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REIT Buys 261 Acres in Northwest Landing

DUPONT, WA-Surrounding a golf course in the 3,200-acre master-planned development, the acreage is slated for more than three million sf of commercial, business and industrial uses.

By Brian K. Miller | Updated on January 10, 2008

(Read more on the industrial market.)

DUPONT, WA-A 261-acre tract of land here overlooking Puget Sound has been acquired by a joint venture of First Industrial Realty Trust of Chicago and the California State Teachers Retirement System. Surrounding a golf course within 3,200-acre Northwest Landing master-planned community, the land can support as much as 3.6 million sf of development, one local source tells GlobeSt.com.

First Industrial provided little detail regarding the investment in its announcement Thursday and has not yet filed any information with the SEC about the investment. Local sources tell GlobeSt.com the purchase price was approximately $21 million and that the seller is the developer of Northwest Landing, Quadrant Homes, a unit of Weyerhaeuser Real Estate Co. Another $30 million or so is expected to be spent on infrastructure.

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