CRG to Develop Former Intel Campus Near Seattle

by Beata Lorincz

CRG has acquired DuPont Corporate Center, a former Intel campus located south of Seattle. The planned asset will be a 1.6 million-square-foot institutional-quality business park. CBRE-National Partners represented the seller in the transaction.

Situated at 2800 Center Drive in DuPont, at Northwest Landing, the property includes an existing 340,000-square-foot facility that will undergo extensive capital improvements. Phase 1 of the project will consist of a 750,200-square-foot distribution facility, with construction set to begin in summer 2018. Phase 2 will be a second distribution facility, featuring 494,900 square feet.

The property is located 1.5 miles from Interstate 5, less than 20 minutes from the Port of Tacoma and an hour away from downtown Seattle. DuPont’s residential and retail areas are also in close proximity of the site.

DuPont Corporate Center

“We look forward to being a part of the City of DuPont and the Northwest Landing Community. The Puget Sound Region, and the I-5 Corridor from Seattle to Portland, is an e-commerce hot spot. The region continues to be one of the most consistent performers and most dynamic investment markets in the country,” said CRG Senior Vice President Mike Wurtsbaugh, in a prepared statement.

Wilma Warshak of Washington Real Estate Advisors will market the two future industrial facilities for lease, while Monte Decker of CBRE will handle the marketing of the existing property.

“Our plan is to leverage DuPont and our Portland projects to establish the Puget Sound Region as a key market in CRG’s national development strategy,” said CRG President Chris McKee, in prepared remarks.

Developed by a joint venture between CRG and Gramercy Property Trust, a 432,000-square-foot built-to-suit Class A warehouse in Greenville, S.C., welcomed its first tenant in December last year.