Liquor Control Board warehouse fetches top dollar
A privately held California real-estate developer has purchased the state Liquor Control Board’s former Seattle distribution center for $23.4 million at a record price, the state said Monday.
Seattle Times business reporter
A privately held California real-estate developer has purchased the state Liquor Control Board’s former Seattle distribution center for $23.4 million, the state said Monday.
Panattoni Development Co. closed last week on a previously announced deal for the 10.9-acre site at 4401 E. Marginal Way S., according to the state Department of Enterprise Services.
At $104 a square foot, the sale is one of the highest priced warehouse sales ever in King County, the state said, citing data from commercial real-estate information service Costar.
Once voters passed Initiative 1183 to privatize liquor sales, the state decided to sell the 223,227-square-foot liquor distribution center. The property has about 33,000 square feet of office and nearly 190,000 square feet of warehouse space.
Officials at Panattoni didn’t return calls seeking comment on Friday or Monday.
Sanjay Bhatt: 206-464-3103 or firstname.lastname@example.org On Twitter @sbhatt