What appeared to be a promising deal to acquire the former Olympia brewery in Tumwater has fallen through, but there’s still hope: A second buyer has emerged for the property, according to those close to the situation.
The second buyer was not disclosed, but their deal to acquire the remaining brewery property south of Custer Way could close as early as next week, said Troy Dana, the longtime commercial real estate broker for the property.
Other details about the buyer and potential deal were not immediately available.
The brewery closed in 2003 and portions of it have been sold off over the years. But the bulk of it — 800,000 square feet — has sat unused.
Buyer interest in the property has grown since Miller/Coors, the former owners, lifted a deed restriction that prevented anyone from producing alcohol on the site.
In November, Ken Brogan of Tumwater and Douglas Gray of Santa Ana, Calif., two partners in NW Investment Group LLC, announced a plan to acquire the property. Their plans, according to a news release at the time, was to turn the property into a mixed-use destination, including a contract brewery, contract distillery, brew pub, and space for retail and restaurant uses.
But Brogan reached out to The Olympian. “It looks like the purchase will not happen after all,” he said in an email, adding that he wanted more time to evaluate the deal, but couldn’t get that additional time from the seller, a company called Capital Salvage.
Subsequent attempts to reach Brogan about his decision have been unsuccessful.
Neil Fallon, the American Brewing Co. of Edmonds Chief Executive, expressed interest in moving his business to Tumwater in connection with Brogan’s November deal announcement.
His understanding, too, is that the previous deal has fallen through, he said Wednesday, but he said he remains an interested party in the former brewery property.
Publicly traded American Brewing produces 7,000 to 8,000 barrels of craft beer a year.