SEATTLE, WA (January 17, 2019) – Holliday Fenoglio Fowler, L.P. (HFF) announces the $32.5 million financing for the acquisition of the Original Rainier Brewery, a four-building, creative, mixed-use campus totaling 187,466 square feet in the historic Georgetown neighborhood of Seattle, Washington.
The HFF team worked on behalf of the borrower, ScanlanKemperBard (SKB), to secure the three-year, floating-rate loan with two one-year extension options with a debt fund. SKB has plans to further elevate the stature and improve the bustling property, while maintaining the historic integrity.
The Original Rainier Brewery was constructed in the early 1900s as the brewery for Seattle Brewing and Malting Company and eventually housed Rainier Beer. The property is a designated landmark that encompasses four separate buildings – the Bottling Plant, the Malt House, the Warehouse and the General Office – in addition to two land parcels. The buildings, which were designed for creative industrial/light manufacturing uses, feature natural light, exposed brick, original flooring, historical detailing and unique layouts and are 92-percent leased to 55 tenants, including REI, Patagonia, Keen, Elysian Brewing Company, Frans Chocolate and Kyoto Art and Antiques. Located at 5624-6004 Airport Way South, the Original Rainier Brewery is in Georgetown, Seattle’s oldest neighborhood, and four miles south of the Seattle CBD.
“This is the fourth acquisition for our Urban Industrial platform,” said SKB President Todd Gooding. “We see an untapped demand for local and regional manufactures. The Original Rainier Brewery asset fits this profile.”
“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,” added SKB’s Vice President of Acquisitions Brian Hughes-Cromwick. “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.”
HFF’s debt placement team representing the borrower included senior managing director Tom Wilson and associate Zachary Kersten.
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. Visit https://skbcos.com to learn more.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visithfflp.com or follow HFF on Twitter @HFF.