By Jon Bell
Portland Business Journal
Portland’s ScanlanKemperBard has added a unique mixed-use property in Seattle to its expanding portfolio.
Partnering with ReCap Real Estate Investment Group, SKB has acquired the Original Rainier Brewery, a collection of mixed-use buildings in Seattle’s Georgetown neighborhood.
The property, originally built in the early 1900s for the Seattle Brewing and Malting Company — which later became Rainier Brewing Company — is now home to more than 50 tenants. Among those are REI, Patagonia, KEEN Footwear and Elysian Brewing Company.
The property, which has about 187,000 square feet of rentable square feet, is just over 90 percent leased.
Terms of the deal were not immediately disclosed. SKB and ReCap acquired the property from Sabey Corporation.
According to a release, SKB plans to maintain the historic character of the building while also elevating its “stature.”
“This is the fourth acquisition for our Urban Industrial platform,” SKB President Todd Gooding said. “We see an untapped demand for local and regional manufactures. The Original Rainier Brewery asset fits this profile.”
This is SKB’s second acquisition in the Seattle market this year. In October, the firm acquired the 110 Atrium building for $111.2 million.