DuPont’s former Intel campus has a new owner, with St. Louis-based investment firm CRG acquiring the DuPont Corporate Center on Friday.
CRG announced the purchase via a press release today, with financial terms of the sale were not immediately disclosed. The company plans “extensive capital improvements” for the 1.6-million-square-foot business park, which includes an existing 340,000-square-foot facility.
Phase 1 of the development will include a 750,200-square-foot distribution facility, with construction slated to begin this summer. The proposal for Phase 2 includes the addition of another distribution center, this one planned at 494,900 square feet.
“DuPont Corporate Center is an exciting opportunity for CRG to enhance its national industrial portfolio. We look forward to being a part of the City of DuPont and the Northwest Landing Community,” said CRG Senior Vice President Mike Wurtsbaugh. “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.”
“We are excited about the opportunity to leverage our team's many years of local development experience in the market,” added CRG President Chris McKee. “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.”