REDCO purchases iconic Ballard warehouse and former home of Hale’s Ales
Jun 6, 2022, 4:01 AM | Updated: 4:21 am
REDCO Development, a bay area-based developer focused on adaptive reuse and value-add industrial properties, closed on the former home of Hale’s Ales, a 35,750 square foot warehouse located at 4301 NW Leary in Seattle, Washington for $8 million.
The deal was worth approximately $224 per square foot.
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“This is an exceptional opportunity as it is a perfectly positioned creative class industrial building which lends itself to a multitude of industrial and alternative users,” said Jason Freise, Partner at REDCO Development.
The former owner and staple craft beer innovator, Mike Hale of Hale’s Ales Brewery, operated the brewery for almost 39 years. Founded from a passion for English brewing methods, Hale first introduced cask-and nitrogen-conditioned ales to the region in 1983. It had acquired the property in 1999 for over $1.5 million.
Hale’s closed down operations in April 2022.
“This is an iconic building with historic roots in a convenient, high visibility location,” said Andrew Stark, Vice President of CBRE. “It is rare to find a standalone industrial building of this quality near a city center.”
Developed on over a half-acre in the early 1960s, the three-building complex is in the Ballard Interbay Northend Manufacturing and Industrial Center, meaning the property can’t be razed and flipped to apartments.
REDCO plans to rehab the existing structure to create a highly desirable destination for both local businesses and unique experiences.
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