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Fisher Communications Has Buyers for Properties, Stations

SEATTLE-The locally-based company says it is selling a series of buildings here on Westlake Avenue, a former milling property in Portland, Ore. and two television stations in Georgia. Buyers are not yet being identified.

By Gina Binole | Updated on August 15, 2002

SEATTLE-Fisher Communications has agreements in place to sell several buildings here fronting Westlake Avenue, as well as a former milling property in Portland, Ore. and two television stations in Georgia.

The Seattle-based communication and media concern made the announcement this week, but did not reveal the names of the prospective buyers. The company says it plans to use the proceeds to pay down debt and to help fund the completion of Fisher Plaza, its new communications and media hub across from the Space Needle.

The company, through its real estate subsidiary, has entered into a purchase and sale agreement to sell its 1232, 1264, 1500, and 1530 Westlake Avenue N. properties, which total about 50,000 sf of office and retail space. The properties are on the southwest side of Lake Union facing Westlake Avenue North, and include the 1530 office property, the Rock Salt Restaurant and Marina Mart buildings, and the Marina Mart Moorages. The parties have agreed to a September 2002 closing. This transaction is expected to produce an after tax gain of approximately $3.7 million.

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