Panattoni, led by Mike Wells, whom Panattoni had just hired away from Cushman & Wakefield, paid $28 million for the property and then immediately flipped 33 acres that held the property's only two buildings for $24.8 million, leaving Panattoni 103 acres for the relative pittance of $4 million after costs. Panattoni then proceeded to flip another 76 acres to Intel for $15.8 million, and with the profits began developing the seven-building Cornelius Pass Corporate Center on the remaining acreage.

Schnitzer on Monday closed on the five flex buildings in the development that hadn't already sold, paying $13.5 million for 232,000 sf, approximately 192,000 sf of which is in four new buildings not yet leased or improved. The other building is fully leased to two tenants. Neither Panattoni's Wells nor Schnitzer's point man, Dan Ivanoff could be reached for comment Wednesday afternoon.

Schnitzer made an unsolicited offer for the development, says Marty Horeis of CB Richard Ellis, who represented Panattoni in the disposition with partner Ted Nicholson. Panattoni likely decided to sell because the empty buildings were eating into the profits. Says Horeis, "They probably said 'the market is soft out there, we've got other projects where our dollars will work harder for us.'"