|Panattoni was one step away from taking public money. But the Sacramento-based industrial developer changed course after an infusion of capital. We "actually went all the way down the road and had an S-11 filed,? Panattoni's Greg Thurman told a crowd of 200 at the Bisnow Industrial Market Breakfast & Schmooze this morning.
|Greg (second from left) was joined by some of the industrial real estate world's best and brightest, including Reznick Group's Tim Kemper, IDI's Jay Mitchell, Duke Realty's Sam O'Briant, Pattillo Industrial's Larry Callahan, and Seefried Industrial Properties founder Ferdinand Seefried.
|Greg says the company, which had been private since its founding, considered the option as a way to recapitalize its portfolio. Instead, Panattoni found an unnamed JV partner and will no longer pursue going public. Company execs have spent the past year transforming the company by recapitalization. Greg says Panattoni was confident it would have had a successful public offering had it pulled the trigger, but he admitted transforming a private firm into a public company has its challenges, including keeping the executive team on board and telling a ?good story? to lure investors. ?If you're not right down the fairway with the product that people want and the locations that people want, you're going to have a hard time? raising capital with stocks. Greg made another revelation: Panattoni will be getting into acquisitions in a huge way in 2011. ?We will be significantly changing our platform,? he says. Be sure to readBisnow tomorrow for full Industrial Summit coverage.