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AG, Sabey Close $91M Sale-Leaseback Deal

SEATTLE-Associated Grocers Inc. sells its 1.05-million-sf, 55.27-acre headquarters and distribution site to Sabey Corp. and leases it back for up to four years.

By Brian K. Miller | Updated on April 20, 2007

SEATTLE-Associated Grocers Inc. and Sabey Corp. have closed on the sale-leaseback of AG’s 1.05-million-sf headquarters and distribution site here, which sits on 55.27 acres at the south end of Boeing field. Sabey Corp. will pay AG $91 million from the site and Sabey Corp. will lease the complex back to AG for up to four years, according to the two parties.

Zoned for multiple uses, the property was one of the largest commercial property offerings within Seattle city limits in decades. GVA Kidder Mathews was hired in December 2006 to market the property located at the south end of Boeing Field between I-5 and East Marginal Way.

At that time, one local investment broker told GlobeSt.com that the sale price would be “a healthy nine-figure number,” which was to say well over $100 million. Tukwila, WA-based Sabey Corp. officially entered exclusive negotiations with AG in mid-February.

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