Madonna Properties is an investment vehicle of Nelson Nakata, according to records retrieved from the Secretary of State's website. The seller, Henry Liebman of American Retirement Inc., acquired the building in 1998 for $960,000, according to King County assessor sales records. CB Richard Ellis Broker Bob Swain, who represented Nakata in the transaction, tells GlobeSt.com the master tenant is William Wilder of Evergreen Marketing Inc., who has split up the space and subleased it to several users, as he has with several other buildings in town.

Located south of the West Seattle Bridge on a 34,510-sf lot at 4660 East Marginal Way, the building was built in the 1920s and used as a fish plant. It has been known as the Siberian Fish Building and later the Ocean Beauty Building.

Assuming Nakata's purchase price was based on recouping the investment during the life of the current 10-year lease, the building would need to generate an average rent of about $0.43 per sf per year, which is about market rate for that size of a property in the city's close-in industrial market, which has a vacancy rate in the low single digits.