Washington State has agreed to a property disposition plan that will use best business practices for disposing its Liquor Control Board Distribution Center located in South Seattle. The sale is prompted by the passage last fall of Initiative 1183, triggering the opening of the liquor business to the private sector. The State has engaged the commercial real estate firm, Kidder Mathews to manage the disposition process and prospective buyers can immediately begin reviewing the property offering at www.wastate-dc.com.
“The marketing plan has been designed to offer a fair and equitable process for all potential buyers and to produce the highest possible return for the State,” said Blair Howe, project manager for the Kidder Mathews team.
The property is located at 4401 East Marginal Way South, just south of Spokane Street. The building is a state-of-the art distribution building. The 223,000 square foot facility, located within close proximity to the Port of Seattle and Interstate 5, is a rare commodity in Seattle’s close-in industrial marketplace. The opportunity to acquire this unique, high-value asset is expected to attract interest from both investors and users. A call for offers is scheduled for January, 2013. There will be no asking price for the property, and all offers will remain confidential until the sale is complete. The goal is to have the property disposition completed by March 15, 2013.
The offers will be evaluated based on price, terms, and compliance to the offering procedures. The State may conduct a second round of best and final offers.
Kidder Mathews, a real estate services firm based in Seattle, offers commercial brokerage, appraisal, property management, consulting, and development and construction management services. The firm was selected, after the State reviewed proposals from a number of commercial real estate firms, based on its experience with similar projects, market coverage, and proposed disposition methodology.
“Our role is to assure a smooth disposition process and an objective and open offering environment. We have the experience and resources to make that happen,” said Jeff Lyon, Kidder Mathews’ Chairman and CEO.
For inquiries, please contact Karen Benoit at 206.296.9600 or email: kbenoit@kiddermathews.com.
