Fisher Properties Unloads 171,600 SF of Industrial for $9.2M

SEATTLE-Fisher Properties Inc. has sold Fisher Commerce Center in Kent, Wash. to Davis Property and Investment for $9.2 million, according to parties involved in the deal.

Fisher announced its intention to sell real estate assets in November 2001, saying it wanted to focus exclusively on its broadcasting and media business and pay down debt. In September, Fisher Properties concluded the sale of its 1232, 1264, 1500 and 1530 Westlake Ave. N buildings along Lake Union.

Fisher Commerce Center is the first of three local industrial properties Fisher put up for sale. The sales of Fisher Industrial Park and Fisher Industrial Technology Center have not yet been completed. The properties were originally offered up as a package.

Jim Honan of Sound Commercial Partners represented Davis Property and Investment in the Fisher Commerce Center transaction. Honan tells GlobeSt.com that his client was interested only in Fisher Commerce Center because it fit their deal parameters best and was the better of the three with regard to location and mix of flex and distribution.

“Although we had begun considering the sale of our real estate portfolio in late 2001, market conditions were less than ideal,” Fisher President and CEO William W. Krippaehne Jr. said in July, when the sale agreements were initially signed for the Westlake properties. “Consequently, we are pursuing the sale of individual properties as opportunities arise… .”

The lone property Fisher is retaining is Fisher Plaza, the first phase of which was completed in mid-2000 and houses a variety of complementary information technology providers and related ventures, as well as Fisher-owned KOMO TV and media businesses. The second phase, which involves an adjacent 100,000 sf high tech facility, was scheduled for completion this year.