Itels Selling 23 Acres to Panattoni

TUALATIN, OR-The first phase of Tualatin Sherwood Corporate Center is taking shape nicely. Panattoni Development Company tells GlobeSt.com it is busy grading 23.5 acres of industrial land here that it will purchase from the Itel family and then sell off in building-ready pieces to owner-users that are already lined up.

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.