Wells Ties Up Land for 100,000-SF Development

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TUALATIN, OR-Wells Development has tied up six acres here for a would-be 100,000-sf industrial development. The land is located near Interstate 5 at 124th and Tualatin-Sherwood Road.Managing director Mike Wells tells GlobeSt.com that the project will include either one or two buildings depending on which of “several prospects” pan out. In the end, the space could be warehouse or manufacturing space and could end up being one or more buildings leased to multiple users or a single build-to-suit for lease or for sale.The best-case scenario is that a tenant is lined up soon so the project could break ground this fall and be ready for occupancy next summer. Wells says the property has excellent visibility and access and sits near the Novellus campus.Grubb & Ellis EVP and managing director Brad Fletcher is representing Wells in the land acquisition and heading up the property marketing team. The landowner is the Itel Family Trust. The would-be development is being called Itel Corporate Center.This is Wells’ second land acquisition from the Itel family. In 2002, when he was still with Panattoni Development, Wells acquired 23 acres of raw land from the family at 115th and Tualatin Sherwood Road for $3.43 million. After turning it into four building-ready lots, he sold them off to Milgard Windows, Lay-Z-Boy, Indoor Soccer Associates and KMS Petroleum. Milgard alone paid $3.7 million for its site.