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.
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