By Meghan Hall
TTF Aerospace, which produced aircraft components for both Boeing and Airbus planes, has sold off its Auburn property after several months of legal and commercial real estate negotiations. According to public property documents recently recorded on May 29th, TTF Aerospace formally sold its 68,580 square foot building to Boston-based Cabot Properties for $10.5 million.
The building, located at 4620 B St. NW, sits on a 134,600 square foot lot. TTF Aerospace was founded in June 1999 and since had become become one of the largest aerospace suppliers in the state of Washington. However, TTF Aerospace had been battling with Greenpoint Technologies since at least 2018. Greenpoint had advanced more than $800,000 for TTF to develop parts for the 787-8 Dreamliner project. When the project ran into trouble, Greenpoint ended its contract and asked TTF to return on part of the advance.
The enduring legal battle lasted nearly two years, and as a result, TTF Aerospace went into receivership in January. According to industry reporting, the firm owes more than $5.8 billion to creditors. The sale of the property closed just after Arlington-based Commercial Aircraft Interiors purchased the remaining assets of TTF Aerospace for $1 million.
Cabot Properties, the buyer of TTF Aerospace’s former facility, is an international private equity real estate fund that is focused exclusively on the investment and development of industrial properties. Since its founding in 1986, the firm has invested more than $10 billion in industrial real estate, and has managed and operated more than 1,400 buildings totaling around 180 million square feet. In 2020, its Cabot Industrial Value Fund VI held a final closing in April with $1.15 billion in commitments, according to the firm’s website. As of March 31, Value Fund VI has made five investments totaling $93 million.