REDCO Development, a Bay Area-based developer focused on adaptive reuse and value-add industrial properties, and financial partner Blackbird Investment Group closed on the 35,750 square foot warehouse located at 4301 Leary Way NW in Seattle, Washington for $8 million dollars, or $224 per square foot.
Located on the border of Fremont and Ballard, in the heart of Seattle’s brewery district and home to more than nineteen of Seattle’s best breweries all within a one-mile walkable radius. The Property has roughly $2.5 million dollars of existing equipment and infrastructure creating an extremely attractive plug-and-play opportunity for future brewery tenancy. Inversely, the brewing equipment can be removed for traditional warehouse, manufacturing or creative office type tenancy allowing for greater flexibility.
“Exceptional opportunity as it is a perfectly positioned creative class industrial building which lends itself to a multitude of industrial and alternative users,” shares Jason Freise of REDCO Development. Andrew Stark of CBRE continues to add, “this is an iconic building with historic roots in a convenient, high visibility location. It is rare to find a standalone industrial building of this quality near a city center.”
The former owner and staple craft beer innovator, Mike Hales of Ales Brewery, operated the brewery for almost 39 years. Founded from a passion for English brewing methods, Hales first introduced cask and nitrogen conditioned ales to the region in 1983 and began closing down operations in April 2022.
REDCO plans to rehab the existing structure to create a highly desirable destination for both local businesses and unique experiences.