Portland Investor Buys Historic Rainier Brewery in Seattle’s Georgetown Neighborhood

CoStar | Carlos Linkins

ScanlanKemperBard Partners With ReCap Real Estate Investment to Acquire Mixed-Use Campus

A Portland, Oregon-based investment firm purchased the Original Rainier Brewery in Georgetown, a revitalized industrial neighborhood in Seattle, bolstering its Pacific Northwest footprint.

ScanlanKemperBard, along with joint-venture partner ReCap Real Estate Investment, acquired the historic brewery from locally based Sabey Corp. Terms of the sale were not disclosed.

Located off of Airport Way South, the complex was originally built in the early 1900s to house the Seattle Brewing and Malting Co., the predecessor to the Rainier Brewing Co. The property totals 187,466 square feet and spans four buildings, named the Bottling Plant, Malt House, Brew House/Warehouse and General Office.

Now being used as a mixed-use campus, the Original Rainier Brewery hosts 50 tenants across the complex, including Fran’s Chocolates, Patagonia, KEEN Footwear, REI and Elysian Brewing Co. At the time of the sale, the campus was 92 percent leased.

SKB is planning to complete renovations to the building while maintaining its historic integrity. Details regarding when SKB will begin its renovation project have not yet been disclosed.

This is the fourth acquisition for SKB’s Urban Industrial platform, according to the firm’s President, Todd Gooding. Earlier this year, SKB acquired the historic Water Tower complex in Portland for $24.8 million and the 110 Atrium office building in Bellevue, Washington, for $111.22 million.

“We see an untapped demand for local and regional manufactures,” said Gooding in a statement. “The Original Rainier Brewery asset fits this profile.”