This section outlines the variety and breadth of real estate transactions that Baldwin Corporate Real Estate has completed in the local region and in Silicon Valley, California.
Each of the transactions included here are unique as it pertains to the type of transaction.
1. Build-to-Suit Lease Facilities
2. Sale of Corporate Headquarters Campus
3. Consolidation of Facilities
4. Disposition of Excess Buildings and Land, and Sale/Leaseback Financing
5. Relocation, Rehabilitation, and Renovation of an Existing Facility
6. Coordinating the Phased Expansion of Campus Facilities
7. Sale/Leaseback Financing
Click on the Following Tabs to See Examples of Past Projects
- Itronix Build-To-Suit
- Telect Campus Sale
- Getronics Consolidation of Facilities
- Ask Computer Rehab and Renovation
- Ingres Phased Campus Expansion
- KeyTronic EMS Sale/Leaseback Financing
Itronix Build-To-Suit
Location: Spokane Valley, Washington
Description of Work Performed: Consolidation of Two Facilities into One, and Build-to-Suit, Facilities Expansion and Growth Management
Size of Projects: 52,500 SF Office/Manufacturing Building, 121,000 SF Build-To-Suit in Spokane Valley, WA
Itronix manufactures rugged laptop computers for use in outdoor remote areas of extreme environments. From their beginnings in two facilities approximately 15 miles apart, it was Itronix’ desire to consolidate operations under one roof, combining the company’s two buildings: a 32,000 square foot office building and a 35,000 square foot manufacturing space.
Itronix’ first move was to a 52,500 square foot office/manufacturing building in Liberty Lake, bringing the company together to enable them to lease short term and then plan to construct a build-to-suit custom-designed facility that would accommodate their need for future growth.
The build-to-suit of 125,000 square feet was completed within a ten month construction period. An option to expand on an additional 5 acres next door for another 50,000 square feet was made part of the transaction, which put Itronix in an excellent position to control its future.
Baldwin Corporate Real Estate supplied the following scope of services:
• Space plan and headcount analyses were conducted to determine the size and type of future facilities required, more than two years prior to their existing lease expiration.
• Interim expansion space and extension of the existing lease were negotiated and completed.
• Types of real estate ownership and site relocation analyses were conducted.
• The interviewing and hiring of an Architectural/Construction Program Manager to oversee the design and construction of the build-to-suit process was completed.
• RFP’s for multiple land sites were prepared. All proposals and responses were evaluated.
• A Proforma spreadsheet analysis, site tours, site and building layouts and expansion opportunities were all analyzed for each of the finalists.
• Schurette sessions were conducted with each of the department heads to economize space utilization and streamline work adjacencies for each of the final buildings.
• A detailed timeline of tasks was generated in conjunction with developer’s architect and subcontractors to monitor daily accomplishments prior to the job’s completion.
• Each of the subcontractor’s goods and services were value engineered by the Construction Management team. As a result, the build-to-suit process, which normally takes 12 to 18 months, was reduced to completion in ten months and was delivered on budget.
Telect Campus Sale
Location: Liberty Lake, Washington
Description of Work Performed: Sale of Corporate Headquarters Campus, Including Sale of Manufacturing Facilities Next Door
Size of Projects: 200,000 SF Corporate Headquarters Office/R&D Building, 80,400 SF of Manufacturing Building, 52,500 SF of Office/Manufacturing Building, 27,940 SF of Office Building
Telect, Inc., designer, manufacturer and supplier of innovative connectivity solutions for the communications networking industry, made a decision to sell its corporate headquarters office building and adjacent manufacturing building during a time of consolidation and moving its manufacturing operations to Texas. Baldwin Corporate Real Estate sold the manufacturing building to Huntwood Cabinets, and sold the Headquarters building to Itron, both local companies.
After the sale of the two buildings, Telect moved into the 1730 N Madson Street building that was the third building of the former campus, creatively reconfiguring the manufacturing space into open high clear height offices.
Almost five years later, with its manufacturing operations continuing to grow in Texas, Telect began the search for a building, with a higher concentration of office. Center Partners Inc. leased the Madson building, which cleared the way for Telect to lease the former Agilent building on Knox Avenue, nearby in Liberty Lake.
The scope of services provided for these transactions by Baldwin Corporate Real Estate are available upon request.
Getronics Consolidation of Facilities
Client: Getronics, Inc., formerly known as Wang, and Olivetti North America, Inc.
Location: Liberty Lake, Washington
Description of Work Performed: Disposition of Excess Buildings and Land, Sale/Leaseback of Entire Facility
Size of Projects: 125,000 SF Distribution Center, 40 acres of land in Liberty Lake, 302,000 SF Office/R&D/Warehouse Campus
Getronics, formerly known as Olivetti North America, is a software and network services firm that acquired the ISC Corporation of Spokane in the late 1980’s. As the S&L services business dissolved, Olivetti made the decision to dispose of its excess expansion land and buildings.
Almost two years later, the sale of a 125,000 square foot distribution building and 40 acres of office/industrial land was completed. Baldwin Corporate Real estate provided the following scope of services:
• Outlined a Strategic Plan to dispose of excess real estate and land.
• Designed a marketing plan to attract buyers to an area where land is a commodity.
• Built a case study to determine whether it was less expensive to build-out the street infrastructure in order to sell the land finished versus selling the land unfinished.
• Interviewed and assisted in hiring a civil engineer to perform tasks related to selling the land.
• Evaluated a case study to determine whether it was more cost effective to dispose of their corporate headquarters campus by offering a sale/leaseback with ONA remaining in tenancy versus selling the campus void of a tenant.
As a result of the aforementioned case study, the campus was sold to complete a sale/leaseback transaction. The sale/leaseback takes advantage of stable or depreciating real estate, selling the property to generate cash, and remaining onsite as a tenant, with a long term leasehold commitment. This sale/leaseback of 302,000 square feet, exceeding $20,000,000, enabled Getronics to maximize cash flow, dispose of the real estate and maintain its local presence in the Spokane area.
Ask Computer Rehab and Renovation
Location: Santa Clara, California
Description of Work Performed: Relocation of Facilities, Rehabilitation and Renovation
Size of Project: 200,000 SF with 75,000 SF Office Expansion
ASK Computer Systems, maker of manufacturing software, then a division of Computer Associates International, was growing out of a seven-story office building in Mountain View. ASK’s long range plans required them to consider relocation. On-site expansion did not provide adequate future growth.
After a protracted search for office space in Mountain View, Sunnyvale and Santa Clara, ASK made the decision to rehabilitate the original Santa Clara Memorex manufacturing building, which totaled 286,000 square feet before renovation. The final project for Phase I was 200,000 square feet. There was an expansion pad planned for an additional 75,000 square feet three story building.
The scope of services provided were as follows:
• ASK’s office space was very vertically integrated. They occupied the only seven story office/R&D building in the preferred area. Any new facility would be higher than two or three stories. The spatial orientation of their entire facility needed to be translated into a more horizontal design. We coordinated the hiring of an architect/space planner to make these changes and help us gain a better understanding of the future space needs of the company.
• After reducing the available properties down to a short list, it was determined that there wasn’t enough time to complete a from-the-ground-up build-to-suit. The rehab of an existing project was the first choice. Another process to identify the best rehab architect/designer was conducted and with their input, the layout of the renovated building was designed.
• With the excellent teamwork of the architect/construction management team, the project was delivered at an agreed-upon fixed price 17 year lease on time.
Ingres Phased Campus Expansion
Location: Alameda, California
Description of Work Performed: Phased Expansion of Campus Facilities
Size of Project: 330,000 SF of Office/R&D Campus
Ingres, an ASK Group company also acquired by Computer Associates International, was the major lessee of Marina Village, a Vintage Property development in Alameda, California. After evaluating their existing facilities and future requirements, it was decided to keep the real estate of Ingres and ASK separate from one another. ASK would relocate to Santa Clara and Ingres would remain in Alameda. This required Ingres’ expansion within their existing park by phasing into two new build-to-suits and to extend their current leases at Marina Village. The entire Ingres five-building leasehold totaled 330,000 square feet.
The scope of services provided were as follows:
• Three of the existing Ingres buildings were formerly leased at approximately 30% over market prior to hiring Cooper Brady. The main building was the largest and the oldest of the three. It needed major interior improvements as well as new floor layouts. We coordinated the hiring of an architect/space planner/construction management team to implement the necessary changes.
• Although it was Ingres’ preference to remain in Alameda, a comprehensive East Bay tour was conducted to compare all available sites and properties, which provided the necessary competitive environment from which we could negotiate a reduced rental package at Marina Village.
• Business cases for several other sites were evaluated, some including both ASK and Ingres as co-tenants.
• All leases were re-negotiated and rental rates were reduced to reflect rental rates lower than the then-current market. Each building had a separate T.I. package included in the rent.
• The agreement included two fixed-price build-to-suit facilities to be constructed at a later date and rights to lease more space within the park.
KeyTronic EMS Sale/Leaseback Financing
Location: Spokane Valley, Washington
Description of Work Performed: Sale/Leaseback of Existing Facilities
Size of Project: 100,000 Square Foot Office/R&D/Distribution Building
KeyTronic, Inc., a successful OEM and now a major Electronic Manufacturing Service (“EMS”) provider in the industry today, was searching for a way to maximize the value of its ownership of its campus. Baldwin Corporate Real Estate introduced the idea of a Sale/Leaseback to them, and completed the sale to an investor. KeyTronic’s commitment was a long term lease that would allow them to sell the facility, generate cash, and maintain its business without interruption and maintain its presence in Spokane Valley.
The scope of services extended to KeyTronic were as follows:
• Conducted a detailed analysis outlining the advantages of a Sale/Leaseback transaction.
• Constructed a method in which to reduce the then current rent and at the same time generate cash from the sale of the campus, without losing any time in having to move facilities.
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