Seattle-based Urban Renaissance Group bought the former Olympic Cold Storage building at 2200 1st Ave. S. in Sodo for $27.7 million from Portland-based Felton Properties, King County records show.

The sale was recorded last Friday. Seattle-based online daily deals retailer Zulily leases the four-story, 106,000-square-foot brick building but plans to move its corporate headquarters into a much larger space by next month, according to a regulatory filing.

An entity related to Felton Properties bought the building about seven years ago for $20 million, county records show.