Home Commercial Industrial Realty Group Pays $80MM for Federal Property Totaling 129 Acres in...

Industrial Realty Group Pays $80MM for Federal Property Totaling 129 Acres in Auburn 

Auburn, U.S. General Services Administration, Pacific Point, Industrial Realty Group

TACOMA, WA – Yesterday, the U.S. General Services Administration’s Northwest/Arctic Region closed on the sale of the 129-acre federal property in Auburn, WA. The property, marketed as Pacific Point, was sold to IRG Auburn, LLC of Wilmington, Delaware for $80 million. The new owner has indicated that they will take possession of the property in phases, based on the timeline GSA proposed to potential buyers. The property is currently occupied by two federal agencies and a child care services provider; they may occupy a portion of the property rent-free until April 30, 2024.

Background on Pacific Point:

The site comprises approximately 129 acres of land located one mile south of the Commercial Business District of the City of Auburn. Originally purchased in 1944 by the United States Army as 435 acres of farmland, it was improved with over 20 dry storage warehouses for use during World War II.

In 1962, GSA took ownership of a 177-acre portion with multiple WWII warehouses, three 1950s era warehouses, an administration office, and a water tower. The remaining U.S. Army property was sold to private developers.

During the 1990s, GSA donated land to the City of Auburn for a park and the Auburn City School Bus Depot. An additional 8.4 acres was donated to the City of Auburn for its municipal fire training center.

After assessing the economic viability of maintaining the property and aging buildings, GSA determined that disposing of the Pacific Point site was the best solution for the federal government. The disposal of the site is part of a larger strategy to evaluate underutilized assets, and shrink the federal real estate footprint. Additional information about the property and the auction can be found online at gsa.gov/PacificPoint.