Recent Transactions

Itronix Corporation

Itronix Corporation, recently acquired by multibillion-dollar defense contractor General Dynamics Corporation, makes durable handheld and laptop computers. Itronix has 450 area workers and made the decision to consolidate its two Spokane facilities under one roof. The consolidation process between BCRE and Itronix began in 2001, determining when and how to economize moving the two facilities into one. Although there were several viable facilities alternatives in the marketplace, it became increasingly evident that a new custom-designed build-to-suit facility would serve Itronix' needs best.

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 three 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 more than five different land sites were prepared. All proposals and responses were evaluated. Three sites became finalists.
• A Proforma spreadsheet analysis, site tours, site and building layouts and expansion opportunities were all analyzed for each of the finalists.
• Final negotiations were conducted with the developer.
• 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 will be value engineered by the Construction Management team. As a result, the build-to-suit process is projected to be complete by the end of 2005, with move-in in January 2006.

Telect, Inc. and Jubilation Enterprises, LLC

Telect Inc. is a global leader in telecommunications connectivity. The owner of the Telect buildings is Jubilation Enterprises, LLC, an entity closely associated with Telect, Inc. Telect has leased three buildings in Liberty Lake over the last decade to house their corporate headquarters, manufacturing and warehouse/distribution facilities. Within the last three years, they have gradually moved their manufacturing operations to Mexico. This has freed up a considerable amount of space on their Liberty Lake campus. One of the buildings no longer needed was located at 1611 North Molter Road. The total building was used for manufacturing, with only 10,000 SF of built out office.

BCRE was hired to sell the building. Having been vacant for more than four years, one of the biggest questions was, "Why didn't it ever sell?" After an aggressive marketing campaign, three offers were generated and BCRE helped negotiate a final selling price to the most logical buyer.

Within the same three building campus, the largest of the three buildings, housing the corporate headquarters is located at 2111 North Molter Road. Over half of the entire building is Class A office, with the remainder used as manufacturing, assembly and distribution warehouse.

BCRE was hired to sell the building. Telect, Inc., the only tenant in the building, was originally amenable to occupying approximately half of the building and sharing the remainder with another tenant. As their future plans became clearer, it was evident that they wouldn't need the type of space the building offered, so they made the decision to move out completely. It was envisioned that the building would be demised into smaller tenant sections and leased up as soon as possible, and sold as a leased investment. During the time of planning its exit strategy from the building, Itron, a Spokane company that make automatic meter reading equipment for the energy industry, expressed its interest in purchasing the building. Negotiations began and the sale closed by the end of 2005.