Panattoni Development Ties Up Prime Suburban Property

TIGARD, OR-Panattoni Development has an 7.56-acre parcel here under contract, and is currently in the process of doing its due diligence for a 150,000-sf development. “We’re just getting started,” says Panattoni’s local partner Mike Wells, who confirmed for GlobeSt that he tied up the property about two weeks ago. “I think it’s an excellent site for office space.”

Wells tells GlobeSt the property, across Highway 99 from Costco at 11765 Pacific Highway S., “can easily carry 140,000- to 150,000-sf of office space,” mostly likely in a three-story structure. The deal is contingent, of course, upon site plan approval and a building permit, but Wells anticipates starting construction in June or July if everything goes smoothly, and completing the project sometime next spring. A pre-application meeting with the City of Tigard is imminent.

The property, which one local broker describes as “an absolute 100% location,” currently holds a vacant training center formerly used by General Motors. The property owner is Stephen Barasch. Barasch acquired the site in 1994 for $224,000, according to Oregon Title Insurance Co. Wells wouldn’t say how much they are considering paying for the site, but Oregon Title records have the land alone valued at $2.67 million, and the structure valued at close to $1.4 million.