August 14, 2013
Washington State Liquor Control Board Distribution Center Sells for $23.4 Million
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Seattle, WA (August 14, 2013) - Washington State Liquor Control Board (WSLCB) has sold the 223,227 square foot distribution center located in South Seattle for $23.4 million. The sale was represented by Kidder Mathews' brokers Jason Rosauer, Patricia Loveall, Blair Howe and Curt Ghan.
The state-of-the-art distribution center sits on a 10.9-acre site strategically located adjacent to the Port of Seattle at 4401 East Marginal Way South in Seattle's close-in industrial market. WSLCB agreed to a property disposition plan in the fall of 2012 following the passing of Initiative 1183 (allowing the opening of liquor business to the private sector). The property garnered significant interest from investors and users due to its unique location and building attributes.
Following a nationwide marketing effort, national real estate developer, Panattoni Development Company was selected as the buyer. Donald Becka, Real Estate Manager for the State of Washington, expressed his sincere appreciation to Kidder Mathews for a job extremely well-done. As a result of this broker/client partnership, the state successfully transferred a large non-productive real estate asset to a productive business enterprise thereby generating jobs, local business growth, and income for the City of Seattle. "This is the type of result the state continually strives for- truly a win-win," said Becka.
About Kidder Mathews
Kidder Mathews is one of the largest, independent commercial real estate firms on the West Coast, with over 450 real estate professionals and staff in 9 offices in Washington, Oregon, and California. We offer a complete range of brokerage, appraisal, property management, consulting, sustainability, and project and construction management services for all property types. For more information, visit www.kiddermathews.com.