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TUALATIN, OR-Panattoni Development Co. has closed on its acquisition of 23 acres here that will become Tualatin Sherwood Corporate Center, a 500,000-sf industrial park. The Sacramento-based firm paid $3.43 million for the raw land, which it is now turning into four building ready lots for which owner-users are already lined up to buy.

Local Panattoni partner Mike Wells tells GlobeSt.com that 13 acres is being sold to Milgard Windows of Tacoma, Wash., which will plans to develop a window manufacturing facility to replace the one it has in Wilsonville, Ore. Two 3.5-acre parcels also have been tied up. One is being sold to a distributor for a 65,000-sf building on the southeast corner of 120th and Tualatin Sherwood Road and a letter of intent has been signed for the other. Finally, a one-acre parcel is being sold to a gas station at 115th and Tualatin Sherwood Road.

Wells says the Milgard deal should close “soon” and the deal with the distributor will close later this fall. The gas station deal should close in spring 2003 and an estimated closing for the other 3.5-acre parcel was not immediately available, says Wells.

Panattoni tied up the Itel parcel last summer. It was one of two adjacent parcels Panattoni tied up. At the time, the Itel parcel made up the northerly section and 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 represented 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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