Intel building under purchase contract

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The 1.4 million-square-foot Intel facility at 1500 Garden of the Gods Road is under contract to be purchased.

Following a due diligence site visit last month, Industrial Realty Group of Los Angeles submitted its proposal to Intel, and a September closing is anticipated, said Grubb & Ellis Quantum Commercial Group broker Michael Palmer, marketing representative for the property.

Details about the selling price and any specific renovation plans for the property were not disclosed, though Palmer said some renovation and “repackaging” of the former chip manufacturing facility is planned.

Industrial Realty Group has specialized in reuse redevelopment projects and is currently working on a mixed use redevelopment of the former Lowry Air Force Base in Aurora.