaedler, partner at Panattoni, said the property was sold to Limonadas, LLC, and that the site is being used as parking for Amazon. Public records show that Limonadas, LLC, is an entity affiliated with Faustino’s Furniture Manufacturing in Commerce. 

Amazon has a 15-year lease on the property, Schaedler said, and operates a distribution building located adjacent to the site on Foothills Boulevard. The Amazon warehouse is at 7601 Foothills Blvd., according to Google Maps, and the recently sold property sits north of the Amazon building and south of Roseville Parkway in Roseville’s Industrial Area East neighborhood. Nearby businesses include Fedex, Roseville Self Storage and a Save Mart Distribution Center.

Panattoni specializes in industrial, office and build-to-suit development, according to its website. The firm has offices throughout the United States, Canada and Europe and is responsible for development of more than 550 million square feet.

Recently, Panattoni also sold Green Valley Corporate Park, three newly completed, Class A industrial buildings totaling 415,107 square feet in Fairfield, for $90.5 million to TA Realty, according to an announcement from JLL Capital Markets, which represented Panattoni in the deal. Green Valley Corporate Park is situated on 26.48 acres at 4550-4750 Business Center Drive near I-80 and I-680.  

Faustino’s manufactures furniture to its network of authorized dealers, who, in turn, provide products and services to end-users of workplace settings, according to the firm’s website. Workplace spaces include private and collaborative offices, conference and community rooms, lounge areas and more. The company’s core product lines are seating, case goods, reception units and tables with a focus on wood craftsmanship.

Another recent sale in Roseville was the shopping center, Fairway Commons I, which was sold by Merlone Geier for $32.25 million to entities affiliated with Vintage Properties LP, according to The Registry’s previous reporting. Fairway Commons I is located at 5701-5811 Five Star Blvd. It was built in 2005 and is approximately 130,460 square feet, which puts the recent selling price at $247 per square foot.

West Coast Commercial Real Estate News