By Meghan Hall
The week is ending with a bang in Seattle, where a shipyard at the mouth of the Duwamish River and Elliott Bay has traded for a healthy price. In a deal finalized today, an entity associated with Chicago-based CGN Global has acquired Vigor Shipyards for $181,561,905. Public records indicate that the seller was Vigor Industrial, based in Portland, Ore.
The property is located at 1719 13th Ave. SW. King County Assessor’s data shows that the property, which is zoned for heavy industrial uses, is developed with 18,010 square feet of space. The structures on site were originally constructed in 1900. The property totals 27.86 acres.
Vigor Industrial, a subsidiary of Titan, describes itself as a “diversified industrial business” who also focuses on repairing and building ships for government and commercial use. Vigor has been operating the shipyard since 2011, when it acquired the property from Todd Shipyards for about $130 million. The acquisition marked Vigor’s first expansion into the Puget Sound.
Since then, Vigor Industrial has expanded several times, merging with Oregon Iron Works in 2014 and acquiring Kvichak Marine Industries in 2015. In 2019, Vigor was acquired by The Carlyle Group and Stellex Capital Management. The partnership between Vigor, The Carlyle Group and Stellex was subsequently dubbed Titan Acquisition Holdings. To date, the partnership’s clients include major names such as Boeing, Lockheed Martin, Northrop Grumman, the U.S. Navy and U.S. Army.