"The sale of the property is part of Curtiss-Wright's continuing strategy of redistributing certain assets and discarding non-core real estate holdings, and this sale discards the last of its non-operating real estate holdings," says George Siravakian, senior vice president of Grubb & Ellis corporate accounts group, who repped Curtis-Wright on an exclusive basis. "The profits from the sale will be used to fund future growth in its operating businesses."
Concurrent to closing the sale, the new owner has also found someone to fill the vacant asset. Mid Atlantic Products Inc., a manufacturer of engineered mounting solutions, has signed a lease for the entire building. The terms of the lease were not disclosed.
Currently based in Riverdale, Mid Atlantic will use its new space for sheet metal assembly, bringing an estimated 500 jobs to the site in the process. Company officials expect to be up and running on-site in October.
The asset, which sits on a 39-acre tract, was once an operating facility for Curtiss-Wright's Motion Control division, now located in Shelby, NC. As part of the sale agreement, the seller will continue to assume responsibility for environmental remediation of the site, according to Siravakian. That process has been under way for some time, and company officials expect it to take another three to five years to complete.
And the site itself is about to get further development as well. According to Siravakian, CRG 300 is planning to develop another building containing up to 200,000 sf of flex space, and is about to launch a campaign to market the new space for lease.
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