The acreage is part of Panattoni's eventual 500,000-sf Tualatin Sherwood Corporate Center. Panattoni tied up the Itel parcel last summer and has since made several payments to keep its option on the parcel alive. It expects to close on the property in the next couple of weeks.
Wells tells GlobeSt.com that a manufacturer is already lined up to purchase half of the acreage, a distributor has agreed to take another 3.5 acres, one acre will be sold for a gas station and there are two bidders for the remaining 3.5-acre parcel. Wells says Panattoni Construction also is bidding to be general contractor for the buyers' developments.
The Itel property was one of two adjacent parcels Panattoni tied up last year. At the time, the Itel parcel made up the northerly section of what was to become Tualatin Sherwood Corporate Center. The southerly parcel was 30 acres owned by brothers Stanley Sharp and Hadley Robbins.
Wells tells GlobeSt.com that, for the time being, it has let its option die for the Sharp-Robbins property and has tied up 36 acres north of the Itel site that is known as the Kouch parcel. That land, of which 14 acres is developable, is now expected to be phase two of the corporate center, says Wells.
The properties lay several miles southwest of Downtown Portland, about three miles west of Interstate 5, near the new Novellus campus. Grubb & Ellis' Brad Fletcher is representing the Itel family in the sale of the property to Panattoni and Grubb & Ellis brokers Tom Talbot and Steve Barragar are representing Panattoni in the sale of the building-ready lots to the owner-users.
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