SEATTLE ‒ March 22, 2022 ‒ 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, announces the start of a 261,364-square-foot speculative development at 7409 South 202nd Street in Kent, Washington.
“Duke Realty continues to invest in coastal tier 1 markets, specifically in growing its portfolio in Seattle where sites for new development projects are scarce and demand is at an all-time high for logistics space,” said Mark Hosfeld, vice president and market leader for Duke Realty’s Seattle operations. “This newest development is in a city that experienced a two-year construction moratorium leading to limited availability for modern industrial space that can accommodate the latest technologies in distribution and logistics. Our investment in Kent, a market with a robust workforce, will add jobs and generate revenue for the city.”
The project in Puget Sound’s submarket of North Kent is strategically located between the Ports of Tacoma and Seattle and in close proximity to the SeaTac International Airport. Duke Realty announced the purchase of 12.2 acres at 7409 South 202nd Street in February 2021 with its plans to develop the site. The location has been vacant since 2020 when the previous owner closed its business. Duke Realty remediated the site in preparation for its development of a state-of-the-art facility built to LEED certification standards — meeting requirements for environmentally sustainable construction and site development, water savings, energy efficiency and construction waste management.
This newest development will have 40-foot clear height, 26 dock doors, 34 trailer stalls and parking for more than 260 cars. It has excellent access to Highway 167, Interstates 405 and 5. The company expects to deliver the facility in early 2023 — growing Duke Realty’s Seattle portfolio to approximately four million square feet.
Listing agents for the development include Matt Wood with KBC Advisors and Jim Kidder and Nick Ramirez with Kidder Mathews.