Panattoni has under contract a 7.56-acre parcel sweetly situated on Highway 99, very near the onramp to Highway 217, a major byway that connects Highway 26 and Interstate 5. As it turns out, however, state transportation officials think it may be too near the onramp.

The property, which one local broker describes as "an absolute 100% location," currently holds a vacant training center formerly used by General Motors. Plans are to demolish the structure and develop twin office buildings totaling 150,000 sf that are being designed by Ankrom Moisan Associated Architects Inc. of Portland.The property owner is Stephen Barasch, who acquired the site in 1994 for $224,000, according to Oregon Title Insurance Co.

Panattoni hasn't said how much it signed on to pay 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. The purchase agreement is contingent, of course, upon site plan approval and a building permit--something hard to come by thus far.