Skip to content

Seattle Bubble

local real estate news, statistics, and commentary without the sales spin.

Menu
  • Home
  • About
  • Contact
  • Reference
  • Speaking
Menu

Associated Grocers Cashes In on the Bubble

Posted on December 19, 2006January 18, 2010 by The Tim

Associated Grocers is selling a 55-acre plot of land in south Seattle, and apparently the commercial real estate world is all riled up. It’s the biggest slice of Seattle land to come on the market in “recent years,” and it’s coming on the market because the owners want to “cash in on the significant appreciation.”

It may be hard to overstate the significance local real estate professionals put on a 55-acre South Seattle industrial site that hit the market Friday.

“It’s a once-in-a-lifetime opportunity in the city of Seattle,” said John Sullivan, a vice president in the Seattle office of CB Richard Ellis.

“It’s larger than anything else that’s sold in recent years,” said John Vernon, Seattle-based broker with Colliers International.

Associated Grocers Inc. announced Friday that it was selling its site to cash in on the significant appreciation since the company set up its wholesale food distribution operations there in 1952.
…
Sullivan and Vernon expected the site to fetch more than $90 million.

This is probably a good move on Associated Grocers’ part. I imagine there’s nothing going on there that can’t be done just as efficiently in a cheaper location, and I’m sure they can come up with plenty of good ways to invest a cool $90 million that provide a better return than sitting on big piece of land that might well lose value in the coming years.

(Aubrey Cohen, Seattle P-I, 12.19.2006)

Share:

  • Twitter
  • LinkedIn
  • Facebook
  • Reddit
  • Pinterest
  • Email

Continue Reading

Next Post:
Forbes’ "Smartest" Cities—Where’s Seattle?
Previous Post:
Dance Monkey Dance!

Tim’s Other Projects

Dispatches from the Multiverse

Tip Jar

Like what we're doing?

Drop us a tip!

Accounts

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org
©2025 Seattle Bubble | Built using WordPress and Responsive Blogily theme by Superb