CT Realty has paid $4 million for the parcel, located at 2338 Alaska Ave., and the 39,000-sf industrial building located on it. The company is planning "almost a complete tear down" of the industrial structure, according to William Bradford Vickrey, the broker who worked on the deal. The current tenant is in the process of moving out.
A 50,000-sf spec office building will be erected in place of the industrial facility, Vickrey tells GlobeSt. Construction is scheduled to begin in 60 days.
Vickrey represented CT Realty, as well as the seller, Eaton Corp., a global manufacturer of highly engineered products that include electrical power distribution and control equipment.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
