The property is so close to the Seattle-Tukwila border that one of the parcels in the deal is in Seattle and the other one, right next door, is in Tukwila.
A large swath of land just south of Boeing Field, right on the border of Seattle and Tukwila, has been sold for $136 million, and the new owners say the site is ripe for potential redevelopment.
The 62-acre property, sold this week by real-estate magnate and former Sonics minority owner Dave Sabey, had been floated as a possible NHL or NBA arena site last year, though those plans have since fizzled out. Sabey bought the site, which includes the old Associated Grocers distribution center visible from Interstate 5, for $91 million in 2007.
The new owner is Prologis, a San Francisco-based real-estate firm that says it is the largest institutional property owner in the South Seattle area after buying 11 properties in the last two years. One of the two parcels in the latest deal is in Seattle and the other one, right next door, is in Tukwila.
The site, on South Norfolk Street, currently has a warehouse, cold-storage facility, and retail and office buildings totaling 963,000 square feet in all. Prologis said in a statement that the site has potential for redevelopment “in the near future” but there are no specific plans released yet. Sabey himself had long envisioned a redevelopment for the site.
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