SEATTLE - Associated Grocers here said Friday it plans to pursue a sale/leaseback of its 55-acre headquarters and distribution facility as part of its "go forward" strategy. The cooperative said it plans to pursue strategic options that could include developing a more efficient and cost-effective distribution center at a different location, though it will remain at the current site until then. "AG's facility is located on a very valuable piece of property that has appreciated in value beyond what makes good business sense for a grocery distribution operation," John Runyan, president and chief executive officer, said. "In addition, [the] buildings are over 54 years old and their design and layout is inefficient compared to today's distribution center standards. The sale/leaseback plan will allow AG to continue serving our customers while pursuing strategic options." The property includes a 1.05-million-square-foot dry grocery and fresh foods warehouse, plus office space, and is said to be one of the largest contiguous commercial land parcels ever made available for sale in the Seattle metropolitan area. AG has been in that location since 1952. AG said GVA Kidder Mathews, a full-service commercial real estate firm serving the Pacific Northwest, will handle the listing.
AG Seattle Plans Sale/Leaseback of Warehouse
SEATTLE - Associated Grocers here said Friday it plans to pursue a sale/leaseback of its 55-acre headquarters and distribution facility as part of its "go forward" strategy. The cooperative said it plans to pursue strategic options that could include developing a more efficient and cost-effective distribution center at a different location, though it will remain at the current site until then.
