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June 11, 2014

For fish processing company Wards Cove, the sell-off continues

Puget Sound Business Journal

Marc Stiles

A limited liability company that shares an address with Trident Seafoods CEO Joe Bundrant paid Wards Cove $3.25 million for an industrial property on the north end of Seattle's Lake Union, according to public records.

Wards Cove was once one of the Puget Sound region's private employers, and is selling the last of its properties on the lake as it winds down operations. Ballard-based Trident, a family-owned seafood processing company, is Washington's sixth largest private company. It has 10,000 employees and, in 2009, had revenues of $1.25 billion, SeaFood Business magazine reported. Trident officials could not be immediately reached.

The property that sold is at 303 N.E. Northlake Way, and has moorage for large vessels.

The other property that Wards Cove is selling is on the east side of Lake Union at 88 E. Hamlin St. It has a marina and two office buildings, and commercial real estate company Kidder Mathews is marketing it as an investment property. The sale of this property is closing at the end of this month, said Jason Rosauer of Kidder Mathews.

Once the sale closes, Wards Cove will have only six general stores in rural Alaska villages. The company is selling those, too, Wards Cove President Jan Supler said earlier this year.

The 86-year-old Wards Cove Co., used to be one of Alaska's largest fish-processing companies with around 3,000 employees. It now has around 50 employees, Supler said. The company wrapped up the sale of nine Alska canneries in 2004 and the rest of its seafood operations in 2011.

For the full story, go to Puget Sound Business Journal.

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