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SEATTLE-With plans to relocate, Associated Grocers has put its 55-acre, 1.05 million-sf headquarters here on the market. Located at the south end of Boeing field and zoned for multiple uses, the property is one of the largest commercial property offerings within Seattle city limits in decades.
Associated Grocers, which serves independent grocers and supermarketchains throughout the Northwest, Alaska and Pacific Islands, has run its Puget Sound wholesale food distribution operations at this location since 1952. The property contains 975,000 sf of warehouse-distribution buildings and 75,000 sf of office space.
AG officials say the property value has appreciated to the point that it is time to look at a sale and relocation to more cost-effective facilities. Any sale likely would include a temporary leaseback until AG's new space is operational. Dave Speers and Jason Rosauer of GVA Kidder Mathews have the disposition assignment.
Speers tells GlobeSt.com he expects strong interest from investors and developers globally because of the myriad opportunities offered by such a large parcel so centrally located to serve the entire Seattle metropolitan area. Speers declined to speculate what the sale price might be, saying it depends on who ultimately shows interest.
One local investment broker tells GlobeSt.com the sale price will be "a health nine-figure number." At $150 per sf of built space, the sale price would be $200 million.
A Web site (www.seattleopportunity.com) is up and running wherein interested parties can sign confidentiality agreements and obtain the offering memorandum. The deadline for offers is January 17.
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