Briar Development, the real estate company of the Haggen family, has sold the real estate of 15 Haggen and Top Foods grocery stores to MGP X Properties of California for $175 million, according to an article in The Seattle Times. Here’s a (link) to the story.
This is one of those transactions that means Haggen is now a tenant instead of an owner in these buildings. This won’t impact customers because each of the stores are under lease, according to Seattle’s Daily Journal of Commerce (link).
About $10 million of the sale was for undeveloped property, which included one site in Lynden, according to the DJC. The Ferndale property as well as property in Bellingham were in the deal.
The article states “This is one of those transactions that means Haggen is now a tenant instead of an owner in these buildings. This won’t impact customers because each of the stores are under lease”.
The Haggen family already sold the company to some Florida company.
So if “Briar Development” is owned by the Haggen family then the Haggen & Top Food stores already were tenants, they just have a different landlord now.
According to the article–between the lines–the Haggens sold the stores separately from the property. A quick search of the SOS website reveals this to be true.
Whatever…the Haggens show that it is possible to make a buck in Whatcom.
Haggen has been going down hill since the sale of the chain. They used to carry a wide variety of quality products, now they have the same as every other store. And I can get many things up to a dollar less at the Coop. Yes that’s right the overpriced hippy store is cheaper. Of course in this situation the store won’t feel the sting until the new landlord decides to do something to the property. Leases are made to be broken.
Did they sell all of their properties or just certain properties? If so, which ones do they retain possession of currently?