FOR IMMEDIATE RELEASE

Panattoni Development Company Acquires Bank-owned Las Vegas Project

LAS VEGAS – Doug Roberts, Senior Vice President/Project Principal for the Las Vegas division of Panattoni Development Company, announced today the company has closed escrow on a 19-acre office and industrial project located near Buffalo and Post roads, approximately one-half mile north of the I-215 and in the Southwest submarket of Las Vegas.

The project consists of eight completed industrial buildings totaling approximately 72,656 square feet, as well as four completed office buildings totaling approximately 25,896 square feet. The office buildings range from 6,150 square feet to 7,446 square feet in size. The project also includes 11 acres of fully improved land for a build-to-suit or sale.

The buildings will be marketed for sale, lease or lease with an option to purchase. The land will be marketed for sale or for build-to-suit. The commercially-zoned, improved property can be subdivided down to 2.5 acres and pricing starts at $100 per square foot.

“This was a very unique opportunity to purchase a well constructed and well located project in the southwest, where there is a minimum of competition for these small industrial buildings at a competitive basis,” Roberts said. “The excess land can be held for future BTS or speculative construction or sold outright given the right offer.”

Colliers International’s Pat Marsh and Eric Molfetta are the listing agents.

Panattoni Development Company (PDC) is a privately held, full service development company founded in 1986 by Carl Panattoni. During the last five years the firm has averaged nearly 15 million square feet of development annually, one of the most active records in the nation. PDC has developed and managed industrial, office and retail facilities in more than 100 markets throughout the United States. The firm is headquartered in Sacramento, California, and maintains more than19 regional offices across the country. For more information about Panattoni Development Company, visit the company Web site at www.panattoni.com.

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