Two real estate holding companies affiliated with prominent Spokane Valley-based general contractor Lydig Construction Inc. have sold the Lydig campus to a Seattle real estate investment company.

As part of the transaction, Lydig has entered into a 10-year lease with the buyer, BearRock Investment VI, says Larry Swartz, Lydig CEO.

The two adjacent parcels at 11001 E. Montgomery and 10924 E. Marietta include a total of 5.5 acres of land occupied by a 21,000-square-foot office building, a 10,000-square-foot warehouse, and a 5,500-square-foot service garage, which make up the campus Lydig has occupied as its headquarters since 1999.

BearRock acquired the property for a total of $5.8 million from New Millennium Land Development LLC, and New Millennium Land Development II LLC, state tax records show.

Swartz and Mark Bray, Lydig’s chief financial officer, are the managing members of New Millennium Land Development, and Swartz is the managing member of New Millennium Land Development II.

Swartz says the decision to sell is related to long-term succession planning for Lydig and the strength of the current real estate market.

Lydig, which was founded here in 1956, currently has 150 employees, 90 of whom are based in Spokane Valley. The company also has offices in Bellevue and Kennewick.

Lydig manages and constructs large projects, including medical, retail, educational, detention, government, office, hospitality, industrial, and distribution facilities. The contractor also handles smaller projects, including historic renovations, tenant improvements, and capital improvements.

Swartz earlier told the Journal that the company is projecting it will have $300 million worth of work this year.

Commercial real estate broker Mike Livingston, of Spokane-based Kiemle & Hagood Co., represented the sellers in the transaction.

Manufacturing & Industrial

509 Fabrications Inc., a new maker of fuel-log burning stoves, has leased 7,100 square feet of office and manufacturing space at 6512 W. Seltice Way, in Post Falls. Craig Hunter and Rob Kannapien, both of Coldwell Banker Commercial Schneidmiller Realty, and Sam Morse, of Cantu Commercial Properties LLC, handled the transaction.

North Point Land Co., the real estate holding affiliate of North Idaho cabinet maker Advanced Custom Cabinets Inc., has leased a 25,700-square-foot warehouse building at 250 W. Anton, in Coeur d’Alene, and plans to move there from smaller quarters at 9896 N. Chelsea Court, in Hayden. Craig Hunter and Rob Kannapien, both of Coldwell Banker Commercial Schneidmiller Realty, handled the transaction.

Williams Automotive has leased a 2,610-square-foot industrial building at 3711 E. Nebraska and has moved the service and repair shop there from smaller quarters at 1923 N. Hamilton. Jim Orcutt, of NAI Black, handled the transaction.

Office

Parsons Construction Inc., a Spokane general contractor and custom homebuilder, has bought a 4,700-square-foot building and 1.2 acres of land at 7721 E. Trent, where the company plans to expand by moving its office operations from its present location on an adjacent parcel at 7703 E. Trent. The company also plans to construct a new façade for the structure and lease out two portions of it. Matthew Byrd, of SVN Cornerstone, and Jim Orcutt, of NAI Black, brokered the transaction.

Coeur d’Alene Moving Inc. has leased 700 square feet of space at 3655 N. Government Way, in Coeur d’Alene, where it plans to move its office from a home base. Craig Hunter and Rob Kannapien, both of Coldwell Banker Commercial Schneidmiller Realty, handled the transaction.

Investment

Jonathan and Lycia Clark, of Spokane, have bought as an investment an 1,800-square-foot shop building at 7002 N. Market. Dallas Lightner and Ryan Towner, both of NAI Black, and Marshall Clark, of Clark Pacific Real Estate Co., handled the transaction.