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Panattoni deals a sweet hand to ACE Hardware

RICHMOND, Va. — Panattoni Development Co., Sacramento, Calif., has negotiated a deal with ACE Hardware to develop the retailer’s new 778,000 sq. ft. distribution facility in Richmond, Va. Also as part of the deal, Panattoni will purchase two buildings in Charlotte, N.C., and Baltimore from ACE. Terms of the transaction were not disclosed.

The distribution center is scheduled to be completed in May. McKinney and Co., Ashland, Va., designed the building, while James N. Gray is the general contractor.

CB Richard Ellis, Los Angeles, represented both parties in the transaction. The company will lease or sell the two purchased properties for Panattoni. First Union provided the financing.

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