IRG Obtains $50M to Buy Weyerhaeuser Campus

Industrial Realty Group (IRG) has obtained a $50 million first mortgage, to help with its acquisition of the 425-acre Weyerhaeuser campus in Federal Way, WA.

Columbus Pacific Advisors provided the loan to IRG, which spent $70.5 million to buy the campus and its nearly 811,000 square feet of office, lab and industrial space at 33663 Weyerhaeuser Way South.

IRG plans to lease out the 355,000-square-foot building, which is currently Weyerhaeuser headquarters, to one or more tenants. Weyerhaeuser is planning to relocate its headquarters to Seattle later this year.