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HILLSBORO, OR-Komatsu Silicon America's former silicon wafer coating facility here has changed hands for the third time in three years, with everyone but Komatsu making a tidy profit on the 46-acre, 400,000-sf property.

Most recently, Benaroya Co. and Real Property Investors sold the asset for $40 million to Solarworld AG, which plans to invest an additional $394 million, transforming the property into the largest solar factory in North America. No broker was involved in the transaction.

Benaroya and RPI, both of Seattle, paid $22 million for the property late last year with plans to transform it into a multi-tenant property before Solarworld began eyeing the property. Benaroya acquired the property from multimillionaire Raymond Park, which paid Komatsu $5 million "plus other consideration" for the campus and an additional 48 acres of adjacent undeveloped land in 2004. Real Property Investors' Mike McKernan tells GlobeSt.com that the sale to Solarworld includes the option for the additional acreage. The option has six months remaining.