(Portland, Ore.) ScanlanKemperBard (SKB), in conjunction with current ownership, has announced a joint venture with ReCap Real Estate Investment on behalf of Reinsurance Group of America (RGA), in which they acquired the Original Rainier Brewery, a mixed-use collection of designated landmark structures in Georgetown, a revitalized historic industrial neighborhood of Seattle, Washington.
The Original Rainier Brewery property has a total of 187,466 rentable square-feet and consists of four buildings: the Bottling Plant, Malt House, Brew House/Warehouse and General Office. The property was built in the early 1900s to house the Seattle Brewing and Malting Company, the predecessor to the Rainier Brewing Company.
The historic brick and timber structures, in tandem with convenient local amenities, have attracted over 50 tenants across a multitude of industries, creating a community of thriving creative industrial businesses. Tenants include Fran’s Chocolates, Patagonia, KEEN Footwear, REI and Elysian Brewing Company. The properties are currently 92% leased.
SKB has plans to further elevate the stature and improve the bustling property, while maintaining the historic integrity.
According to SKB President Todd Gooding, “This is the fourth acquisition for our Urban Industrial platform. We see an untapped demand for local and regional manufactures. The Original Rainier Brewery asset fits this profile.”
SKB’s Vice President of Acquisitions, Brian Hughes-Cromwick, said that “We are grateful to the Sabey Corporation for entrusting us to leverage the good work they have already done, both at the property and in the community. We are excited to have the opportunity to build off of that work to take the property to the next level and become a part of the dynamic Georgetown community.”
SKB is an established real estate merchant banking firm based in Portland, Oregon. Since its inception in 1993, SKB has originated total portfolio activity of $4.3 billion, including equity invested of $1.52 billion, comprised of 28.7 million square feet of office, industrial and retail space and 2,154 residential units. With longstanding relationships in each of their markets, SKB has the ability to source, structure and execute value creation across a wide spectrum of real estate opportunities.
About RGA Reinsurance Group
ReCap Real Estate Investment is a wholly-owned subsidiary of RGA Reinsurance Group of America, a leader in the global life reinsurance industry. ReCap’s approach is finding high-quality lending and equity opportunities in both primary and secondary markets where it can extract additional relative value at the same level of risk. Its associates access U.S. and Canadian markets not on the radar of large institutional investors. Since 2008, the RGA real estate platform has grown from a single employee managing third-party asset managers to more than 40 associates managing over $4 billion in debt and equity investments. Visit ReCap online at www.rgare.com/recap to learn more.