A privately held California real-estate developer has purchased the state Liquor Control Board’s former Seattle distribution center for $23.4 million, the state said Monday.
Panattoni Development Co. closed last week on a previously announced deal for the 10.9-acre site at 4401 E. Marginal Way S., according to the state Department of Enterprise Services.
At $104 a square foot, the sale is one of the highest priced warehouse sales ever in King County, the state said, citing data from commercial real-estate information service Costar.
Once voters passed Initiative 1183 to privatize liquor sales, the state decided to sell the 223,227-square-foot liquor distribution center. The property has about 33,000 square feet of office and nearly 190,000 square feet of warehouse space.
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Officials at Panattoni didn’t return calls seeking comment on Friday or Monday.
Sanjay Bhatt: 206-464-3103 or firstname.lastname@example.org On Twitter @sbhatt