Ford Motor Company on June 5 announced the sale of the St. Louis Assembly Plant property in Hazelwood, Mo., to Panattoni Development Company Inc.
Panattoni plans to demolish the existing structure and add new buildings totaling approximately 2.6 million square feet of warehouse, distribution and light industrial space on the 155-acre site.
Panattoni is a commercial real estate development company based in Sacramento, Calif., specializing in industrial, office and retail projects. In the past three years, the company has developed more 2.8 million square feet with a total value in excess of $135 million in St. Louis.
Ford worked closely with the city of Hazelwood and the state of Missouri to find a buyer who would develop the site in a way that benefits the community. Ford did not disclose the terms of the sale.
"We are pleased that the sale of the property to Panattoni will result in a new development that will serve the community and preserve a positive legacy for Ford Motor Company," said Jay Gardner, director, Real Estate Services, Ford Land.
"This is a unique site, and we are delighted to be involved in its redevelopment," said Mark Branstetter, senior vice president for Panattoni. "Through a shared vision and strong cooperation by all parties we were able to accomplish this acquisition. We are very excited to be building again in the City of Hazelwood."
Hazelwood Mayor T.R. Carr was pleased that Panattoni will spearhead the redevelopment of the property.
"When discussing the future of the site with Ford last year, I expressed my vision to see the building demolished and the area restored so that it would once again be an employment and business center," Carr said. "Ford accepted that vision and with the sale to Panattoni, new career opportunities will be made available and Hazelwood will remain a strong, viable community. We are proud to welcome Panattoni to Hazelwood."
