Curtiss-Wright agrees to clean-up deal in Fairfield.

Grubb & Ellis Company announced that Curtiss-Wright Corporation has completed the sale of its Fairfield, N.J. property to CRG 300, LLC for $10.5 million. George Siravakian, senior vice president of Grubb & Ellis' corporate accounts group, represented Curtiss-Wright as an exclusive broker in this transaction.

The industrial property, located at 300 Fairfield Road, encompasses 420,000 s/f on approximately 39 acres of land and was formerly an operating facility for the company's Motion Control segment located in Shelby, North Carolina. Several environmental issues impacted the site, but Curtiss-Wright complied with all the requirements and was able to complete the sale of the property. The company will retain the responsibility to continue environmental remediation efforts on the property, which is currently anticipated to last from three to five years.

Mid Atlantic Products, Inc., a manufacturer of engineered mounting solutions, has leased the property from CRG 300, LLC. Formerly headquartered in Riverdale, N.J., Mid Atlantic Products, Inc. will use the space for sheet metal assembly, bringing 500 employees to the site. The company plans to occupy the building in October 2005. In addition, CRG 300, LLC will develop 200,000 s/f of flex space, which is being marketed for lease.

"The sale of the Fairfield property is part of Curtiss-Wright's continuing strategy to redistribute certain assets and discard of non-core real estate holdings and this sale discards of its last non-operating real estate holding. The profits will be used to fund future growth in its operating businesses" Siravakian said.