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May 31, 2017

Kidder Mathews Completes $40M Sale-Leaseback for Seattle's Ivar's

Connect Commercial Real Estate

Dennis Kaiser

Pier 54 LLC, an affiliate of Los Angeles-based A.F. Gilmore Co., completed a sale-leaseback of Ivar's on Pier 54 in Seattle for $39.5 million. The transaction includes a 29-year lease for Ivar's Acres of Clams, as well as 20-year leases for the Fish Bar and a new Kidd Valley slated to open in June.

Kidder Mathews' Andy Miller, Jason Rosauer and Rob Anderson represented Ivar's in the transaction. The buyer was self-represented.

Ivar's founder Ivar Haglund began acquiring the 1.38-acre property during the 1960s and 1970s, and subsequently completed a series of renovations. Improvements included a full seismic retrofit, adding 22,000 square feet of creative office loft space, and an expanded kitchen.

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