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Joe Nabbefeld Real Estate Editor |
August 22, 2002
Fisher Communications' agreement last week to sell a marina, two small office structures and a restaurant building on the west side of Lake Union is the first step in a piecemeal sell-off of Fishers' large non-broadcast real estate holdings, said Fisher Properties head Mark Weed.
Fisher had put the full, 1.3 million-square-foot portfolio of high-quality office and industrial buildings up for sale last November as part of a plan to reduce the Seattle-based broadcast company's debt during a time of slumping ad revenues. The real estate market had already passed its peak, however, so the offering looked like a sad case of the company feeling forced to sell at what would be reduced prices.
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