1920s Industrial Building Trades Hands

SEATTLE-On the backside of a 1031 Exchange, Madonna Properties LLC, has paid $1.1 million for a 21,200-sf former fish plant on East Marginal Way that is fully occupied on a lease that runs for another 10 years.

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.