Duke Realty Acquires 1.6M SF Cubes At DuPont
Duke Realty has acquired The Cubes at DuPont, a 1.6M SF industrial portfolio near the Port of Tacoma in DuPont, Washington, from CRG and U.S. Logistics Fund I, the REIT announced last week.
The acquisition price was $221M, Puget Sound real estate publication The Registry reports.
In addition to the three-building industrial park, Duke acquired a 64K SF distribution center in Kent, Washington, and a 12.2-acre site in Kent where Duke plans to develop a 268K SF facility.
The transaction was brokered by Brett Hartzell and Darla Long of CBRE National Partners, according to RE Business Online. Wilma Warshak of Washington Real Estate Advisors listed the property on behalf of CRG, the development and investment arm of Clayco.
The three-building Cubes at DuPont industrial park is adjacent to a 1M SF distribution facility Duke Realty already owns along I-5. The Cubes at DuPont has 495K SF available.
Construction on the planned development in Kent is set to begin in mid-2021, according to Duke, which says its Seattle-area portfolio will total approximately 4M SF once the LEED-certified facility delivers in 2022.
“These acquisitions and further investments in redevelopment and modernization secure Duke Realty’s position as an industrial real estate leader committed to growing [its] footprint in the Seattle market, an area where sites for new development projects are scarce,” Mark Hosfeld, vice president and market leader for Duke Realty’s Seattle operations, said in a statement.