Panattoni Can't Get Enough of P-Town; Acquiring 3rd Property in Less Than a Year

PORTLAND, OR-Panattoni Development is smitten with Portland. Less than a third of the way through its 1-million-sf development on 103-acres of former Fujitsu property out west in the City of Hillsboro, GlobeSt broke news last week that the Sacramento, CA-based company has tied down a prime 7.56-acre parcel to the south in Tigard on which it plans 150,000 sf of office space. Now, GlobeSt reveals the company has locked up another 45 acres to the east, just this side of Gresham, of which a portion will be used for a 250,000-sf build-to-suit for an unnamed assembly-manufacturing-distribution operation.

The whole thing smacks of Panattoni’s plunge into Texas two years ago with Ross Perot Jr.’s Hillwood operation. The Panattoni Hillwood joint venture recently disbanded after a two-year development record that pumped more than 4.8 million sf of industrial space into the Dallas-Ft. Worth market, according to a story on GlobeSt’s Dallas Web site in November.

This most recent Portland-area deal is for all but 15 acres of the land Art Spada owns between the western portion of Catellus’ Southshore Corporate Park and 185th Avenue, the borderline between Portland and Gresham, across which lies the rest of Southshore. Don Ossey of Ossey Patterson Co., who is representing Spada, tells GlobeSt the remaining acreage is yet to be tied up.