SEATTLE, April 20, 2007 (PRIME NEWSWIRE) -- Associated Grocers, Incorporated (AG) and Sabey Corporation announced today that their sale leaseback agreement, made in principle in February this year, for AG's 55.27 acre Seattle headquarters and distribution facility has been finalized and closed. Terms of the sale leaseback include a $91 million sale price and up to a four-year leaseback of the property.
John Runyan, AG's President and CEO, said, "Dave Sabey and his entire team have been great to work with throughout the entire sale leaseback process. We look forward to continuing our strong relationship now that we are their tenant. We are also very appreciative of the work of Jason Rosauer and Dave Speers of GVA Kidder Mathews, who did an excellent job brokering the deal. This is a win-win for all involved and a big step for AG toward reaching our strategic objectives."
Dave Sabey, President of Sabey Corporation, said, "My thanks to John Runyan and his staff for making a complicated deal both simple and pleasant. Since this is a sale leaseback, we look forward to a long and mutually beneficial relationship as tenant and landlord."
GVA Kidder Mathews, the largest full service commercial real estate firm in the Pacific Northwest, was hired in December 2006 to market the property located at the south end of Boeing Field between I-5 and East Marginal Way. For more information, visit www.gvakm.com.
Wells Fargo Bank's Seattle Real Estate Group provided financing for the acquisition.
Sabey Corporation is a privately held real estate development, construction services, and investment company with over $600 million of assets. The company has built 27 million square feet of commercial, industrial and residential space; manages four million square feet of its own commercial and technology space; and has invested in companies valued at more than $500 million. For more information, visit www.sabey.com.
Associated Grocers is a wholesaler providing food, nonfood, general merchandise and retail services to stores throughout Washington, Oregon, Alaska, Hawaii, Guam, and the Pacific Rim. Since its founding in 1934, AG has leveraged its group buying power to facilitate the success of its over 320 customer locations. AG procures and distributes a comprehensive selection of fresh foods and traditional supermarket commodities including: grocery, meat, produce, deli, natural, specialty, ethnic, service deli, service bakery, health and beauty care, and general merchandise. For more information, visit www.agsea.com.
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