Tumwater Brewery Sold

According to the Tacoma News Tribune, an ownership group has purchased the "200,000-square-foot brick (Tumwater) brewhouse, 32 acres of property that surrounds the building and two parking lots".  George Heidgerken and Patrick Rhodes spent $1.4 million in cash on the purchase.  It's important to note that we believe this isn't the entire Tumwater property.  We think there's more to sell.  Mackinac Partners' promise to maximize the value of this asset can't be fully blamed on them given the fact that the water rights were sold out from under the property by Barney. Gut wrenching as it might be, if you check your loan summary list on the Bar-K website, you'll be troubled to find that the original appraisal for the property was $57 million and the loan amount was $26 million.