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SKB Secures $32.5M Acquisition Loan For Original Rainier Brewery

The Original Rainier Brewery was constructed in the early 1900s as the brewery for Seattle Brewing and Malting Co. and eventually housed Rainier Beer.

Portland-based ScanlanKemperBard recently secured a $32.5M three-year, floating-rate loan for the acquisition of the Original Rainier Brewery. The 1900-era, four-building campus is 187,466 SF and sits in the historic Georgetown neighborhood.

SKB plans to continue to make improvements to the property, which was previously owned by Sabey Corp.

The mixed-use buildings are the Bottling Plant, the Malt House, the Warehouse and the General Office. The campus also includes two land parcels. The buildings feature natural light, exposed brick, original flooring and historical detailing, as well as unique layouts. It is 92% leased to 55 tenants, including REI, Patagonia, Keen, Elysian Brewing Co., Frans Chocolates and Kyoto Art and Antiques. It is at 5624-6004 Airport Way South.

“This is the fourth acquisition for our Urban Industrial platform,” SKB President Todd Gooding said. “We see an untapped demand for local and regional manufactures. The Original Rainier Brewery asset fits this profile.”

“We are grateful to the Sabey Corp. for entrusting us to leverage the good work they have already done, both at the property and in the community,” SKB Vice President of Acquisitions Brian Hughes-Cromwick said. “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 of Senior Managing Director Tom Wilson and associate Zachary Kersten represented SKB, the borrower.