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TUALATIN, OR-Panattoni Development Co. is closing on the sale of the first and largest of four building-ready lots it created on 23 acres of raw land it acquired earlier this year and named Tualatin Sherwood Corporate Center, an eventual 500,000-sf development.

Milgard Windows of Tacoma has paid $3.7-million for a 13-acre site on which it plans to develop a 130,000-sf window manufacturing facility to replace one it has in Wilsonville, Ore.

Panattoni’s local partner Mike Wells tells GlobeSt.com that the next sale in the works is to Lay-Z-Boy, which has already started construction of a 50,000-sf distribution building on the southeast corner of 120th and Tualatin Sherwood Road, where Panattoni delivered a finished pad.

That 3.5-acre sale isn’t scheduled to close until next spring. Meantime, Lay-Z-Boy has signed a temporary ground lease that allows it to start construction. Both the sale and the building will be completed at about the same time, says Wells.

Earlier this year, Sacramento-based Panattoni paid the Itel family $3.43 million for the raw land. Of the two remaining lots, a letter of intent has been signed for one 3.5-acre parcel and the remaining one-acre parcel is being sold for a gas station, which will be located at 115th and Tualatin Sherwood Road. Wells said in September that the gas station deal should close in spring 2003. An estimated closing date for the 3.5-acre parcel was not available.

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. Panattoni has since 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 Koch parcel. The 14 developable acres on that parcel is now expected to be phase two of the corporate center.

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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