(Seattle – February 4, 2021) The Seattle office of Duke Realty (NYSE: DRE), the leading domestic-only, pure-play logistics property REIT (Real Estate Investment Trust) in the United States, has acquired a three-building,1.6 million-square-foot portfolio, a 63,546-square-foot distribution center and a 12.2 acre site where the company plans to develop a 268,499-square-foot facility. Once the planned development project is complete, Duke Realty’s Seattle portfolio will total approximately four million square feet.
“These acquisitions and further investments in redevelopment and modernization secure Duke Realty’s position as an industrial real estate leader committed to growing it’s footprint in the Seattle market, an area where sites for new development projects are scarce,” said Mark Hosfeld, vice president and market leader for Duke Realty’s Seattle operations. “Low vacancy rates and high demand continue to drive Duke Realty’s purchases and development plans. Today’s logistics tenants in Seattle want modern, convenient facilities close to ports, highways and consumers.”
The projects are strategically located in the Puget Sound submarkets of DuPont and Kent with convenient access to I-5, just miles from Seattle-Tacoma International Airport and the Ports of Seattle and Tacoma. Duke Realty acquired The Cubes at DuPont, a three-building, 1.6 million-square-foot industrial park from a partnership between CRG and U.S. Logistics Fund I. The modern, bulk distribution facilities are located along I-5 adjacent to Duke Realty’s existing one million-square-foot distribution facility. Duke Realty also acquired a 63,546-square-foot facility at 21214 66th Avenue South in the heart of the Kent Valley submarket. The facility is currently leased to a leading furniture and home goods retailer. Additionally, the company purchased 12.2 acres at 7409 South 202nd Street in Kent where Duke Realty plans the speculative development of a 268,499-square-foot facility.
“Duke Realty identified the Seattle market as a strategic growth market due to its proximity to ports, population growth, and land constraints,” said Mark Crawford, vice president and head of acquisitions for Duke Realty. “In 2020, through the acquisition of existing buildings and land for future development, we have roughly doubled our exposure to this important logistics market.”
The Cubes at DuPont currently has approximately 494,900 square feet of space available for immediate occupancy. The 7409 South 202nd Street, Kent site is currently in development plan approval. Its construction is expected to begin in mid-2021 with estimated delivery of the planned LEED® certified facility in the summer of 2022.
Parties interested in leasing any of the facilities should contact Mark Hosfeld at 317.289.4554.