The acreage is part of Panattoni's eventual 500,000-sf TualatinSherwood Corporate Center. Panattoni tied up the Itel parcel lastsummer and has since made several payments to keep its option onthe parcel alive. It expects to close on the property in the nextcouple of weeks.

Wells tells that a manufacturer is already lined upto purchase half of the acreage, a distributor has agreed to takeanother 3.5 acres, one acre will be sold for a gas station andthere are two bidders for the remaining 3.5-acre parcel. Wells saysPanattoni Construction also is bidding to be general contractor forthe buyers' developments.

The Itel property was one of two adjacent parcels Panattoni tiedup last year. At the time, the Itel parcel made up the northerlysection of what was to become Tualatin Sherwood Corporate Center.The southerly parcel was 30 acres owned by brothers Stanley Sharpand Hadley Robbins.

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